Working Life

    I applaud the president for trying to impose some new and renewed standards to try to make sure that what happened on Wall Street doesn’t happen again. But, we are about to miss an opportunity–perhaps a missed opportunity that will haunt us for years to come–to change the debate about our economy and the […]

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   Some people are not suffering (via The Wall Street Journal): As financial firms rebounded last year, Wall Street bonuses for employees in the New York City securities industry rose almost 17% to $20.3 billion in 2009, according to a report released Tuesday by the New York State comptroller.  

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Wall Street loves a disaster. The more chaos, the better–because, no matter what happens to regular people, chaos can mean lots of profits. That is why the deep reform we need in the way the financial world works is so important–and why Wall Street is fighting so hard to stop it.   This past Friday, […]

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We are angry, rightly so, about the obscene bonuses and pay given to bankers and the financial mandarins who destroyed the economy. Part of the problem is that the political dialogue–parroted by the traditional media and the political leaders who are bought and paid for by the financial industry– never questions a basic premise: that […]

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   Let’s review a couple of facts. Over the past 30 years, even though productivity has been skyrocketing, wages have been essentially flat for workers. And we are now living through a period where at least one in five Americans does not have full-time work with decent wages.    But, at least some people are […]

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   The president is going to announce today a tax on the big banks and financial institutions: The tax on banks, insurance companies and brokerages with more than $50 billion in assets would start after June 30 and seek to collect $90 billion over 10 years, according to a senior administration official who briefed reporters […]

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   Bankers are nervous about the bonuses they are about to get: Goldman Sachs, JP Morgan Chase and other big banks are bracing for a renewed public and political backlash against their compensation plans as they prepare to unveil multi-billion dollar bonus packages. Under pressure from government, banks are already saying they will devote the […]

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   The French should be thrilled that the Republicans do not control the Congress because we would certainly see another landmark "Freedom Fries" bill become law after this: French Finance Minister Christine Lagarde said Wednesday that France will slap a one-off 50% tax on bonuses awarded to bank employees next year. "Banks will be taxed […]

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A note to the British: you should thank your lucky stars that the Republicans are not running the Congress because fish and chips would now be renamed Freemarket Delight to protest your government’s decision to levy a tax on bankers’ bonuses. Seriously, here is one small step forward to a rationale response to the obscene […]

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   I remain astonished–perhaps I shouldn’t be–about the extent to which the people who destroyed the financial system still have jobs. It is truly a comment on the emptiness of the rhetoric of the "free market" ideologues and the business world, who demand accountability, efficiency and profitability–except when it comes to their own actions. After […]

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