There lies the answer. What some determine to be frivolous, other see as serious business and a necessity.
Re: Honestly making money is not a crime
back2basicz
10/19/2011 3:20:32 PM
True,Very,very true.
Driven.
Ashish.
Re: It is not about high salary
back2basicz
10/19/2011 3:08:00 PM
mln,
Warren Buffet got plenty of taxpayer support in 2008-9.In fact he was the driving force behind the introduction of TARP which ensured large parts of his organization(which deals in planty of derivatives) stayed afloat in 2008.
As for Salaries on Wall Street/securities ,yes They are over-paid.Best way to change the situation?
Cut down these industries to size by breaking up the Too Big to Fail banks;which will actually foster more competition for talent here and bring about something else -A Fall in salaries.
Regards
Ashish.
If we live in a free market economy it’s the law of supply and demand someone is demanding the skill and experience of the person getting a $400K job and not demanding the skill and experience of someone getting a 50K job—it’s a scarcity issue. What about doctors who make $300K doing plastic surgery should we protest them as well because its frivolous?
Re: It is not about high salary
mInvestor
10/16/2011 6:35:25 PM
Before we are getting more angry about the outragous high avarage salary from securities industry, we'd better get a clear picture of the definition.
1. What is this securities indutry? Do we include stock trading companies, mutual fund companies, banks and all those financial companies?
2. The average salary is $360,000. Do we just talk about salary, not inlcude bonus, stock option and other benefits?
3. How many people totally work in this security industry (which specified here)?
4. What's the average salary for mid-level and low level employees? Do we just get this $360,000 average salary because we got less than 10 Warren Buffet in the equation, and rest of people in this industry just earn a normal annual salary similar to other industry?
5. How many companies in this industry got government bail out support? I don't think Warren Buffet got any. So if his company is paying even more salary, that's OK, right?
6. It's good to use average something to describe an industry. But if we want to use that number to propse something, and something big, then I thnk it's better to look into the numbers more closely.Especially now there is a "Occupying Wall Street" event.
It is not about high salary
Value Hiker
10/16/2011 12:08:49 PM
People are not angry about someone got paid with a high salary, they are angry about the undued priviledge enjoyed by these big bankers and Wall Street guys.
F.D.R has the best description of the feeling of most people who support "Occupying Wall Street" movement. The Wall Street is the new royalty in our age.
"The hours men and women worked, the wages they received, the conditions of their labor — these had passed beyond the control of the people, and were imposed by this new industrial dictatorship. The savings of the average family, the capital of the small-businessmen, the investments set aside for old age — other people's money — these were tools which the new economic royalty used to dig itself in. Those who tilled the soil no longer reaped the rewards which were their right. The small measure of their gains was decreed by men in distant cities. Throughout the nation, opportunity was limited by monopoly. Individual initiative was crushed in the cogs of a great machine. The field open for free business was more and more restricted. Private enterprise, indeed, became too private. It became privileged enterprise, not free enterprise."
Re: it's no wonder
yalanand
10/16/2011 11:24:50 AM
But the thing is. these people can be job searching from Zuccotti Park as easily as they can from their home or apartments as long as they have a smartphone in their pockets.
@Tenacious, what you said is true, but still I respect those people who are part of this movement. Although technology has made it easy for them to be part of this movement, still they are at the risk of being jailed, which ultimately might make it tougher for them to get a job.
Re: Honestly making money is not a crime
yalanand
10/16/2011 11:17:09 AM
The high salary shouldn't be a problem.
@PredictableChaos I am not against high salary, but what will you do if an institution pays bonus from bail out package which it received from government. I think people are frustrated not because some body is becoming rich but becoming rich by making them poor.
Re: Honestly making money is not a crime
Drivewaygirl
10/14/2011 7:58:49 AM
Re: Honestly making money is not a crime
Dex
10/13/2011 9:29:20 PM
First I don't think anyone should have enforced salariies - unless they are being paid with tax dollars, in which case then I think we (taxpayers) do have a right to set limits and boundaries. Otherwise, pay whatever you want ... just not with my subsidy.
As for athletes, personally I think the system is skewed because kids can't even afford to go to ball game now. The tickets are so expensive because the salaries are outrageous. However. athletes are performers (like artists) and they can get what the market will bear-- and I have no say in those salaries until the day I buy a sports team. (or until the day the fed govt bails out one of the teams with tax money, which is more likely to happen than me buying a team.)
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