When was the last time you got a raise? HAHA just kidding, you're probably not even employed! But if you happen to be an executive at one of 200 of the largest companies in the US (and are reading this to "keep up with the little people") your annual pay rose by 23% in 2010, to an average of $10.8 million. Meanwhile, us plebes were making an average of $752 a week, which with inflation is less than we made in 2009. Insider investment tip: the future is in guillotine manufacturers. more ›

After a week's deliberation union workers at the twice-bailed out St. Vincent's voted to take a ten percent pay cut while the hospital tries to revive itself. "In today’s difficult economic climate for working families, our members’ vote to accept the wage reduction is a testament to how committed they are to the work they do, their passion in providing quality care and their dedication to the patient community they serve. We salute their courageous sacrifice to keep St. Vincent’s hospital open," the union said. Still, the decrease agreed to by the union is half or less of those handed to non-union employees last week: doctors' salaries were slashed by 20 percent and executive pay rates were scaled back 25 percent. more ›

Republican Senator Charles Grassley of Iowa told a Cedar Rapids radio station how he really feels about the AIG executives taking bonuses after needing to be bailed out with $170 billion in federal money: "I suggest, you know, obviously, maybe they ought to be removed. But I would suggest the first thing that would make me feel a little bit better toward them if they'd follow the Japanese example and come before the American people and take that deep bow and say, I'm sorry, and then either do one of two things: resign or go commit suicide. And in the case of the Japanese, they usually commit suicide before they make any apology." His spokesman later said Grassley was speaking rhetorically. more ›

The NY Times reports that NYC business titans--CEOs of JPMorgan Chase, Goldman Sachs, Blackrock, Blackstone, News Corp--met with state and local officials "to discuss how they and government officials should respond to the financial crisis." And not surprisingly, "all seemed to agree that now was not the time to raise taxes or impose new regulations on their businesses," lest it inhibit growth. The executives pointed out how New York's taxes turn companies off from hiring in NY and the U.S. legal system is unattractive for foreign investment (issues that have been raised over previous concern of NYC's status as #1 Financial Center of the World slipping). Side note: Blackrock CEO Laurence Fink took exception to the public's hate of Wall Street fat cats, “The evil empire is not as evil as people think we are." more ›