Guardian article about $70b staff payout at Wall Street
Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.
At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business. In effect, staff, on receiving their remuneration, could club together and buy the bank.
Source: Guardian Online
And just for shits'n'giggles:
The French government is to take sanctions against one of the country's biggest savings banks, the Caisse d'Epargne, after it suffered a €600m (£466.6m) loss on unauthorised equity derivatives trading.
Source: Guardian Online
Of course, that's to be expected if the goverment guarantees that it won't let any banks collapse.
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