Pay on Wall Street Will Pay Out Record $144 Billion This Year–Pay Rises Regardless of Whether Value is Created or Not̵
Posted Oct 13 2010 8:29pm
On Wall Street the machines are doing the work today so it appears if one can work with a series of algorithms and set parameters with a bit of gambling in one’s blood and a bit of luck then the financial rewards keep rolling in. It does make one wonder when you see investment items like human hedge funds and folks betting our our ability to live and fight disease, kind of sick if you ask me. Watch the video below for some additional details.
Here’s a good example from a healthcare insurer on profits and the compensation and their board recently stated they wanted no limits on executive pay and blow out the doors on lobbyist spending.
Soon and it has already been happening those same algorithms used to make money are also finding fat on the street, so brokers beware too as you are replaced with automation and the state of the economy adds on so what goes around will come around in some sort I think. I believe this also means that some are out the door while a few others might tend to even get richer. Did you see the 60 Minute show on Wall Street, if not watch it and see what is happening there as you will understand why all of those with the powerful algorithms have all the money and why all the rest of us are suffering with high frequency healthcare as a result. BD
“Trust us,” Wall Street said.
And what has it brought? A new study of 2010 compensation by The Wall Street Journal found that the industry will pay out a record $144 billion this year. The compensation represents a 4% increase from 2009. It also slightly outpaces a 3% revenue increase at the big brokerages — most earned in the early part of the year. See WSJ report on Wall Street pay.
The numbers starkly contrast the reality for most Americans. Those lucky enough to have work are seeing little, if any, rise in wages. The pay figures also sharply underscore how reform, bailouts and aftermath of the financial crisis failed to influence pay.