Just in case you thought the banking crisis wasn’t bad enough, maybe you should spare a moment for these poor folks who are facing imminent abject poverty. Bankers:
Five hundred thousand dollars — the amount President Obama wants to set as the top pay for banking executives whose firms accept government bailout money — seems like a lot, and it is a lot. To many people in many places, it is a princely sum to live on. But in the neighborhoods of New York City and its suburban enclaves where successful bankers live, half a million a year can go very fast.
Aww shucks, that sounds bad. But wait, it’s worse!
As hard as it is to believe, bankers who are living on the Upper East Side making $2 or $3 million a year have set up a life for themselves in which they are also at zero at the end of the year with credit cards and mortgage bills that are inescapable
Which probably explains why the economy in America and the UK has tanked. If you can’t balance a $2-3 million annual salary – plus bonuses, don’t forget the cash bonuses – I don’t think you’re in any position to run a bank.