Bankers "Woe are we!"Submitted by herbrp on Wed, 02/11/2009 - 12:23
Did anyone just hear during the Congressional Bank hearing the one bank representative state that their people don't make much salary so need the big bonuses. Are you kidding me? I know many lower level slugs in that industry that have a base salary of over $500,000 a year, more than the average person makes in a lifetime. Goldman recently reduced the base pay of their people by 45% to an average annual salary of $360,000 which means they were making close to $700K while they were wasting money away. These people have primary residences, vacation homes, private country club memberships, travel like rock stars and they are complaining. And the most remarkable thing about the entire banking industry is that is essential gambling, and these people get paid lavishly to risk other peoples money and then expect to be rewarded when they mismanage. I would be fired for the same thing they are getting paid ridiculous money.