We're told bankers, executives, and financiers must receive huge sums of compensation to ensure the brightest and most talented are growing our economy. (Regardless of whether or not they are growing the economy or their company.)
Yet, as Neil Irwin reports in the Washington Post, "the Fed's earnings for the year will dwarf those of the large banks, easily topping the expected profits of Bank of America, Goldman Sachs and J.P. Morgan Chase combined."
And what staggering sum was Ben Bernanke, Federal Reserve chairman, paid for earning such a stellar return for the public? To keep such talent working for the Federal Government we must be paying tens of millions of dollars. Right?
Dr. Bernanke makes $199,700.
Now what excuse will these overpaid hucksters claim to justify their ill-gotten gains?