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The Wall Street Journal blew the bomb: the amount collected by employees of the twenty-five largest Wall Street firms reached $ 135.5 billion. What is even more incredible is that this amount is greater than 2007, the year of all records. The crisis is definitely over for pay!

Meanwhile, Lloyd Blankfein and the leaders of Goldman Sachs increased their earnings 600,000 to $ 2,000,000. You read correctly: more than three times the salary of the year goes. Mr. Blankfein, after a year of “famine” has increased its bonus to $ 12.6 million up 43%. We could understand half so Goldman Sachs has seen its profits explode. On the contrary: the benefits of 2010 are down 38% compared to 2011. It is interesting to note that the pattern of activities of Goldman Sachs in London, Mr Sherwood (who does not seem to have the same values as Robin Hood!) Which affected 14.4 million dollars in bonuses, must still earn wages higher to meet the ratios in Europe. According to rough calculation, he probably “cash” $ 20 million.

They are not alone: 738 “leaders” of Citigroup have reached over one million. The Patron of the Bank of America , Brian Moynihan, who announced that his compensation will be linked to performance of the bank, pocketed a bonus of $ 9.2 million while the bank lost 2.2 billion dollars.

Patrick Jenkins, in the Financial Times notes this anomaly , “the money [by Lloyd Blankfein] goes against all principles that we want to pay based on performance . ”

A trader with ten years experience in negotiating oil gained more than a brain surgeon or a general **** with 34 years of service. Will it be that we were on the streets and on Wall Street do what the Egyptians had come to Hosni Mubarak for them to understand? It would be childish and illusory.

Reaction is thus required. But what do we get? With their suave discretion, European banks have much less do they pay their traders and executives? Certainly at the top, but we would like to know how much BNP Paribas, Deutsche Bank and UBS have paid their traders worldwide, all branches combined. At the very least, these things are known in the U.S. while the heavy secrecy continues to hover over remunerations paid by European banks. It is possible that European banks have paid substantially less than their traders.

It is these excesses which are most likely to destabilize our societies face scarcity of young people in developing countries, our remuneration is absolutely indecent. Our Western abuses have nothing to envy in the rapacious dictators.

The conclusion is final> The New York Times this weekend sums up the weekend without ambiguity: “This return to self-pay oversized suggests that we must act more strongly to reduce the appetite of banks for high-risk financial strategies who sprinkles profits in good years and let the taxpayer bear the burden of bad ”

The bankers still do not seem to have understood! Only regulation will force a moderation of wages.




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Fiscal Study | Global Economy and International Politics : 2007 - 2010