Fat Cats

Wall Street Set for Record Pay Day

This is good news for Republican candidates: Wall Street is set to pay a record $144 billion in employee compensation in 2010. That’s 32.1 percent of overall revenue—the same percentage as last year, but a decline from 2007’s record 36 percent revenue-to-compensation ratio. Pay at Goldman Sachs is set to rise almost 4 percent, even though the company’s revenue is expected to decline 13.5 percent. Banks whose revenue falls short are expected to lay off employees in order to keep their bonus pools high, says The Wall Street Journal.