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Fat Cats Spending $$$$ Again!

040710fatcat.jpg The stock market is excited about the Federal Reserve's economy-stimulating decision to buy back $600 billion in U.S. Treasurys, but do you know what's really exciting Wall Street? The fact that bonuses are probably going to be up this year. After studying data, a compensation expert was amazed, "I did not expect compensation would come back the way it has. I underestimated the industry’s resiliency." The industry's resiliency to pay itself lots of money?

According to Dealbook, Alan Johnson's "survey shows that overall compensation in financial services will rise 5 percent this year, with employees in some businesses like asset management getting increases of 15 percent." And Dealbook found another sign of flusher times: "Hot new restaurants are opening, and they are packed with traders and investment bankers. John DeLucie, the chef and one of the owners of The Lion restaurant, one of Greenwich Village’s newest hot spots, said business had been surprisingly strong since it opened in May." DeLucie said that The Lion recently sold a $3,950 bottle of wine (a 1982 Château Mouton Rothschild), "We are seeing a lot of luxury purchases, like vintage Bordeaux, things that we haven’t seen sell well in a few years."

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Comments [rss]

  • spiritross

    And it's too bad all these crazy unemployed republican tea party fascists don't want to tax their rich christian brethren so that the economy could regain normalcy and we can lower the deficit, unemployment, cost of living, on and on, so many things are solved by taxing the rich, remember the 90s?

    Too bad.

  • BeastMode

    Or we could cut spending... Raising taxes is one possibility, but its not nearly going to be enough.

  • We need Eliot spitzer.

  • capitalist

    Nothing like monetizing the debt to reduce it - a last ditch effort as opposed to taking a rational and logical approach of, ohhhh.... I don't know.... spending less??

    "We can initiate the process of inflation to reduce our debt. Yay! "

    Fools.

  • jles

    this

  • farkas

    Dear Jen, Treasurys is not a word.

  • Jackie Curtis

    I LOVE THIS KITTY!!!!! MOMMY WANT TO KISS AND SNUGGLE WITH FURRY BOO BOO

  • hotstepper

    this comment is weirding me out.

  • EastRiver

    "I did not expect compensation would come back the way it has. I underestimated the industry’s resiliency."

    He must not be very bright.

  • ides_of_march

    More money that we don't have is being printed. Welcome to bizarro economics. It worked so well for Weimar.

    That's the real outrage.

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