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Bankers Make More Money Than Everyone, Complain About It

Bankers Make More Money Than Everyone, Complain About It

Even though Wall Street has been occupied for the better part of the past month, the bankers who work there have every reason to be cheery. It turns out that Wall Street bankers make more than five and a half times as much as other private workers in New York City. At more than $300,000 a year, their salaries have gone up 16.1% in the past year, according to a new report by the New York State Comptroller Office.

One might think that with all that good news, they’d pop open some extraordinarily expensive champagne or engage in other expensive popular banker behaviors. But no, instead they decided to complain that they aren’t making enough money.

In a new series of interviews edited by Bloomberg, bankers vent their frustrations with the stagnant economy and having to accept “recalibrated” salaries to reflect reduced revenue. According to the article, Michael Karp, a Wall Street recruiter:

said he met last month over tea at the Gramercy Park Hotel in New York with a trader who made $500,000 last year at one of the six largest U.S. banks.

The trader, a 27-year-old Ivy League graduate, complained that he has worked harder this year and will be paid less. The headhunter told him to stay put and collect his bonus.

“This is very demoralizing to people,” Karp said. “Especially young guys who have gone to college and wanted to come onto the Street, having dreams of becoming millionaires.”

Oh, woe to all of the poor Ivy League graduates who wanted to become millionaires, but, because of the economy, have to settle to making a mere five and a half times everyone else.

That kind of clueless thinking is exactly what is motivating the Occupy Wall Street Protests: as the poverty rate risesincomes continue to fall and the GOP blocks any kind of help, all that bankers can think about is whether or not they’re going to get as big a bonus as last year. It’s time for Americans to stand against the rampant greed and manipulation happening on Wall Street and demand that the government stand with its people instead of just its banks.

Then again, if they didn’t want to have to endure a slump, they probably shouldn’t have wrecked the economy in the first place.

Related Stories:

Occupy Wall Street Movement Goes International On Oct. 15th

Conservatives Think Protesters Should “Suck It Up” [VIDEO]

Nancy Pelosi Takes On Cantor Over Occupy Wall Street

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Photo credit: david_shankbone's Flickr stream.

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126 comments

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2:27PM PDT on Oct 23, 2011

How does that saying go from the OWS....."THE BANKS GOT BAILED OUT & WE GOT SOLD OUT"!!!!!
nothing else to say...

9:14PM PDT on Oct 22, 2011

the disgusting part is they use our money held in the accounts to make their money. hasn't anyone realized that the return investment on a savings account is extremely small and basically doesn't grow compared to the growth of money the ceo makes?

5:47PM PDT on Oct 19, 2011

$300,000 a year isn't something to complain about. If that's not enough, maybe they should change their lifestyle instead of whining about it.

11:52AM PDT on Oct 18, 2011

It's such a different mindset: almost as if they were another species.

10:31AM PDT on Oct 18, 2011

Quoting Roger B at 4:29 Oct.14th. "Shoulds don't rule life, especially in the market place "

I agree.
Business is business, and there's always got to be a Market Place & Wall Street is a Market Place which has a long history. But there are other World Market Places, with lesser reputations, and less history. I'd suggest that these other Market Places have inferior reputations. I'd also suggest this is because there is less Government regulation there in those othe Market Places , and there is a greater liklihood of financial improprietry there.
There is adanger that the U.S Government is letting-off Wall Street, going EASY on Wall Street.
That's why there MUST be Sharp-Toothed Government Watchdogs to stop unruly Marketplace Behaviour . Clear Business Law Practice
amendments mustbe put into place.

As you wrote (same thread - to me, actually!) "Get Business out of influencing Government" . It will only get out if the Government sends a message to Wall Street: - that it can't mess the Government about, and that there are some links to Wall Street that are much too strong, and need to be cut.

10:07AM PDT on Oct 18, 2011

Glenn M - many of the comments those two write - are responses.

11:09PM PDT on Oct 16, 2011

There is an old expression: "There are two kinds of Republicans: the filthy rich and the idiots who vote for them." We may paraphrase this for today's political climate: "There are two groups of Tea Partiers: the rich liars who believe they deserve to be richer, and the delusional wannabees who believe they'll be welcomed into the fold by the first group after the elections."

4:30PM PDT on Oct 16, 2011

Wall Street bankers are rotten to the core. They are a bunch of whiny spoiled brats! What do they do that they are paid so much annually???? Anyone care to address this question?

9:51AM PDT on Oct 16, 2011

Pure greed.

10:20AM PDT on Oct 15, 2011

Noted

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Kristina Chew Kristina Chew teaches and writes about ancient Greek and Latin and is Online Advocacy and Marketing... more
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