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Heads Wall Street Wins, Tails You Lose

Wall Street lawyer Steve Eckhaus defends his cruelly misunderstood clients:

"It was understandable why there was anger," says Mr. Eckhaus, but "the crisis was not caused by Wall Street fat cats. It was caused by a confluence of economic, political and historical factors."
In general, he said his clients are "pure as the driven snow" and doing work that supports the economy and justifies their pay. Mr. Eckhaus wouldn't discuss his clients' or their pay, but some agreed to be interviewed. His representation also was noted in news clippings and public filings.
"You have to know what the profits are" to know what someone should make, said Mr. Eckhaus, noting Wall Street's top performers usually gobble up 80% of the bonus pool. "Those who are responsible for profits should share in the profits in a way that rewards them."

This is rich. In one breath, Eckhaus attributes the crash of the financial system to outside forces. In the next breath, he attributes the profits of the financial system to the genius of Wall Street. When they win, they deserve full credit. When they lose, it's somebody else's fault. Nice racket.