1% Surge: Wall Street Compensation Bounces Back From Crisis Years
Wall Street is doing just fine, according to a new report on 2011 compensation for the financial industry.
The New York State comptroller reported that the street hauled in $60 billion in 2011, above the crisis years of 2007 and 2008. Average pay in the securities industry was $362,950, an increase of 16.6% over the last two years.
Despite these huge amounts of money, conservatives and bankers insist that regulation passed by Democrats and President Obama to regulate the industry be repealed.
Similary, Republican presidential candidate Mitt Romney opposes a repeal of the Bush-era tax cuts which would return high-income earners to the rates of the Clinton era, where the economy grew at a record pace.
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