The average Wall Street bonus was $112,000. That includes everyone from clerks to the top paid executives. It’s Theirs and They’re Not Apologizing. That is the report in the New York Times. Those of us who are not part of that Wall Street crowd are probably socialists. That is their message.
The Washington Post reports “A senior executive may have a base pay of $200,000 to $300,000 but make another $2 million to $10 million in bonuses, a portion of which may be in company stock.” There is no wonder that President Obama called those bonuses shameful.
Not one of those high paid people has appeared on any television show to justify their pay let alone the bonuses. The reason is apparent. The executive boards and the managers of these companies are all part of the same group and they control the compensation packages. They do not care what the rest of us think. The problem for them is that they have asked for government bail outs. The wealthy capitalists are inviting the controls they do not want. They seem to think that those calling for more reasonable pay are “socialists.” As unemployment rises, house values fall, and businesses close will that that word be a sufficient barrier? I doubt it.
Read my column And You Thought You Were Wealthy for more information about America’s rich.
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