The Guardian UK announced Friday that workers from Wall Street’s major financial banks will receive $70 billion in pay deals.
Much of the money is reported to be bonus pay, in spite of the current financial troubles that have affected financial systems across the globe. The actions of Wall Street have been credited with contributing to the current economic crisis that led to a $700 billion bailout plan by the U.S. Despite the government financial assistance, the bankers reportedly will accept these deals.
Wall Street and financial systems in the U.S. who will receive a benefit from the $700 million rescue package have been heavily scrutinized over the past few weeks for their actions in regards to how they are choosing to distribute or spend funds. Allegations of greed remain a primary focal point for officials investigating these financial matters. A condition of accepting funds from the bailout package was to restrict excessive pay to executives.
The information regarding the pay deals comes amidst announcements of huge declines in the stock exchange. The situation has been labeled the worst since The Great Depression.