Hourly Wage of Goldman Sachs CEO in 2007? In 2.5 hrs. He Made More than the Average Household Earned in 1 Year.

In 2006, Nouriel Roubini, Professor of Economics at the Stern School of Business at NYU, predicted the current financial crisis. Now, after watching his prediction come true, Roubini has reviewed 42 similar banking crises that occurred since 1970. Roubini is not all "Yo!" about the federal giveaway. Unlike Nobel Laureate Paul Krugman, who holds his nose but say "OK" to swallowing the proposed $700 billion carnival of love for Wall Street, Roubini is all "Whoa Nellie, Wall Street bitches, that's $700 billion of public money you're washing your caviar down with!"

Giveaways are being demanded of the UAW and given by its members in exchange for the paltry $14 billion GM and Chrysler are asking for. These demands are a stick-up by union-busting redneck Senators whose states are occupied by foreign non-union car manufacturers.

Roubini comes to the not-so-startling conclusion that it would be fair to demand of Wall Street what Congress is demanding of the UAW. Private shareholders and creditors should have to ante-up and taxpayers ought to get a piece of the companies' good assets and future business, not their worthless assets.

[I]f the private sector had done its fair matching share only $350 billion of public money could have been used; and of this $350 billion half could have taken the form of purchase of bad assets and the other half should have taken the form of injection of public capital in these financial institutions. So instead of purchasing – most likely at an excessive price - $700 billion of toxic assets the government could have achieved the same result – or a better result of recapitalizing the banks – by spending only $175 billion in the direct purchase of toxic assets.

BTW, based on 2005 figures, the average annual earnings of an investments and acquisitions manger was $2.75 million per year. This works out to $881.41 per hour for a 60 hour week. If you look at the CEO's, the figure goes up just a little.

Looking higher on the management food pyramid, Goldman Sach's 2008 proxy statement confirms that CEO Jon Winkleried was awarded $71,455,426.00 in compensation or $22,902.38 per hour for a 60 hour week. Lehman Brothers CEO R.F. Fuld, Jr., was paid a measly $34,382,036.00, in 2007, which works out to only $11,019.88 per hour. No wonder Lehman went broke; they couldn't afford good help. And, Steven J. Bensigner, former CFO of AIG, was paid a piddling $23,499,990.00, in 2007. At $7,532.05 per hour, Bensigner was dirt-cheap. No wonder AIG needed $150,000,000,000.00 of taxpayer money for its X-mas bonuses this year.

The median income for an American household for 2007 as reported by the Census Bureau: $50,740.00.

Carl says, "DON'T BE DUMB. If UAW members are going to have to clean up GM's and Chrysler's mess in order to pay for Christmas, Wall Street shareholders and creditors ought to be dropping their coins in the kettle, too. Otherwise, Johnny Wall Street should get a lump of coal, for the holiday, instead of that new BMW he thought he'd get from Santa Henry. Save the banks, but don't make the thieves who ruined them with Reagan's help richer. While you're at it, stop union-busting by Hillbilly Senators who want to keep the plantation alive and well on government money!"