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Guess Who Makes More Than Bankers: Their Regulators
- mathattack 12y agoThis seems to be a play on words. The regulators get better pay than sleepy mom and pop commercial bankers, but not more than investment bankers.
- joshstrange 12y agoAgreed, it would appear that instead of heavily incentivising the positions that the private sector pays more for they raised pay across the board.
- Nicholas_C 12y agoAnd I would assume average bank employee includes tellers who are paid close to minimum wage.
- mathattack 12y agoYes. And a small group watching a large group can get by with higher pay if they are sufficiently talented. This is not to say that I endorse a world where large regulatory bodies take all the profits from the regulated and pay themselves salaries, just that this article is a little misleading.
- al2o3cr 12y ago"play on words" - That's a nice euphemism for it. A better one would be just plain "lie".
- johnhess 12y agoWhile the article makes (and backs up) that unremarkable claim, there's some real meat further in. > You might think high-paying jobs at these agencies require special skills. Not so. At the OCC, secretaries make on average $79,182 per annum. Motor vehicle operators (the agency's limo drivers) at the FDIC earn $82,130. Human resources management trainees at the CFPB make $110,759 a year. > Salary premiums are especially large for easy-to-fill jobs that require no specialized, hard-to-hire skills.
- stuaxo 12y agoPretty meaningless numbers - taking the average of someone working in the sector.
- markcampbell 12y agoGee, does the Wall Street Journal have any interest in deflecting attention from investment bankers?
- johnhess 12y agoThe really disgusting part of the article is this gem (emphasis mine): > The average compensation at the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) exceeded $190,000 in 2012. The staff at the Federal Reserve is likely even better compensated, but the Fed refuses to release employee salaries. Even more concerning, today there is little to no oversight of the rents the agencies can extract since the salaries aren't paid with tax dollars. Rather, they're paid using fees charged to the regulated institutions.
- DArcMattr 12y agoThe FED is in a regulatory gray area where it is, yet is not, a government department.