Feb. 23, 2011  

Despite State Budget Problems, Weak Economy, Wall Street Execs Reward Themselves Handsomely

Statement of Bartlett Naylor, Financial Policy Advocate, Public Citizen’s Congress Watch Division

The Wall Street titans who crashed the economy are largely responsible for today’s state budget problems.

Today, the New York Comptroller’s office released numbers showing that these same executives rewarded themselves with obscene compensation in 2010, even as corporate-backed governors demand a major sacrifice from already modestly compensated public employees.

The comptroller’s report shows that overall compensation increased 6 percent on Wall Street, while bonuses declined only 8 percent to $20.8 billion in 2010. 

Contrasting with this compensation, Republican governors are seeking pay cuts from school teachers, highway maintenance crews and other public servants vital to the real American economy. The disparity is painful.

Public Citizen is a national, nonprofit consumer advocacy organization based in Washington, D.C. For more information, please visit www.citizen.org.