Wall Street bankers and stock traders are making less than Democratic nominee Hillary Clinton and Vermont Sen. Bernie Sanders would lead people to believe, according to a new study from compensation consulting firm Johnson Associates, Inc.
Sanders has long been on the soap box against Wall Street and those who work in major financial markets. This campaign season alone, Sanders has gone on a Twitter tirade:
The obscene greed of Wall Street and corporate America is slowly destroying the fabric of this nation. We must stop them.
— Bernie Sanders (@BernieSanders) August 29, 2016
Now is the time for our next president to rally people against Wall Street and corporate greed and stand up for the declining middle class.
— Bernie Sanders (@BernieSanders) October 30, 2016
.@SenWarren is right: “The only way that Wall Street will change is if executives face jail time when they preside over massive frauds.”
— Bernie Sanders (@SenSanders) September 20, 2016
“Our banking system is still too complex and too risky. … While institutions have paid large fines and in some cases admitted guilt, too often it has seemed that the human beings responsible get off with limited consequences—or none at all, even when they’ve already pocketed the gains. This is wrong, and on my watch, it will change,” Hillary Clinton said, explaining her views on Wall Street.
Clinton’s support for getting tough on Wall Street is interesting, considering she profits so much from paid speeches to major banks, and especially considering that she received three times as much money from hedge funds than Obama received in 2008. (RELATED: Clinton In Bed With Hedge Funds THREE TIMES As Much As Obama In ’08)
Despite the claims made about Wall Street and corporate greed, major bank incentive compensation packages (i.e. year-end bonuses) are down 5 to 10 percent in investment banking and down 5 to 15 percent in equities, Johnson Associates finds. IPO’s are likely to be hit the hardest, with experts projecting bonuses for IPOs getting slashed by at least 20 percent in 2016.
Banks cut a quarter of their stock traders, and as much as 10 percent of bond traders, the Journal reports.
Sanders and Clinton declined to comment.
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