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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 [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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