6:00 am July 23, 2009, by Henry Unger
There’s been a lot of talk about restraining executive pay during this recession. But it seems that the talk far exceeds the action.
The Washington Post reports today that Wall Street banks are setting aside billions of dollars more to pay their executives and other employees, just months after these firms were rescued with a taxpayer bailout.
Buoyed by improving profits, Wall Street is on track to pay employees as much as, or even more than, it did in the pre-crisis days, the Post says. So far this year, the top six U.S. banks have set aside $74 billion to pay their employees, up from $60 billion in the corresponding period last year.
Meanwhile, at the other end of the labor market, the minimum wage is scheduled to go up by 70 cents an hour Friday to $7.25. That’s not easy to live on, to say the least.
Is there a disconnect here?
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