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Wall Street Bonuses: A Key Financial Crisis Catalyst
In a report released last week, New York State Comptroller Thomas P. DiNapoli estimated that the securities industry granted its employees $18.4 billion in bonuses – a revelation that President Barack Obama characterized as “shameful.”
Not surprisingly, the audacity of The Street’s greed is far more shameful than people realize, because the total payout was actually much higher than the report found.
What wasn’t widely reported is that the $18.4 billion was only the cash portion of the bonus payout and only accounted for the money paid to securities-industry employees who worked in New York City. In other words, bonuses paid to…
5Feb2009 | Money Morning | 0 comments | ContinuedViva la Revolution!!
France paralysed by a wave of strike action, the boulevards of Paris resembling a debris-strewn battlefield. The Hungarian currency sinks to its lowest level ever against the euro, as the unemployment figure rises. Greek farmers block the road into Bulgaria in protest at low prices for their produce. New figures from the biggest bank in the Baltic show that the three post-Soviet states there face the biggest recessions in Europe.
It’s a snapshot of a single day – yesterday – in a Europe sinking into the bleakest of times. But while the outlook may be dark in the big wealthy democracies…
2Feb2009 | The Real Deal | 0 comments | ContinuedSean Rakhimov: Stock Market Will Recover; Economic Crisis Far from Over
Source: The Gold Report
As SilverStrategies.com editor Sean Rakhimov tells us in this exclusive interview with The Gold Report, the economic crisis may go on for a generation but the market is a separate animal that will stir back to life sooner. He expects physical gold and silver to lead the parade, with base metals lagging 12-18 months behind, followed by share price recovery for the majors and on down the line. When picking stocks to buy now, he says investors have to decide for themselves whether a company will survive the washout; it may be tough going from here to there,…
3Dec2008 | The Gold Report | 0 comments | ContinuedSCORCHED EARTH ECONOMY
Here at Casey Research we have been on the record as bearish on the outlook for the economy for some years now. Lest you think that is loose boasting, I can offer proof in Doug Casey’s August 2005 article, the dramatically titled “Profiting from the End of Western Civilization”.
In that article, he looked ahead and saw the inflation that the government’s loose money policies made inevitable. A quote…
“Of particular importance is that the U.S. dollar has been used as a gold substitute for decades by other countries. This has been very convenient for the U.S. – we can create almost…
11Jul2008 | Daily Reckoning | Comments Off | Continued
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