2.02.2009

Wall St faces moment of truth over pay, perks

Gee, Wally, it sure took them a while to reach the moment of truth. - Ed.

By Jonathan Spicer and Dan Wilchins - Analysis

NEW YORK (Reuters) - This may be the week that Wall Street finally realized a golden era of prestige, high pay and perks has ended.

Many bankers felt they could hunker down through the economic crisis without transforming their behavior.

But then this week new U.S. President Barack Obama made it clear their attitudes and compensation have to change at a time when they are being bailed out with many billions of dollars of taxpayers' money and the rest of the country is suffering from mass layoffs and declining retirement accounts.

Read more @ Reuters


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