The Feeling Felt Everywhere
Wednesday 9 June 2010 - Filed under Economy
Patrick McGeehan of The New York Times on the huge pay cut for Wall Street bankers last year:
Now, an analysis of their pay has found that it declined more in 2009 than in any other year in the last eight decades — more even than in the years of the Great Depression.
When those on Wall Street take hits this large, you know that the private sector everywhere is also feeling massive financial losses. I’m not gonna cry for those in the securities industry who are still making over $300,000 per annum on average, but a nearly 40% salary drop in just one year is an enormous cut and a bad sign for everyone. When those on Wall Street lose money, that means everyone else is too.
2010-06-09 » madlibertarianguy