Wall Street Set for Record Pay

Pay cuts are occurring more frequently than at any time since the Great Depression, except for—surprise!—on Wall Street. The Wall Street Journal reports that Wall Street is on track to award record pay—about $140 billion this year. Workers at 23 top investment banks, hedge funds, asset managers, and stock and commodities exchanges can expect to earn more than they did in 2007, the previous peak year, according to the Journal’s estimates. Success is credited to “a stronger stock market, thawing credit market, a resurgence in deal making and the continuing effects of various government aid programs.”