Wall Street fat cats: Doing better than ever
Not that you were likely losing any sleep about the well-being of the plutocrats running the American economy, but just in case you were wondering, Think Progress reports this morning that the Wall Street types are in the money again.
“2012 was the second most profitable year in Wall Street’s history, with banks making north of $140 billion. Wall Street’s bonus pool, while not yet back to the heights it achieved before the financial crisis, is growing again, and the average cash bonus hit $121,900.
This is part and parcel of a longer trend on Wall Street, which has seen pay skyrocket as the financial industry was deregulated. According to Bloomberg News, Wall Street’s bonus pool has nearly quintupled since 1985, growing from $4 billion to more than $20 billion (in constant dollars).”
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