The Spark

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

Christmas on Wall Street

Dec 13, 2010

Wall Street doesn’t need Santa this year. The Wall Street Journal estimates that the top 35 publicly-held firms will give their top wheeler-dealers more than 144 billion dollars in pay and bonuses.

The Journal expects the executives at the top five firms alone to find $90 billion in their stockings.

This is the very same gang of Goldman Sachs, JPMorgan Chase, Citigroup, Bank of America, and the rest, who speculated in fraudulent mortgages and derivatives until they caused the entire economy to crash in 2008.

The economy has not even started to recover. The losses caused by this gang are nearly incalculable.

Yet instead of facing jail terms, instead of having their loot confiscated to go toward damages to our entire society, these thieves are allowed to reward themselves?

We don’t need Santa this year. We need Robin Hood.