By Sarah Anderson / <a href=https://otherwords.org/how-wall-street-drives-gender-and-racial-inequality/">OtherWords</a>
Source: Read full article at Truthdig
The people who sell fancy sports cars and high-end Swiss watches look forward to the time of year when the big Wall Street banks hand out their annual cash bonuses.
According to new figures, those bonuses added up a whopping $27.5 billion last year. That’s a lot of Rolexes.
Unfortunately, this huge payout also means the reckless bonus culture that crashed our economy in 2008 is still flourishing.
And there’s another reason we should be disturbed: These Wall Street payouts drive racial and gender inequality.
That’s because the people pocketing Wall Street bonuses are overwhelmingly white and male, while the people stuck with stagnating wages at the bottom of the pay scale are disproportionately women and people of color.
A new Institute for Policy Studies report I co-authored found that if the minimum wage had increased at the same rate as the average Wall Street bonus since 1985, it would be worth $33 today, instead of just $7.25.
Women make up 63 percent of those minimum wage workers, but as little as 20 percent of senior executives and managers at big investment banks like Morgan Stanley and Goldman Sachs.
The share of top executives who are…