Why Should We Limit Executive Pay on Wall Street? Here's Why
From ABC News: In 2007, Wall Street's five biggest firms ? Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and...
From ABC News:
In 2007, Wall Street's five biggest firms Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley paid a record $39 billion in bonuses to themselves.
That's $10 billion more than the $29 billion loan taxpayers are making to J.P. Morgan to save Bear Stearns.
Those 2007 bonuses were paid even though the shareholders in those firms last year collectively lost about $74 billion in stock declines their worst year since 2002.
The bonuses paid by these five firms averaged $201,500 per employee. ABC points out that the figure is more than four times the median household income in America.