Tuesday, October 11, 2011

Protesters Take to Billionaire Row

Protesters began marching through Manhattan’s upscale Upper East Side on a “Billionaire’s Tour” to take their grievances to the homes of global media mogul Rupert Murdoch, JPMorgan Chase chief executiveJamie Dimon and other wealthy bankers. Goldman Sachs boss Lloyd Blankfein canceled a talk at New York’s Barnard College, and though the company -- which received and repaid a big federal bailout during the financial crisis -- said a scheduling conflict would keep him away, students from nearby Columbia University were planning to protest his appearance, according the university newspaper. A city police contingent followed more than 450 protesters as they chanted “Banks got bailed out, we got sold out” and “Hey you billionaires, pay your fair share.” More at WaPo
Meanwhile, New York comptroller says Wall Street may see smaller bonuses and job cuts. Karma kicking in? What comes around goes around. As Obama likes to say, we're all in this together. Wall Street may be high and mighty now, but ultimately, if things aren't right with the masses, they will find their voice. Hopefully, Occupy Wall Street turns into something more than fist shaking at Wall Street and more of a movement that can effect change.
Wall Street may give out smaller bonuses for the second straight year and shed almost 10,000 jobs by the end of 2012 as Europe's debt crisis slows the economy, New York Comptroller Thomas DiNapoli said. Member firms of the New York Stock Exchange earned $9.3 billion in the first quarter, about half of the $20 billion New York City projected they'd earn for all of 2011. Since then, profits have dropped sharply and are unlikely to reach $18 billion for the year, DiNapoli said in a report today. Bloomberg