Banks Still Falter
Even after the secret distribution of $350 Billion of U.S. Treasury Money and an accommodating Federal Reserve Policy U.S. banks are still bleeding. First Centennial Bank in California was seized by the FDIC as insolvent. Over 8,000 Financial Firms and 318 Banks have received some form of Government Bailout, yet the problem still persists. This leads one to believe that the business models, including the employee compensation packages at these corporations, are flawed. Fund Managers at these institutions receive millions of dollars in salary and compensation. A second-tier fund manager at these institutions receives a total compensation package of 5 million dollars, even if we assume that these managers work 65 hours a week for 52 weeks, which they absolutely do not, that means their average hourly salary is right around $1500 per hour. That is a staggering amount of money, which is the equivalent of 171 hourly workers earning the National Average of $8.73. Is any ONE person worth the ...