Wednesday, September 19, 2012

$200 billions in WS bonuses later

Viewpoint with Eliot Spitzer
$200 billion in bonuses later, Wall Street banks still take big risks on the market
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Dennis Kelleher, president and CEO of Better Markets Inc., explains why the too-big-to-fail banks aren’t really banks anymore, but trading houses willing to take bigger and bigger risks, despite the financial collapse of 2008. “Between 2003 and 2011, the bonuses on Wall Street were over $200 billion. $200 billion — that’s what’s at stake here for them,” Kelleher says. “On the other hand, because it’s high-risk, because they’re ultimately backed by the taxpayers of the United States. It has cost the United States no less than $12.8 trillion.”

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