Wall Street’s record compensation

BUSINESS-US-FINANCIAL-ACCOUNTINGDespite fury over Wall Street’s pay culture, major banks and securities firms are headed toward a record compensation total of around $145 billion for 2009 when all the numbers are out.  Economics Professor Laurence Kotlikoff, a  senior economist in the Reagan administration whose new book, “Jimmy Stewart is Dead,” about the banking industry, will be published next month, says the idea of taxing Wall Steet now is a “transparent joke.”

“Wall Street is continuing to play craps with the taxpayers’ chips and to lay the ground for a financial earthquake of even greater magnitude than we’ve just experienced.”

Contact Laurence Kotlikoff, 617-353-4002, kotlikoff@bu.edu

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