Class war crime: Wall Street bankers receive $70bn payout = 10% US bailout
Make it easy, time for banker's guillotine
At one point last week the Morgan Stanley $11bn pay pot was greater than the entire stock market value of the business. Morgan staff could buy the bank
Goldman Sachs $11bn handouts
At Goldman Sachs the figure was $11bn, Morgan Stanley $11bn, JP Morgan $7bn and Merrill Lynch $12bn. At Merrill, which was on the point of going bust last month before being taken over by Bank of America, the total accrued in the last quarter grew 76% to $3.5bn. At Morgan Stanley, the amount put aside for staff compensation also grew in the last quarter to the end of August by 3% to $3.7bn.
Days before it collapsed into bankruptcy protection a month ago Lehman Brothers revealed $6bn of staff pay plans in its corporate filings. These payouts, the bank insisted, were justified despite net revenue collapsing from $15bn to a net outgoing of $64m.
Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn, a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.
Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.