Wall Street Bonuses Will Set A New Record This Year

While most Americans are hurting in this extended recession, the same can't be said of Wall Street. In fact, the seven largest Wall Street banks have been socking away a record amount of money to give away as bonuses at the end of the year. Only one of the seven banks will be giving less this year than last (Goldman Sachs), and even they will be handing out about $13.4 billion in bonuses. All together the banks will be giving out about $156.4 billion in bonuses this year -- nearly $6 billion more than last year's record-breaking total of $150.8 billion. Here are the projected individual numbers in bonus money for each bank (with last year's total bonuses in parentheses).

Goldman Sachs..........$13.4 billion ($15.4 billion) -13.2%

Bank of America..........$37.6 billion ($35.1 billion) +7.0%

Citigroup..........$25.7 billion ($24.4 billion) +5.3%

JPMorganChase..........$30.3 billion ($28.1 billion) +7.8%

Morgan Stanley..........$16.9 billion ($16.0) +5.5%

US Bank..........$4.8 billion ($4.5 billion) +8.1%

Wells Fargo..........$27.6 billion ($27.2 billion) +1.4%

7 bank total..........$156.4 billion ($150.8 billion) +3.7%

The Republicans think these corporations, and the individuals who'll be getting those bonuses, need more tax cuts (even though it's obvious they are doing quite well -- much better than the workers who the Republicans don't think should get a paltry payroll tax cut). How on earth can they possibly justify such an illogical tax policy?

If that hasn't made you angry enough (and remember these were the banks that got the $700 billion taxpayer bailout), then look at these next figures -- the hourly wages of the CEO's of these banks.

Brian Moynihan (Bank of America)..........$5,000 hour

Lloyd Blankfein (Goldman Sachs)..........$9,300 hour

John Stumpf (Wells Fargo)..........$8,550 hour

James Gorman (Morgan Stanley)..........$7,000 hour

Jamie Dimon (JPMorganChase)..........$10,400 hour

Vikram Pandit (Citigroup)..........$6,400 hour

Richard Davis (US Bank)..........$9,400 hour

And remember, the same Republicans who want to give these men a tax cut, also want to abolish the minimum wage ($7.25 hour). Republicans think businesses shouldn't have to pay the exorbitant sum of $7.25 an hour to hire a worker. How can anyone justify voting Republican?