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A rather inconvenient truth is Albany and NYC also benefit from the mothers milk of Wallstreet bonuses. At a mere $18 bln the city and state are witnessing a $1.3 bln short fall in tax collections. Followed by an announced potential 20,000 job cuts in the service personel pool of NYC.
Jan 30 13:18 pm
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All Comments by Timothy Swift »How Wall Street Keeps Dooming Itself [View article]
Blasting the bonuses has far reaching consequences. Lambasting is easy by those not losing their respective jobs due to the fallout... and I'm not talking about wallstreet jobs! I'm talking about the better than 8 million people that live in and around Manhattan that depend on that injection of cash into the system for their livelyhood.
The repercussions of government dictating private business practices is far more dangerous than the bonuses. Justified or not.
For the sake of conversation... What do you suppose Wallstreet's adjusted hourly rate is? Just curious. Most I know don't work a 40 hour week.