I work hard for my money


Yves Smith comments on a NYT piece about NY Attorney General Cuomo.  The following caught my attention this morning.  Admittedly before coffee:

Banks have proven to be remarkably immune to condemnation over senior level pay. CEOs and top level producers seem to have an undimmed sense of entitlement, even though the nine banks receiving the first Treasury handouts equity purchases earned a collective $305 billion from 2004 to mid 2007, followed by $323 billion in writedowns.

Is this something that needs a solution for spending public monies?

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