Guess who’s getting rich on Wall St.: federal regulators.
I’ve complained many times about government intervention in the financial sector.
The financial and housing crisis, for instance, was largely a consequence of the Federal Reserve’s easy-money policy, combined with the system of corrupt subsidies put in place by Fannie Mae and Freddie Mac.
But there’s another government-imposed cost that burdens the financial sector.
Writing for the Wall Street Journal, Paul Kupiec of the American Enterprise Institute reveals some very sobering – and disturbing – data on pay levels for both the financial industry and its regulators.
Most banks in this country are small businesses and pay employees modest salaries. The Bureau of Labor Statistics reports that the average annual salary of a bank employee was $49,540 in 2012, not much higher than the average annual across all occupations, $45,790.
In other words, there are some very well paid people working for big banks, but most employees in…
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