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Wall Street fat cats: Doing better than ever

Posted By Rob Schofield On February 28, 2013 @ 11:35 am In Uncategorized | Comments Disabled

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 [1] that  the Wall Street types are in the money again.

“2012 was the second most profitable year [2] 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 [3].

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 [4], growing from $4 billion to more than $20 billion (in constant dollars).”

Read and weep at the whole story by clicking here [1]


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URL to article: http://pulse.ncpolicywatch.org/2013/02/28/wall-street-fat-cats-doing-better-than-ever/

URLs in this post:

[1] Think Progress reports this morning: http://thinkprogress.org/economy/2013/02/28/1652091/wall-street-bonus-quintupled/

[2] second most profitable year: http://thinkprogress.org/economy/2013/02/26/1642251/wall-street-most-profitable/

[3] average cash bonus hit $121,900: http://www.usatoday.com/story/money/markets/2013/02/26/wall-street-cash-bonuses-jump-8/1948641/

[4] has nearly quintupled since 1985: http://go.bloomberg.com/market-now/2013/02/27/the-reason-wall-street-got-so-rich-in-two-charts/

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