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The concept always was this simple.
What is the purpose of a water company? To move water. What is the purpose of the gas company? To move gas. What is the purpose of the electric company? To move electricity. What is the purpose of a bank? To move money. Nothing more.
That means bank executives should be paid equivalent to water, gas, and electric companies. Banks functionally are a utility - nothing more. They do not create innovative products. Do for the economy only what water, gas, and electric companies do.
But bankers claim they make innovation happen. Bull. We all know from the past decade that bankers routinely subvert economies while claiming they make economies prosper. Do they deserve obscene profits and golden parachute salaries? Of course not. But a majority, due to urban myths, misunderstand the real purpose of a bank. It is only a utility; not permission to steal from the economy.
These bank executives are not only stealing from the economy. Some of the least paid workers are their tellers. The average full time salary of a bank teller in NYC is barely above $20,000 annually. A poverty wage especially in Manhattan while top executives reap upwards of $hundreds of millions.
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