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