Monday 23 April 2018

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

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.

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