The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

Once again the financiers have reason to believe in Santa Claus

Jan 8, 2007

New York investment banks paid out a total of 44 billion dollars in bonuses to their CEOs and top executives. Lloyd Blankfein, the head of Goldman Sachs, a leading Wall Street company, received 53 million dollars.

In New York, London, Paris and in other cities where the main stock markets are located, banks specializing in speculation bathe in profits. The bonuses they gave to their CEOs and other top executives are proportionate to the profits they produced in mergers and acquisitions.

A Wall Street analyst told a European newspaper, “The clients of Wall Street businesses have too much money. We are swimming in capital. There is too much capital available and not enough possibilities for investment.”

The world of speculation is doing very well for itself, but it isn’t a sign of good health for society. This parasitic activity and its outrageous bonuses are the negative reflection of a very sick world, which prefers speculation to the production of useful goods.

It’s a society that offers no future for working people.