If everybody is rich, it’s OK. But if someone else is rich, it’s not OK. Let me explain.
One of the points I write in “Party Like It’s 1999 – 10 Takeaways From This Recession” is that people have short memories. Back in the first quarter of 2009, there was massive populist outrage over Wall St. bonuses. Who could blame the people, when folks such as Andrew J. Hall collected $100 million despite Citigroup taking tens of billions in assistance from the government and is now 1/3 owned by us.
The Wall Street Journal reported that 2009 Wall Street compensation will breach 2007 levels, and Goldman Sach’s average compensation per employee will reach $734,000 vs. “only” $364,000 last year and 12% higher than 2007 peak! WOW! Sign me up! I almost spit out my Honey Nut Cheerios when I read the news. Yet, after scanning over 200 blogs yesterday not one decided to highlight this story. Meanwhile, take a quick search of posts 10 months ago and you can see the outrage that populated the media.