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American Resistance To Empire

If All Wages Grew Like Wall St. Execs, Min. Wage Would Be $33/hr.

  • Wall Street bonuses fell 17 percent to an average of $153,700 last year
  • Despite the decline, Wall Street bonuses are 52 percent higher than a decade ago
  • If the minimum wage had kept pace with the same growth as Wall Street bonuses, the hourly baseline wage would be $33.51 an hour, one analysis finds

Wall Street employees saw their typical annual bonus slip by 17 percent last year to $153,700, according to new data from the New York State Comptroller. But don’t feel sorry for the banking set just yet — even including down years like 2018, bankers’ bonuses have jumped by 1,000 percent since 1985.

The total Wall Street bonus pool last year was $27.5 billion, or more than triple the combined earnings of the 640,000 U.S. employees who earn the federal minimum wage, which has stood at $7.25 an hour since 2009. More states are boosting their minimum wages in response to criticism that the federal baseline pay isn’t enough to provide a living wage.

At the same time, pay for the top-paid U.S. workers has surged, creating a rich-get-richer phenomenon that some economists say is exacerbating income inequality. The practice of awarding large bonuses to Wall Street executives is also widening the gender and racial pay gaps, since most of the recipients are white and male, IPS noted.

As for why Wall Street bonuses fell in 2018, it’s not because banks were less profitable last year, New York Comptroller Thomas P. DiNapoli said in a statement. In fact, Wall Street recorded an 11 percent increase in pretax profits for the broker-dealer operations of New York Stock Exchange member firms, which the comptroller said is the traditional yardstick for securities industry profits.

Instead, many banks paid out higher bonus amounts in 2017 because of changes in the federal tax code that encouraged them to pay more that year, according to a statement from the comptroller.

“The acceleration of payments into 2017 could have contributed to the decline in 2018,” the statement noted.

The bonuses are on top of average salary of $422,500 in 2017, the latest data available for Wall Street salaries, it added.

Venezuelan military deploys Russian S-300 missiles to airbase south of Caracas

[SEE: Russia sends more than 100 troops to Venezuela ]

Base Aérea Capitán Manuel Ríos

BEIRUT, LEBANON (9:45 A.M.) – The Venezuelan military has deployed more S-300 air defense missiles to a key airbase south of Caracas, the Image Sat International reported on Sunday.

According to Image Sat, the Venezuelan armed forces activated their S-300 missiles after completing their military drills in February.

As shown in the photo below, Image Sat reveals through their satellite imagery the additional S-300 missiles that have been deployed to the Captain Manuel Rios Airbase in the Guarico state of Venezuela:

ImageSat Intl.@ImageSatIntl

: has put the into readiness, after conducting drills in February 2019 (as reported previously by ).

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In addition to activating their S-300 missiles, the Venezuelan Armed Forces received a major boost on Sunday when the Russian Air Force and their military personnel arrived inside the country.

It remains unclear how active the Russian military is going to be in Venezuela, as despite the protests and sporadic violence, there has been really no real attempt to overthrow the government of Nicolas Maduro.

Maduro did state on Saturday that his government foiled an assassination plot by the Venezuelan opposition recently; however, no details were given.