13 thoughts on “Banking fat cats get big bonuses in taxpayers’ money

  1. Slump sees richest hit record wealth

    UNITED STATES: The number of billionaires increased by 214 to a record 1,210 amid the global economic slump, according to the latest Forbes list of the planet’s richest people.

    Their combined wealth is $4.5 trillion (£2.8 trillion).

    The number of billionaires in Britain has grown to 32, with the Duke of Westminster Gerald Cavendish Grosvenor again named the country’s richest man, with £8bn to his name.




    Yes, it’s the tale of two Americas.

    To its no doubt cheering readership, The Wall Street Journal reported today that big CEO bonuses are back – and back big time:

    CEO bonuses at 50 major corporations jumped a median of 30.5%, the biggest gain in at least three years, according to a study of the first batch of corporate CEO pay disclosures by consulting firm Hay Group for The Wall Street Journal.

    Meanwhile, amid a continued unemployment crisis, indications of financial distress and basic subsistence are also soaring:

    From November to December of 2010 487,000 Americans were added to the food stamp program. Keep in mind this all occurred while the stock market continued to soar and has rallied nearly 100 percent from the lows reached in March of 2009.

    Working and middle class Americans barely have enough to pay for the monthly bills so speculating in Wall Street is likely the least of their concerns. The data on food stamp usage usually trails the current calendar date by one quarter. The latest data we have is from December of 2010. However, we are adding roughly 300,000 people per month to the food stamp program called SNAP. If that is the case, as of today we now have 45,000,000 Americans participating in the food stamp program….

    This is the highest percent of Americans on food assistance since the Great Depression when there was no food assistance early on aside from local charities.

    It’s a tale of two Americas: one gorging on gluttony, and one barely able to survive. And the safety net for those in need is being cut with a machete knife as the richest among us get richer.

    Mark Karlin
    Editor, BuzzFlash at Truthout


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