An analysis by The Wall Street Journal shows that executives, traders, investment bankers, money managers and others at 38 top financial companies can expect to earn nearly 18% more than they did in 2008″”and slightly more than in the record year of 2007.
The analysis includes banking giants J.P. Morgan, Bank of America and Citigroup, securities firms such as Goldman and Morgan Stanley, asset managers BlackRock Inc. and Franklin Resources Inc., online brokerage firms Charles Schwab Corp. and Ameritrade Holding Corp., and exchange operators CME Group Inc. and NYSE Euronext Inc.
For the full Wall Street Journal Article, click here.
Dig Deeper Dear Americans
These institutions are making record profits on the backs of the very investors who provided the capital that allowed them to profit, yet precious little is being done to help consumers. My office spends hours on the phone each week begging for the tiniest bit of assistance or modification from these institutions, and you can’t get a flipping thing.
The prospect of a tax, as detailed in the article, will not yield any benefit to the consumer because that tax will simply be shifted down to the consumer. We’re already being smacked with hidden taxes, fees and surcharges everywhere you look but until there is a fundamental realignment in values and priorities, no tax will level this playing field.
To solve the problem we may have to organize a raid on Wall Street.
A Raid on Wall Street..You In?
Great points Matt, this is why I show people alternative ways to protect and grow their money. Wall Street is designed to give the true investors crumbs. Read Blind Faith by Edward Winslow that will open your eyes.