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title="http://www.seiu.org/2010/12/big-banks-bonus-bonanza.php
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<H2>Big Banks Bonus Bonanza</H2>
<DIV><SPAN>By Matt Browner-Hamlin</SPAN> </DIV>
<DIV>
<DIV>
<P>Once again, Wall Street is on track to pay astronomical bonuses to its star
traders, even as the rest of America is reeling from the devastation the banks
have unleashed on the global economy. These billion-dollar bonuses come at our
expense, have no rational justification, and only serve to destabilize the
larger economy. It is time to rein in banker compensation to get the economy
working for Main Street again and to prevent another global economic catastrophe
in the near future. </P>
<P>Today SEIU has released a new report, <A
title="http://www.seiu.org/images/pdfs/Big%20Banks%20Bonus%20Bonanza.pdf
CTRL + Click to follow link"
href="http://www.seiu.org/images/pdfs/Big%20Banks%20Bonus%20Bonanza.pdf"
target=_blank>Big Banks Bonus Bonanza</A>. From the report:</P>
<BLOCKQUOTE>Despite unleashing havoc on the global economy, Wall Street is
once again getting ready to pay astronomical bonuses this year. The nation's
six largest banks alone are on track to pay their bankers a staggering $143
billion in bonuses, benefits and compensation ("bonus and compensation"), more
than enough to fill the $130 billion2 total budget gap for all 50 states in FY
2011. <B>If Wall Street pumped this money directly into the economy instead of
paying it to its bankers, it could create 3.6 million new jobs, and lower the
unemployment rate by 2.3 percent.</B> Bank of America tops the list, with $35
billion in bonuses and compensation set aside for its
bankers.</BLOCKQUOTE>Additional metrics for the scale of Wall Street's bonus
bonanza:
<DIV>
<BLOCKQUOTE>If even a fraction of the big banks' $143 billion in bonuses and
compensation were used to fund important policy priorities, we could bring
about a real economic recovery in this country:
<UL>
<LI><STRONG>If $143 billion were injected directly into the economy as a
cash stimulus, it could create 3.6 million jobs, at no cost to
taxpayers.</STRONG>
<LI><STRONG>Just half of the money the top six banks are getting ready to
pay in 2010 would provide the $73 billion needed to give all underwater
homeowners in the country loan modifications with principal and interest
rate reductions to market value.</STRONG>
<LI><STRONG>The banks' bonus and compensation pool for 2010 is more than
enough to fill the $130 billion budget gap in every single state for FY
2011.</STRONG>
<LI><STRONG>Just 28 percent of the total payout could finance a $40 billion
federal jobs initiative to create 1 million jobs in early childhood
education, in-home services for the elderly and people with disabilities,
and other community services.</STRONG>
<LI><STRONG>$10 billion, less than a third of what Bank of America alone is
doling out to its bankers, could fund an increase to Head Start that would
create 330,000 new jobs and better prepare children for school.</STRONG>
<LI><STRONG>The full $143 billion could extend unemployment coverage for
each of the 15 million unemployed workers in the United States by more than
seven months or buy individual health insurance plans for 65 percent of the
nation's uninsured, changing the lives of more than 29 million people in the
process.</STRONG></LI></UL>$140.5 billion comes to $549 million each work day
for bonuses and compensation. Even if the bankers donated just one day's pay
to our communities, it could change lives.
<UL>
<LI><STRONG>One day's pay at the top six banks could save 141,000 homes from
foreclosure by providing mortgage payment assistance to struggling
families.</STRONG>
<LI><STRONG>It could fund a 14-week extension of unemployment benefits for
134,000 laid-off workers.</STRONG>
<LI><STRONG>It would be enough money to fund full yearlong scholarships for
72,000 college students, allowing them to attend an in-state public
university for free.</STRONG></LI></UL></BLOCKQUOTE>You can download the full
report on <A
title="http://www.seiu.org/images/pdfs/Big%20Banks%20Bonus%20Bonanza.pdf
CTRL + Click to follow link"
href="http://www.seiu.org/images/pdfs/Big%20Banks%20Bonus%20Bonanza.pdf"
target=_blank>Big Banks Bonus Bonanza by clicking here</A> (PDF link).
</DIV></DIV></DIV><BR><BR><BR></DIV></DIV></DIV></DIV></DIV></DIV></DIV>
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