More back-door wealth redistribution.
Posted on 08/28/2013 8:42:18 AM PDT by Olog-hai
Bank of America Corp’s Merrill Lynch unit agreed to pay $160 million to settle a racial bias lawsuit that went through two appeals at the United States Supreme Court, the New York Times reported, citing the plaintiff’s lawyer. …
The payout in the suit, which was filed on behalf of 700 black brokers who worked for Merrill, would be the largest sum ever distributed to plaintiffs in a racial discrimination suit against an American employer, according to the New York Times. …
(Excerpt) Read more at reuters.com ...
Now the folks harmed....will discover just how much that Uncle Sam will claim, and how much the lawyers will take...before these guys get a penny. Shocking....the way that things work in real life.
The race relations will never improve as long as the race hustlers get a pay out.
More back-door wealth redistribution.
When will all these lawsuits end? B of A has become a legal punching bag for all the wrongdoing done by other people — those who ran Countrywide into the ground and those who ran Merrill Lynch into the ground. It doesn’t seem fair.
lawyers will get at least 40%, my guess
64 mil to lawyers
57.6 to fed, state, and city taxes (60% tax rate)
38.4 split 700 ways = $54,857.14 each
A little over a year’s pay. No chance to ever get hired in that field again either. Amazing, eh?
BoA encourages illegals to send money out of the country.
An illegal can open an account without a US ID. A US citizen cannot.
A years pay? They make a lot more than $54k a year. A good broker can make that in a month.
You don't hire blacks, they sue for discrimination.
You do hire blacks, and they sue for discrimination.
Sounds like a real win-win for somebody.
Well, since we never really see the figures, all I can draw on is guesses. BLS reported average annual stockbroker salary to be in the $70K range, with the lowest 10 percent making annual earnings of $31,330 and highest 10 percent making $166,400.
Perhaps that is accurate for brokers based in small towns. I cannot imagine Merrill Lynch paying brokers in NYC less than 200k. Of course much of it is commission so perhaps the BLS number is base pay.
The real answer is to sit on the sofa and go on welfare.
Unless you’re white, then you don’t qualify.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
