Mar 4, 2013
Wall Street profits are soaring. The brokerage operations of New York stock exchange member firms rose to about 24 billion dollars in 2012 – three times the 2011 total! The entire New York securities industry will dole out 2012 cash bonuses of about 20 billion dollars, up 8 percent from 2011.
Of course, the biggest rewards are going to the top dogs. Private equity firms Apollo Global Management, Blackstone Group, Carlyle Group and KKR and Co. all specialize in corporate buyouts that usually cost thousands of workers their jobs. For 2012, the nine top executives at these four firms alone will take home a combined total of more than one billion dollars in dividends – plus their regular “pay” and so-called “deal profits!”
These vultures are making out like bandits because they are bandits. Their wealth is being stolen from the millions of workers who created it – workers who are being left with reduced pay and benefits, if they have any jobs at all.
And this is what they call the “economic recovery!”