Thursday, March 4, 2010

Bankrolling Gamblers

From WSJ:

The biggest banks in the U.S. and Europe set aside almost 10% more money for compensation and benefits in 2009 than a year earlier, according to an analysis of their full-year results.
Global banking giants, including Morgan Stanley, Citigroup Inc. and Goldman Sachs Group Inc. paid out $275.54 billion in compensation and benefits in 2009, a year in which they faced intense scrutiny from regulators, governments, shareholders and the public over their pay practices in the wake of the financial crisis. In 2008, these banks set aside about $251.16 billion for compensation and benefits.
Just a reminder-these bankers are all making money gambling with taxpayer dollars. You won't get a cut when they win, but when they inevitably lose, you'll be the one paying off the bet.

I hope you're ok with that.

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