Tuesday, October 20, 2009

Wage Deflation Sets in Everywhere except on Wall Street

A survey of chief financial officers and senior comptrollers, conducted by Grant Thorton, has revealed  that approximately 50% of those surveyed are considering cutting bonuses and scaling back raises. A Reuters article carried by CNBC, titled Many US Companies Cutting Bonuses, cites:
55% of U.S. companies are reducing bonuses, and 42% are scaling back on raises in an effort to cut costs in a tough recession, according to research released on Monday. A third of companies are cutting back on employee health care benefits, and a third also are cutting back on stock options and other equity-based compensation to trim costs.
Even Santa will have to layoff workers this year, since they have only 1 place on earth to drop off the goody bags - Wall Street.


Anonymous said...

Mirror Mirror on the Wall
Wall Street is the greediest of all....
Taxpayer money they love to burn
Money rightfully they never learned to earn!

Hopefully someday their conscience will prick
And they'll give up making money using just speculation and Risk.
If they still don't learn - people will soon start
throwing bricks...



Anonymous said...

I think there is consensus opinion that Banks are making profits out of just trading securities and commodities and not by lending - which should be the primary objective of both a commercial and Investment bank.

Regulation that will prohibit the above is imminent. This party at Wall Street is going to be short lived.


The Firecracker Report said...

Josephine - We could not have put it better ourselves! People will be at Wall Streets doors if they don't change. Their greed and arrogance, when the rest of the country suffers is simply STUNNING!

The Firecracker Report said...

Peter, you are right on target. How is it that hedge funds such as Goldman can pretend to be a bank and have access to unlimited Fed (taxpayer) funds to gamble with?

Murrays Auto Parts said...

Thanks for this information. Great posting.
Pep Boys Auto Parts