year end bonuses can comprise up to 80% of wall street pay packages. this season payouts are expected to rise for the second year running but the spoils won't be shared equally. a tepid deal climate include firms who advice on mergers and acquisitions are expected to be 5% than last year. the biggest losers are bond traders. their bonuses are expected to fall 5% to 15% thanks to interest rates and wrong bets on when the feds would pull back on the economic stimulus. >> the big income traders, they guessed it wrong. >> reporter: alan johnson produces a closely watched survey of wall street compensation. according to him low risk steady generators are this year's bonus winners and should enjoy a 10% bump. >> investment banks were the highest paying firms but we've had a change, mutual funds and other things that paid at least as well if not more and that trend is likely to continue. >> reporter: while market conditions are rewarding lower risk activities regulators have also tried to force change on wall street. strong arming banks to tie executive compe

what will this mean for wall street?hington correspondent peter cook joins us with the details. you managed to, to worry even though there is supposed to be 1-4 inches of snowfall. little slicking a out here. it just started coming down a little more heavily in the washington area. ,t means for the volcker rule more than a year past due, we will have to wait at least one more day for regulators to finalize the volcker rule because the government is close. the cftc meeting is not going to happen today. there are five federal regulators who all had to weigh in today. willt appears likely they not because of the closure of the federal government. it just means one more day of waiting for wall street. >> the thing with the volcker rule is the rules got tougher as it got closer to the vote. it was unexpected. does that mean the lobbying groups did not get the job done? >> there has been a ton of lobbying and they have been lobbying every single aspect to it but it is fair to say at the end of the day the rule will be tougher

as wall street prepares to pay out over $90 billion in year-end bonuses, an offshoot of occupy wall street urges the banks to reconsider how they spend their massive profits. $60 billion in pay for two years of the national affordable housing trust fund. this is the program that is financed for 10 years could end homelessness in american -- and america. next up, $21 billion in needed repairs to public housing and wall street to take care of that. and you know what? it would still have $10.4 billion left over. >> and while the philippines struggles to rebuild after typhoon haiyan, the country is been forced to continue paying out billions of dollars in debt to the world bank and other lenders. all of that and more coming up. this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman. a car bombing in the lebanese capital of beirut has left at least five people dead. the victims included the attacks apparent target, the homage financelebanon's former minister. he was an age of former prime iri and a vocal critic of seared president bashar al-assad. a u.s. drone strik

eight days is a long time on wall street. can't get inside his head, but i would certainly think, as a prosecutor, that this would be something i'd be interested in asking some questions about. >> we wanted to know what assistant attorney general lanny breuer thought about that, and why no prosecutions have been directed at wall street. we also wanted to know why sarbanes-oxley has not been used against big banks like citigroup. >> when you talk about sarbanes-oxley, we have to know that you intended-- intended--had the specific intent to make a false statement. >> they knew there was a problem. not only had they been told that there was a problem by one of their chief underwriters, that the loans that they were buying were not what they claimed, and that the federal government-- that the comptroller of the currency didn't think their internal controls were adequate either. >> if a company is intentionally misrepresenting on its financial statements what it understands to be the financial condition of its company and makes ve

patricia has the story. >> it's the big payday that fattens wallets on wall street and fuels the ire of main street. year-end bonuses can comprise up to 80% of wall street pay packages. this season payouts are expected to rise for the second year running, but the spoils won't be shared equally. a tepid deal climate means bonuses for investment bankers that advise firms on mergers and acquisitions are expected 5% to 10% lower than last year. the biggest losers are wall street's biggest risk takers, bond traders. they're expected to fall 5% to 10% thanks to low interest rates and wrong bets. >> the fixed income traders, they guessed it wrong with the tapering of the fed and so forth. so they were on the wrong side of the trades. >> allen johnson produces a closely watched survey of wall street compensation. according to him, low-risk steady income generators like mutual fund and asset managers are this year's bonus winners and should enjoy a 10% to 15% bump on the heels of soaring stock prices. >> historically the big banks and investment banks with the highest-paying firms and we had a

this is a big week for wall street.ive years after the crisis that cost taxpayers hundreds of billions of dollars. regulators are about to take a major step to reign in how much risk banks can take. five agencies are voting tuesday on the so called vol kerr rule. it would stop banks that take deposits from people like you and me from trying to profit by trading stocks or other securities. the fight over the rule involves a long standing debate over what a modern bank should be allowed to do. ♪ . >> in 1933, to protect the public, from the financial abuses that caused the great depression. congress passed the glass eagle act. federally ensure and prevent banks from placing those at risk we barring them from engaging in speculative. by 1999, was used as a ball and chain, shackling the the law was repealed. but when the 2008 financial crisis left taxpayers on the hook for hundreds of billions of dollars in bank bail outs, the spirit of glassed eagle was reborn as the vol kerr rule. >> it is important, because we want to ma

here are the closing numbers for wall street today. the dow lost one point and nasdaq down ten and s&p off a fraction. over in the oil market, crude prices closed over $100 a barrel due to a drop in inventorienven. this is the first time since october that oil closed above the 100-dollar level. >>> shares of twitter got the tweet knocked out of them today. they fell after the research was cutting to sell saying the stock is rallied for no apparent reason, nearly tripling since november 7th. not bad for a company yet to show a profit. the move won't quiet the debate on wall street over the stock. >> reporter: what is clear is that twitter is a social media darling. what is not clear is why investors seem to love it as much as the tweeters do, up 7% monday, another 5% thursday, up 76% this month through yesterday. when it closed above $73 a share. but not everyone is so smitten. >> when i look at twitter, i think who in god's name is willing to buy this thing? >> by any ordinary stretch of math mat kill thinking, it doesn't make sense. >

the wall street funded d.c.nown as third way claims to represent americans in the vital center. but third way is against the liberal populism of democrats like massachusetts senator, liz we get warren and against the wealthy in america, paying their fair share of taxes. they're actively campaigning for the transpacific trade agreements. and they want to slash the big three. a recent op-ed written by third way's two co founders sounds more like it was written by the wall street republicans. the group called senator warren's fight to expand social security part of a populist political and economic fantasy that ignores an undebatable solvency crisis. really? the group's reasoning leaves plenty to doubt. but you know what, it isn't debatable. the polls show americans want to expand, not cut -- expand social security. in fact, almost 70% of respondents it said they would be less likely to support a candidate no backs social security cuts. this isn't just a progressive issue. this is what the majority of americans wan

also ahead, the push to curb risky trading on wall street.fter years of debate, regulators give the green light to a rule key to financial reform. >> ifill: and crossing a contentious border: kurdish refugees flee from war-torn syria to an already unstable iraq. margaret warner reports. >> it wasn't bashar al-assad's forces that drove them out. the threat came from a different quarter instead, the ranks of anti-assad jihadi rebel fighters linked to al qaeda. >> ifill: those are just some of the stories we're covering on tonight's pbs newshour. >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. congress number negotiators reached an agreement this evening on a budget deal. aides said it is a two year agreement that includes operations t

occupy activist and participant in occupy wall street as well or so and nicole wall can do both. and i thank you thanks for joining us first pursue your thoughts on wal-mart cashing in on the occupy movement. well the first thing to understand is that the poster is actually being sold by a third party seller through wal-mart so it's just a small business person selling the poster through the big channels that wal-mart has to sell items online so actually that money the majority of that money from the sale of that particular poster will go to a small business which is great however you know it is ironic that occupy wall street has been pretty active in the movement to hopefully in you know the best case unionize wal-mart in the even better case have. completely worker own that would be pretty exciting. forty two percent of the profits profits go towards a single family one hundred fifty billion dollars is owned by sixteen people imagine the real transformed change that could happen in this country if either the kind the kind the company or that wealth of that family were nationali

easy, wall street. with the dow and the s&p hitting all-time highs for the first time since 2007, investors have been treated to 20-plus percent gains. 30% gains on the nasdaq. dominic chu is here to talk about the biggest themes of the year for stocks. why don't you run us through the numbers. >> it's superlative to say the very least. those are great numbers. talk about a momentum trade. the dow has hit around 44 all-time record highs just this year. 39 for the s&p 500. thes that dak kp the nasdaq, the best for 13 years. you have to go back to 2000. this is all such a huge move for the stock market, and it's been driven like you said before by the consumer. the consumer discretionary stocks are among the best performing sen ining sectors. that means when you spend your hard-earned money, it drives our economy. >> the other trend we saw in year, all those stock buybacks. we were reporting at least one a week of a big company announcing a stock buyback. how important were they? >> you can't keep track.

study is out claiming that a lack of consensus building is what caused the downfall of the occupy wall street movement what do occupy ors think about the movements ability to form a collective measure message and is the movement really dead also creationists used to be a marginalized group in their beliefs used to be considered radical but not anymore creationism is on the rise in classrooms in course across the nation is that a good thing or is that it's nine our children a proper education and america isn't the happiest country in the world in fact it's not even in the top ten so what's eating away at our nation's morale and how do we improve. in the most of the rest of the news wal-mart the nation's largest retailer is now trying to profit off the very people who are fighting back against the power and greed of giant corporations like wal-mart. the mega stores selling posters showing occupiers it's a coffee party in new york city and selling them for a cool fifty two dollars this latest product offering by wal-mart was surely a rage members of the occupy movement but unfortunately that mov

and that was the heart of it in that the very people who sent those jobs out of detroit were wall street the same people that then turned around and made these deals with these good old boy detroit types mostly republican let me point out there follow the money on this you're going to see a lot of the republicans involved in putting these swaps and derivatives in place and so i mean it's really ugly story when you land it in follow the money you know or more like having tony it's always great seeing you pat thank you thank you for the insights thank you. coming up history has had many great icons who fought tirelessly for the cause of dreams they believe john nelson mandela will go down as one of the greatest i was mandela so important millions of americans who adored him and how will history remember. i've got a quote for you. that's pretty tough. they were it's a story. let's give this guy like you would smear about john stead of working for the people who she's the beach. preacher ribozymes days you know. the dead rather. were. the poor. it was. very hard to take. on a life that had s

but in 2000, congress gave wall street an exemption that's turned out to be a very bad idea. >> it's legalized gambling. it was illegal gambling, and we made it legal gambling. >> with no regulatory controls. >> with absolutely no regulatory controls. zero, as far as i can tell. >> i mean, it sounds a little like a bookie operation. >> yes. [watch ticking] >> i don't to die. i shouldn't have to die. >> helen sharp, suffering from lymphoma, just got the letter that says her county hospital is cutting charity care to cancer patients. it's a symptom of the recession: public hospitals forced to cut vital services just when people need them the most. when you read this letter, what did you think it meant to you? >> a death sentence. >> welcome to 60 minutes on cnbc. i'm steve kroft. in this episode we'll meet some big winners and some big losers in the high stakes game of world finance. up first, the secret vaults of geneva and zurich, which have served as repositories for the wealth of dictators and despots, mobsters and arms dealers, corrupt officials and tax cheats of all kinds. it's a

wall street. i think i understand finance. i think i understand what goes on in the system in wall street. plus, i had long, long experience in the fiscal monitor process. so putting the two together i think is pretty unique. therefore, i have something to contribute. >> you are 67 now? >> 6. >> 66. >> for the moment, yes. >> what do you do for the rest of your life if you are out of the business of running companies? >> i have investments, and i in trying to stay out of the market because i think it is totally unsafe. but, you know, there is a lively debate going on in the country. there are articles i have been writing over the years. this book certainly will add to it. the keynesians are going nuts. because i am making a pretty strong, detailed, in-depth, historical statement that the current wisdom, you know, that is extant in current policy is wrong. there are a lot of people who love the status quo. it is either their brainchild or they benefit from it, and i think the status quo is very dangerous, and i am trying to giv

tweeted in tomorrow's wall street journal. lou: tomorrow's wall street journal., and i'm going to learn not to take republican leader seriously. i am going to begin with your counsel here tonight. >> very good. lou: up next, the new book, that the punishment. taking a look at the stunning reasons why our prison system is so expensive and incredibly provides perks and punishes you. we are coming right back with author robert blocker. ♪ lou: ♪ lou: an update to a story i was telling you about yesterday, and it really in the vernacular hacks me off. the obama administration announcing today that it will allow three energy companies to kill or injure bald and golden eagles for up to 30 years without penalty. it is called taking in the law. the change was requested by the wind energy industry whose wind farms are responsible for killing lots of thousands of birds every year, including, unfortunately, many of these eagles. and it is -- anyway, it is a terrible thing. turning now to our failing correctional system, our next guest to is here, i think, two weeksgo when we

welcome to wall street in the 1990s.e film "the wolf of wall street" new york stockbroker who got filthy rich and built an empire of excess by using everyone around him. >> $430,000 in one month, jordy. huh? >> they are business expenses. >> jordy, look what you've got here. $26,000 for one dinner. >> no, this can be explained. dad, we had clients, pfizer clients. champagne. >> tell them about the sides. >> sides? sides? $26,000 worth of sides. what are these sides, cure cancer. >> the sides didn't cure cancer. they are beer. that's why they were expensive. >> the sides cure cancer. >> that's why they were expenses. >> we talk about excesses of wall street. this capture that in the hill arty and depravity. >> it's basically a wonderful morality tale that points a finger at what happens when you leave financial markets unchecked. jordan bellford is the epitome of that. he's taking excess to excess. >> did you spend time on wall street to prepare for this, to get acclimated? >> i didn't spend time on wall street but i did

the government gave the green light to wall street, wall street keeps getting the lane for what happenedt it was the government that gave the people on wall street the green light to go ahead and indulge in these very risky purchases. guest: this is part of the debate that is going on. who started it? i do not know of you can really lay the blame on one side or the other. the federal government clearly played a role in not strenuously overseeing what wall street was doing in the 2000s. oversaw whatave was going on, and they did not exercise that authority whatsoever. i think you can put a lot of ,lame on the fed or not acting and not really and truly engaging with the banks in the early 2000s, to the middle 2000s. they moved aggressively to these subprime mortgages, and loaded up. they started creating these new derivative securities that were tied to them, and that is really where you have the nexus of wall street and washington creating what turned into a toxic situation. guest: amongst the five regulators debating this, and the rule being drafted, how much input did the financial have

there has been a remarkable turn about in how wall street sees the world.ll year stock markets have lived in fear that the federal reserve would pull the plug on its huge stimulus program and second interest rates higher and send stocks lower. the fed said it may begin tapering this year in june. the next day the s&p fell 2.5%. flash forward six months to yesterday, and the s&p rallied 1 -- 1.7% after the fed announced it would begin tapering. the s&p 500 index gaining almost 26% for the year. and most of this was due to the fed pumping money into the economy ever month to keep interest rates low. the fed has been promising to pull back as the job situation improves in this country. what has changed is that invest fors are now more confident that the economy can stand on its own two feet. that means 2014 could be a changed landscape for stocks. while predictions for what the market does next year are all over the map, on average, wall street expects the s&p 500 total return to reach 10% for the year, which would be a change from the seesaw of big gains and

>> on wall street, the hurdle for innovation on wall street, jump over.uld jum ant could ed billion dollarswn. facebook, twitter, linkedin, there are a lot of smaller companies that are starved for capital. there's a lot of good opportunities, is like a dating site for institutions. there is a lot of opportunities out there that deserve capital, that deserve the funding that can allow them to grow and create employment. for that matter, they are not being is -- met by these years because the institution should not hear about them. remember what has happened on wall street the past couple of years, past five years, wall street particularly in the smaller site has been decimated. thousands of brokers and investment banks have gone out of business. that has created a big gap. >> what about the jobs act? does this make this possible? exactly. the accredited institution could do this anyway, it wasn't a mechanism. the jobs act was the first time that you saw that washington knew that there was a bit offer. -- bid offer. sometimes you get the idea that washington is completely is connected from t

but he's with massive debt obligations wall street trapped detroit with its risky debt schemes and now just as bain forced every day employees to pay for the debt ford enforced by their company haven't already tried some urgency manager is making public workers pay for the bank's toure's gambling away detroit's finances like one of the banes acquisitions detroit will be sold at auction to pay off debts created by banks or it's not just public workers who will suffer the whole city is on the chopping block kevyn orr wants the city's art collection show sold off detroit's water department might put on the market and a top it all off right wing billionaires are trying to buy bell i'll park and turn it into some sort of libertarian gambling paradise the privatization of detroit is about to begin and there's no way the billionaire class is going to miss out on mitt romney grew up in michigan so it's fitting in a way that the first attempt to use the bain strategy a public institution would be in detroit but make no mistake about it the fire sale of detroit is just a preview of her republica

and wall street, the way forward in 2014 for roger altman's wall street.ith evercore partners. he what time to touch him he volcker rule -- touch on the volcker rule. and kevin roberts will join us, saatchi andondon's saatchi. the controversial theme, the death of marketing. surprisedr beyoncÉ the world with the release of her album friday and over the a huge, it has been success for her, almost anti- marketing. >> you market yourself, right? social media. she believes that her self. the marketing becomes the power --it used to be the person market. deal.uge she sold well over 300,000 units -- albums and not singles. beyoncÉ really taking over the direction of the columbia records effort. be about, my hero, peter o'toole, dip it cannot convey what it was like hearing my parents argue whether i could go see "lawrence of arabia" a few years ago. >> i wish i could have heard that debate. [laughter] who won. >> my mother won. my father was right. it was gory, hugely controversial at the time, the blood and the gore. to break, speaking of beyoncÉ's surprise alb

you have to break the wall street code and i'm here to help you crack it. that's why tonight i'm giving you my wall street jiberrish to english dictionary. words and concepts that many people don't want you to get your heads around. that might make you feel empowered enough to pull your money out of your coffers and start handing over your fees and commissions. let's start with a couple 06 important ideas that go hand in hand. cyclical and secular. cyclical? nothing to do with the spin cycle in your washing machine. it's cyclical because it depends on the business cycle. chemical companies, dow chemical, ppg. these companies are all hostage to the economy. when it heats up, they all earn more money. investors pay less for the shares. so you've got consumer stap.els, drug stocks like pfizer or america. why is this the first pierce of wall street jargon i'm translating for you? because it helps you determine how much institutions are going to earn. the whole hedge fund play book is about when to buy and when to sell cyclical stocks or secular ones based on ho

in that occupy wall street one of the biggest gripes of occupy wall street is the corporate takeover of our electoral politics and that's exactly why we have a fracking issue. because we have these these corporations who are paying off the politicians the politicians are making their decisions you know. in favor of these. of these companies that are the gas companies that are doing the fracking . and that's a big thing that we're fighting against in the occupy movement still are trying to overturn things like citizens united in order to really. give the voice back to the people mike where can people go to find out more about rusted root and also jason i want to you to add about the album after the rest of. our website and we're pretty pretty active on facebook too there are probably two nights that we just get as much as i hear you know just finished. tore down the country and you guys are touring all the time and yet our live shows if they were talking about them at the birch table every night hanging out with people and just talking about it and base and working people find out mor

will wall street be happy with the results?e know they have been pushing back for the last couple of years. >> the banks hated it from the start, they will not like it anymore today, and they will not at -- and they will especially not like this tougher version. after three long years of debate even among the federal regulators who have to implement this rule, on wall street and in washington, they believe it is finally done. the rule, first conceived by paul volcker, designed to reduce risk in the financial system by specifically banning banks from trading from their proprietary accounts from the first time, limiting bank investments to hedge funds and private equity. banks will not like the final hedging investment language, that probably stands out the most. they must show that hedging the mitigates one or more specifically identifiable risk, meaning hedging, like the london whale trade. those are not allowed. her must be specific risk that is being offset. more news on market making, their bread and butter business, trades

. >>> jobs jolt, good news for main street, is good news on wall street. stocks jump on a strong employment report, putting the ball scarily in the fed's hands. >> making the comeback, what small lenders are doing to grab new mortgage business becoming big winners as they thrive. >>> and market monitor, our guest tonight tells investors to go global for the best returns next year. all that and more tonight on nig"nightly business report" fo friday, december 6th. >>> good evening everyone. it looks like good news for the economy is finally good news for wall street. stocks rose sharply because of a super strong jobs report. american businesses added 2,300

set to boost wall street bonuses.ether this is a good thing or humbug. >>> welcome back. 2013 turned out to be a big year for markets and the recent rallies have saved bonuses for many on wall street. tough capital rules and restrictions banks can do have affected bond traders but the journal reporting many big banks grappling with how much to pay out to traders are deal makers and others. will the only green many see be a christmas tree? turn to the panel and get thoughts. andrew starting with you, what do you glean here? we've talked about the weakness in mergers and acquisitions but who will get the bonuses this year? >> it will probably be the ipo guys and traders on the equity tied side. i have a problem with the compensation treasure. when times are good like they were this past year or this year i should say, wall street executives, wall street employees, demand outsized massive large bonuses but when times are bad like 2008, they come to the taxpayer, hat in hand, and say gee, we need $800 billion bailout. you

wealth managers on wall street will have big bonuses this year. have your stock selected and are you ready for the rally? > >i'm still playing it as i always do. long term and you know just the inertial momentum of the economy is gonna do well. that will have actually a strong regional effect in new york and that area as traders and those big bonuses go to work in that area of the economy. but it's part of a broader thing that it really was a good year with strong consumer spending and that was reflected in the stock market. so my only message is hopefully january goes well but you have to have some patience. last year we started off really well but then the market waffled and was in and out, back and forth until it finally regained its footing and shot to the highs late in the fall. again, we're gonna have to see what happens with quantitative easing as we go into march and may and see how the year plays out. i'm very optimistic but we have to have patience. the economy takes time to make wealth. > >we've seen an improvement in the labor market t

there was a piece in the wall street journal -- wall street mothers stay home. number of women with stay- at-home spouses have climbed nearly 10 fold since 1980. this is according to census data. seeing more and more powerful women with stay- at-home husbands. they are on diaper duty. >> you have lived this. the key phrase that you say there -- this was skewed to very successful. there are a lot of people struggling and making half of the salary. it is not working. >> even for a lot of these women, is it working? --, i was a stay-at-home mom a wall street mom. head of thes the household, can he be the one picking up kids? i do not know. it is kids. do you weigh your code paid for by yourself. -- do you want your coat paid for by yourself? that is what i'm saying. do you want it paid for by yourself, from your husband? >> there is nothing in that store that fits me. >> it would fit you. >> enough of that. all right, let's move on. later on, let's say you are a bullish on bitcoin. how do you get one? we send matt miller on a mission to find out. this is "bloomberg

accomplished we'll talk details with the reporter who met with stone the next and billion dollar bonuses wall street bankers are pondering how to spend their holiday bonuses while one group says it's obvious where all that money should go straight to the people who the banks made homeless we'll tell you more coming up and in the world's ocean floats millions of tons in trash it's a great concern for environmentalists as it makes changes to the earth to change a deeper look at a trashed ocean later in the show. it's tuesday december twenty fourth amira david in washington d.c. and you're watching our t.v. we begin today with the latest from n.s.a. contractor edward snowden in an exclusive one on one interview with barton gellman of the washington post so on and explained that he's completed his goal he said for me in terms of personal satisfaction the mission's already accomplished i already won as soon as the journalists were able to work everything that i had been trying to do was validated because remember i didn't want to change society i wanted to give society a chance to determine if it should

tweeted in tomorrow's wall street journal. lou: tomorrow's wall street journal.ll. about you? and study, the key for being here. we appreciated. fred barnes, thank you, and i'm going to learn not to take republican leader seriously. i am going to begin with your counsel here tonight. >> very good. lou: up next, the new book, that the punishment. taking a look at the stunning reasons why our prison system is so expensive and incredibly provides perks and punishes you. we are coming right back with author robert blocker. ♪ lou: next. ♪ icksilver cash back card from capil one. it's not the "limit the cash i earnvery month" card. it's not the "i only earn decent rewards at the gas station" card. it's the no-games, no-signing up, everyday-rewarding, kung-fu-fighting, silver-lightning-in-a-bottle, bringing-home-the-bacon cash baccard. this is the quicksilver card from capital one unlimited 1.5% cash back on eve purchase, everywhere, every single day. so ask yourself, what's in your wallet? just by talking to a helmet. it grabbed the patient's record before we even pick

you know what wall street could do with that money instead of spending it on watches gadgets cars. they could help homeowners the other ninety eight percent is asking that bankers give their bonuses to the homeowners who no longer have homes to talk about this initiative and how it might be mutually beneficial for both the homeless and wall street i was joined earlier by the other ninety eight percent alexis goldstein i first asked her how bonuses are calculated on wall street and why they are such a big deal. so there are a big part of compensation these big wall street banks pay their boys a very high base salary usually in the range of like one hundred fifty thousand to two hundred fifty thousand but then on top of that they get this sort of performance bonus and the way that they're tallied is there's a number of surveys and the one that we were looking at was report on by the new york times analysis of a consulting company johnson associates they basically asked the top eight u.s. banks how much money they had set aside for bonuses in two thousand and thirteen and that's how w

profitable for wall street but are further burden rather than a help on them so that they've been hurt not only by the big oil companies hugely the big car companies but also by the financial industries and again the failure of those arrangements is being taken out of the hides of the school teachers and the garden and park maintainers and the police and fire servers who worked at full lifetime for them and even if you don't. it is indeed let's get more of this pension issue it's estimated that twenty three thousand retirees will see their pension slash i mean is there any way to prevent this from happening richard. roth is certainly i mean let's give you just two examples one the bailout at the highest estimates of the city's obligations to the pensioners is estimated to be three and a half billion dollars by contrast the federal government gave to general motors fifty billion dollars general motors is a company detroit is a city which at that time of the bailout almost a million people democracy alone would say if you can be allowed a company for fifty billion you could find three an