The Long Crisis

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Tolerate Pay Inequality to Achieve Greater Prosperity and Opportunity

October 21st, 2009

The arrogance and stick it in the tax payers face nature of the Wall Street and Big Bank executive criminals, lead by none other than Goldman Sachs, is out of control.

Visit msnbc.com for Breaking News, World News, and News about the Economy

A Goldman Sachs International adviser defended compensation in the finance industry as his company plans a near-record year for pay, saying the spending will help boost the economy.

Goldman Sachs Group Inc., based in New York, reported that they had set aside $16.7 billion for compensation and benefits in the first nine months of 2009, up 46 percent from a year earlier and enough to pay each worker $527,192 for the period. The amount set aside this year is just shy of the all-time high $16.9 billion allocated in the first three quarters of 2007.

I’m not makimg this up. You can see the full story at Bloomberg News.

You really should watch the video. Not only does it cover the Goldman Sachs compensation story but talks about all the new fees Bank of America and Citigroup Bank are already charging their best customers. You know, the customers who always pay their bills on time and play by the rules. Now they get the shaft from their bankers.

All of the firms mentioned above have taken billions of dollars in no or very low cost bailout funds from the US government, that means taxpayer dollars, (well, maybe some of the money has been borrowed from the Chinese but the taxpayer is still on the hook for it) and continue to reward their top executives and employees with massive bonuses. Keep in mind that these are the same con men who are largely responsible for wrecking the economy.

“We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all,” Brian Griffiths, who was a special adviser to former British Prime Minister Margaret Thatcher, said yesterday at a panel discussion at St. Paul’s Cathedral in London. The panel’s discussion topic was, “What is the place of morality in the marketplace?”

The market for pitchforks and more drastic weapons must be heating up. Along with high blood pressure medications. I warn you that watching the video may not be good for your health.

In my opinion every American tax payer should immediately close their accounts with these outlaw firms and boycott them. At least Americans still have the power of choosing where to take their business. Since money is the only thing these rascals understand it should be used to take them down. There are still plenty of deserving community banks who would appreciate the business.

The “too big to fail” institutions should be allowed to fail.

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