Wall Street bonuses are Robin Hood in reverse — but one Robin Hood approves

Filed under: Economy We all know that Wall Street’s bad bets nearly brought the financial system to its knees last year. Then U.S. taxpayers footed the bill to bail out Wall Street — taking on obligations potentially as high as $23.7 trillion , leading to a $1.4 trillion federal deficit, and $12 trillion in national debt. To me that’s a kind of reverse-Robin-Hood action. Ironically, a New York City charity called the Robin Hood Foundation, which says it supports 200 poverty-fighting programs, is celebrating Wall Street’s expected $140 billion 2009 bonus windfall. The head of Robin Hood’s response to the upcoming record Wall Street bonuses is “Hell yeah!” reports Bloomberg News . The reason for David Saltzman’s enthusiasm is that Robin Hood claims it gets more than half of its annual $150 million in donations from the employees of investment banks, brokerage firms and hedge funds. Continue reading Wall Street bonuses are Robin Hood in reverse — but one Robin Hood approves Wall Street bonuses are Robin Hood in reverse — but one Robin Hood approves originally appeared on DailyFinance on Fri, 13 Nov 2009 13:00:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Wall Street bonuses are Robin Hood in reverse — but one Robin Hood approves

Tagged with: banks • bloomberg-news • bonuses • brokerage • brokerage firms • claims-it-gets • david-saltzman • employees • national-debt • nearly-brought • robin hood • the-employees • upcoming • wall street • wallstreet

Filed under: Business News

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