Organized Money vs Organized People

December 11, 2009
BILL MOYERS: Welcome to the Journal. There's only one way to counter the power of organized money, and that's with the power of organized people. This is the theme of our broadcast this week.
We've all seen in recent months how the insurance companies, the drug cartels, Wall Street bankers, corporate lobbies and other powerful interests are reaching deep into their pockets to stifle efforts at reform. And they've been winning. It's been a year since the big financial firms blew a hole in the economy and took down the jobs, wages, pensions and homes of millions of people. They would have gone down too — devoured by their own greed — were it not for the taxpayer bailout. But now major banks and securities firms are on track to pay their employees up to $140 billion in compensation this year. That's more than the combined budgets of the Departments of Commerce, Education, Energy, Housing and Urban Development, the National Science Foundation and the Environmental Protection Agency.

Goldman Sachs — the godfather of Wall Street — is projected to earn around $45 billion this year in net income with its employees slated to receive an average paycheck of $743,000.

But get this — just this week, Goldman announced that its top 30 executives will forego their usual big cash bonus in response to public outrage over runaway compensation deals. Maybe people in the streets are getting through at last to Wall Street.
Get organized:

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Watch "The People Speak" History Channel Sunday December 13 8:00 PM

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

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