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.
Bart Naylor is the financial policy advocate in Public Citizen’s Congress Watch.