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Wednesday, January 13, 2010
President Obama's Administration Is Funding Wall Street Bonuses
See Bashing Bankers Is a Political Duty.
If you would know why bankers are enjoying a large and controversial deluge of annual bonuses, look no further than the monthly report of the New York State Comptroller’s Office. The economy may be in the dumps, but Wall Street enjoyed record profits of $50 billion in the first nine months of last year—"nearly two and a half times the previous annual peak in 2000.”
“Profitability,” adds the state of New York, “has soared because revenues rose while the costs of doing business—particularly interest costs—declined” (in other words, thank you Federal Reserve).
Posted by Thomas E. Brewton on 01/13 at 12:05 AM
Economics • (2) Comments • (0) Trackbacks
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