You seem to know alot about working on Wall Street?Someone you know must work there.We all know that they work long hours and they are very well compensated for it.
Lots of people work long hours and dont make a fraction of what the Wall Street boys do.I work two jobs and put in over 2500 hours per year.Tell doctors,farmers,and many others about long hours.
Bonuses should be given for a job well done.Wall Street did a lousy job in 2007 but their bonuses went up 6% over 2006.Goldman Sachs gave out $600,000 bonuses in 2007 which totaled 18 billion dollars.If their employees worked 3000 hours thats $200 an hour!! Where I work the bonuses are measured in pennys per hour with $1.00 per hour being max.And no I'm not jealous of Wall Street.I have no desire to ever live in New York City.
Things dont seem to being going so well now at Goldman-Sachs and Lehmans.Yesterday S&P downgraded them from stable to negative.It sure is funny that they picked a day when Wall Street was closed to do this..Alot of creative accounting has been done on Wall Street.Look at Bear Stearns.They were broke on Weds and kept on trading until Friday.The govt and Fed bent the rules last weekend in letting Morgan-Stanley buy them out for $2.36 a share.You havent seen the last of this.
The Fed has recently pumped over 400 billion dollars in to Wall Street and the home lending business.The way it looks it will take much more than this so they had better keep printing up lots more money which eventually will become worthless.
The American taxpayer doesnt appreciate having to shell out billions for corporate welfare.Maybe its time to stop all bail outs and let everyone sink or swim on their own.
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