Barron’s tells us that our long, national emergency is FINALLY over:
“Wells Fargo (ticker: WFC), the last of six big U.S. banks to release pay figures, said in a proxy statement earlier this week that CEO Tim Sloan got a raise. He earned $18.4 million in 2018, about $900,000 more than his total compensation in 2017 but far less than the $31 million pulled in by James Dimon, CEO of JP Morgan Chase (JPM).
“Overall, chief executives at the six banks earned more than $152 million in 2018. That eclipses the $141 million the same banks paid their top bosses in 2008—the year before banker pay tanked after the financial crisis.”
I mean it was embarrassing seeing all the CEOs in soup kitchens and breadlines, wasn’t it? Stand tall, fellow serfs!
So the Banksta-gangstas who tanked the global economy and ruined the lives of untold millions of people, and destroyed the prospects of a generation+, are—phew!—finally back on track to where they were in 2008. And yes, even the Wells Fargo dude who’s employees opened up fake accounts in the names of real customers (and ruined their financial lives in the process) got an extraordinary raise, you know, for a job well done. I would have given him a prison sentence.
Add this to the list of reasons that American meritocracy is bullshit.