Wall Street's fat cats are about to get even fatter
The US architects of the global collapse will reap unheard-of rewards this year. Caitriona Palmer reports from Washington
Published 30/10/2010 | 05:00
Times are tough on America's main street, where jobs are hard to come by and destitute families are losing their homes. But over on Wall Street -- where the global financial crisis was incubated -- the fat cats are living it up, earning more than ever even as the rest of the country suffers.
American bankers are expected to receive a record-breaking $144bn (€103bn) in combined pay and bonuses this year, according to a new report released by the Wall Street Journal.
The whopping pay packet, which makes up 1 per cent of the country's overall GDP according to one leading expert, comes despite strict financial reform to curb compensation imposed by the Obama administration last year.