What Recession?

Good news everyone, Wall Street is all set to have a very jolly Christmas. No word on whether or not any of that jollyness will trickle-down, though.

According to a new report from The New Bottom Line and The Public Accountability Initiative, bonuses at seven of the biggest U.S. banks — Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, US Bank, and Wells Fargo — will total about $156 billion in 2011, which would be “slightly larger than last year’s record breaking number.” Already, six of those seven banks “set aside more money for compensation through the first three quarters of 2011 than they did in the first three quarters of 2010.”

Meanwhile, hedge-fund managers, day-traders, and CEOs continue to pen op-ed pieces lashing out at the Obama Administration for making them out to be the bad guys.

Don’t blame Wall Street. Don’t blame the big banks. If you don’t have a job and you’re not rich, blame yourself! -Herman Cain

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  • trgahan

    I’m not so much interested in the fact that any high level finance person can get an op-ed in any American paper whenever they want. Conventional media seems is clearly slanted toward the wealthy. What frustrates me is that their supply side BS is met with millions of “Hell Yeah!” by people who are clearly on the losing end of our current system, but still think they will one day will get a direct cut of that bonus pool.

    Hate to break it to you America, but you’re never going to get a check from J.P. Morgan Chase’s CEO thanking you for your hard work at each of your 3 minimum wage jobs (like we are all supposed to be doing now).

    A new gilded age indeed.

  • http://www.politicalruminations.com/ nicole

    Wall St. is nervous which is why they’re penning all those op-eds. They know that eventually people will become fed up enough to do something about it, and that “something” just might include real attacks on the crooks-banksters.

    • http://drangedinaz.wordpress.com/ IrishGrrrl

      I think they are getting worried and they really should be. Evidently they’re not worried enough to actually do anything that might diffuse the situation in the first place like NOT giving out record high bonuses when the rest of the country is suffering so badly. They are just scum.

      • http://www.politicalruminations.com/ nicole

        You’re right. They’re doing nothing to defuse the situation because their greed outpaces their concern for their own skins (they also really believe that gated communities, private islands, and the underground bunkers they’ve built out West will protect them from the rabble).

        Just like most of the ruling classes throughout history, they’ll continue on this way until they lose their heads. or something.

  • http://www.facebook.com/rycarson Ryan Carson

    Does anyone know of a list available online that shows what each bank, not just the ones mentioned in the article, paid out in bonuses this year?