Americans in their retirement years depend on investment income that is managed through various job-related retirement programs by Wall Street mega-banks to supplement their very inadequate Social Security retirement income. However, due to the large management fees that are being charged to handle their savings plans, many working people face retirement with very inadequate means of supporting themselves.
In contrast to these workers the authors refer to today's announcement, as celebrated this morning by Bloomberg TV, that Jamie Diamond, CEO of JPMorgan Chase, has recently become a billionaire . (I watched this announcement on Bloomberg TV this morning and the TV hosts went gaga over his achieving billionaire status.) It's clear that the mega-bankers are, like all of the One Percent, doing very well while most ordinary working Americans are facing a dreadful future in their retirement years.
The conclusion to draw from this study is that millions of Americans will never be able to stop working, to enjoy a financially-worry free retirement, to have a nest-egg into their 80s, or even to eat nutritionally balanced meals in retirement because Wall Street’s megabanks that Jamie Dimon concocted with Sandy Weill have eaten America’s lunch – and its future. Occupy Wall Street was right: the megabanks got bailed out; Americans got sold out – and are still being sold out by the self-declared felonious megabanks who have found ever creative ways of siphoning off trillions from the pockets of the working class while paying back pennies on the dollar, courtesy of the revolving-door regulators and sycophants in Congress.