The Spark

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

Bad Year?
Not for Wall Street’s Vultures

Feb 9, 2009

You’d never know 2008 was a horrible year on Wall Street, where top executives awarded themselves 18 billion dollars in bonuses. That’s only for those paying income taxes to New York. The state’s comptroller, who issued the report, said the payout will be even higher when stock options are figured in.

Are these bonuses for “good” performance? Wall Street thinks so. These guys served the entire capitalist system very well. To bring in more wealth to the banks and rich investors, they pushed the big companies to cut jobs. They put millions of people at risk for losing their homes. They played fast and loose with funds from pensions, 401(k)s, and money market funds.

The vultures who helped create the economic crisis made everyone else pay for it. And got rewarded for it!