So today on the way to work I ran into some investment banker buddies who were laid off. With the news today that 3 major financial institutions are either bankrupt or teetering on bankruptcy, I thought it may be a good idea to remind people of who will actually be hurt in this crisis and whom you should feel sorry for -- and its not the investment banker that were making millions of dollars a year.
You see, American CEOs earned 411-times as much as average workers in 2005, up from 107 times in 1990. And, the top one percent of US households received 21.8 percent of all pre-tax income in 2005, more than double what that figure was in the 1970s. This is the greatest concentration of income since 1928, when 23.9 percent of all income went to the richest one percent.
And in case you don't realize what that REALLY means, let me make it clearer:
Clear now?
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