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How Wall Street Makes Money

Why is Wall Street making record profits when the rest of America is suffering?  Why does no one care?The only reason such apathy exists, however, is because there's still a widespread misunderstanding of how exactly Wall Street "earns" its money, with emphasis on the quotation marks around "earns." The question everyone should be asking, as one bailout recipient after another posts massive profits ? Goldman reported $13.4 billion in profits last year, after paying out that $16.2 billion in bonuses and compensation ? is this: In an economy as horrible as ours, with every factory town between New York and Los Angeles looking like those hollowed-out ghost ships we see on History Channel documentaries like Shipwrecks of the Great Lakes, where in the hell did Wall Street's eye-popping profits come from, exactly? Did Goldman go from bailout city to $13...continue to full post

Full post as published by Crime & Federalism on February 21, 2010 (boomark / email).