The Redistribution of Wealth In America Continues …
The fleecing of the American Taxpayer continues unabated (as reported by Bloomberg):
Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.’s investment bank, survivors of the worst financial crisis since the Great Depression, are set to pay record bonuses this year.
The firms — the three biggest banks to exit the Troubled Asset Relief Program (TARP) — will hand out $29.7 billion in bonuses, according to analysts’ estimates. That’s up 60 percent from last year and more than the previous high of $26.8 billion in 2007. The money, split among 119,000 employees, equals $250,400 each, almost five times the $50,303 median household income in the U.S. last year, data compiled by Bloomberg show.
Meanwhile, the rest of the country continues to suffer from the highest unemployment rate since 1983.
Ed Schultz rips Congressman Barney Frank a new one tonight for his dereliction of duty on Wall Street Reform. Frank tries to deflect the inexcusable $30 billion in bonuses (mentioned above) by stressing that he’ll be able to tax them on this income: