Zachary Roth, Yahoo News
Submitted by: Editor
Wall Street Pay Packages Break New Record
[Yahoo] After the American public expressed outrage over lavish rewards at Goldman Sachs, AIG and many other banking firms that caused the 2008 financial crash, Congress responded two years later by putting a handful of restrictions on Wall Street's ability to pay bonuses. The banking sector simply increased the size of base salaries to circumvent the new restrictions.
The average Wall Streeter is now paid $141,000 -- up 3 percent from last year.
And, despite the new restrictions, the banking giants don't seem any worse for wear. For example, Bank of America CEO Brian Moynihan saw a 67 percent rise in his total compensation last year.
The vast majority of Americans, who have not lost their jobs, have seen their base salaries contract, rather than expand.
Give Congress a hand, won't you?