Wall Street bonuses are Robin Hood in reverse -- but one Robin Hood approves


We all know that Wall Street's bad bets nearly brought the financial system to its knees last year. Then U.S. taxpayers footed the bill to bail out Wall Street -- taking on obligations potentially as high as $23.7 trillion, leading to a $1.4 trillion federal deficit, and $12 trillion in national debt. To me that's a kind of reverse-Robin-Hood action. Ironically, a New York City charity called the Robin Hood Foundation, which says it supports 200 poverty-fighting programs, is celebrating Wall Street's expected $140 billion 2009 bonus windfall.

The head of Robin Hood's response to the upcoming record Wall Street bonuses is "Hell yeah!" reports Bloomberg News. The reason for David Saltzman's enthusiasm is that Robin Hood claims it gets more than half of its annual $150 million in donations from the employees of investment banks, brokerage firms and hedge funds.