I have been going to church for many, many years. And, I have to say, this is not something I've ever heard preached from the pulpit before.

Bloomberg reports that, last night, executives from the big banks went to churches across London to spread the word that their billion dollar bonuses are actually inspired by biblical teachings. According to Goldman Sachs bigwig Brian Griffiths, Jesus' teachings were an "endorsement of self-interest." He went on to say, "we have to tolerate the inequality as a way to achieving greater prosperity and opportunity for all."

The term "inequality" doesn't even begin to describe the situation, though. Wall Street banks - Goldman Sachs included - are still paying out record bonuses in the billions of dollars. In fact, Goldman CEO Lloyd Blankfein was one of the highest paid executives in the country last year. All this while millions of Americans are filing for bankruptcy, foreclosures are at record high rates, and unemployment has skyrocketed - largely due to the risky behaviors of these big banks.

That's not just inequality, that's injustice.

I don't pretend to be an expert on religious teachings; and I wouldn't dare presume to know what Jesus thinks of Wall Street's behavior. I want, instead, to post a few Bible passages that address this subject directly:

35 ' If one of your brethren becomes poor, and falls into poverty among you, then you shall help him, like a stranger or a sojourner, that he may live with you.
36 'Take no usury or interest from him; but fear your God, that your brother may live with you.
37 'You shall not lend him your money for usury, nor lend him your food at a profit. (Leviticus 25:35-37)

17 Who has withdrawn his hand from the poor And not received usury or increase, But has executed My judgments And walked in My statutes -- He shall not die for the iniquity of his father; He shall surely live! (Ezekiel 18:17)

10 "I also, with my brethren and my servants, am lending them money and grain. Please, let us stop this usury!
11 "Restore now to them, even this day, their lands, their vineyards, their olive groves, and their houses, also a hundredth of the money and the grain, the new wine and the oil, that you have charged them." (Nehemiah 5:10,11)

It's up to us, regardless of our faith, to decide if we want to live in a country that allows this behavior to continue.

Thanks to the working Americans who funded the banks' bailouts, banking giants and CEOs were able to get up, brush themselves off, and walk away from the financial crisis relatively unscathed. It is in no way acceptable, however, that their version of 'jumping back into the saddle' means continuing to pay out big figure bonuses to the architects of our economic collapse. Recent data from eFinancialCareers.com shows that financial professionals still think that the middle class should still be taking it on the chin to pad their pockets:

According to the survey, 83 percent of Wall Street professionals expect to receive bonuses this year, and one-third expect to receive even bigger bonuses than they did in 2008.

"You can't change 200 years of history overnight," said John Benson, founder and CEO of eFinancialCareers.com. "...Changing the pay structure is going to be an iterative process, because there are always unintended consequences to every change."

Although just over half of the 1,074 financial services professionals who participated in the survey noted their firms have revised bonus policies, most respondents said the attitudes towards the extreme risk taking that got us here in the first place hasn't changed. After all, why should bankers do things any differently when there is nothing to discourage their behavior? The typical worker has seen their 401k go down 24.3 percent, but Wall Street bonuses remain bigger than ever. The phrase "undeserved entitlement" comes to mind, to say the least.

It's time to end the notion of "too big to fail."

Imagine, if you would for a minute, living in a world where the average worker's salary was higher than the average financial industry employee's annual bonus.

Now you may scoff at such an absurd-sounding statement in today's economic climate, but it's no joke. In 1985, the average annual salary for all workers across the country was, if you can believe this, actually several thousand dollars higher than the average bonus: $19,000 to $13,970. [Disclaimer: I am not making this fact up, it just seems that way].

Over twenty-five years later, the average Wall Street bonus has soared almost 14 times higher. The ratio between average CEO pay and average U.S. worker pay is 319 to 14--meaning that the average worker's salary has essentially been stagnant since the mid-1980s.

It's gotten so bad that bonuses at many bailed out banks greatly outpace the amount of profit generated by the banks. For example, while Goldman Sachs earned $2.3 billion last year and received $10 billion in TARP funds, they paid out $4.8 billion in bonuses--an amount that is more than double their net income. Goldman Sachs has set aside more than $16 billion for bonuses, and big banks that were bailed out by taxpayers have set aside a record $140 million for 2009 salary and bonuses.

The reality is that skyrocketing CEO pay and bonuses have not slowed since our economic crisis hit.

Other facts and figures on wage inequality for Main Street vs. Wall Street that may make your eyes bug out like the crazy but lovable red-headed germ-a-phobic teacher Emma on hit TV show Glee:

• As of 2007, the top ten percent of American earners brought in 49.7 percent of total wages. This is the highest share of total U.S. income made up by the top 10 percent of earners in almost a hundred years, including during the Great Depression.
• During the economic expansion of 2002-2007, the top 1 percent captured two-thirds of income growth.
• Today, the average CEO today makes in one day what the average worker is paid in a year.
• The amount the top five executives at each of the 20 banks that accepted the most federal bailout money received in personal compensation from 2006 to 2008: $32 billion.
• A quarter-billion dollars: The total amount of compensation the 20 CEOs at these bailed-out companies made. When you break it down, the payout "rewarded" to each exec averages $13.8 million.

And last, but certainly not least, there are banksters who claim that big banks using taxpayer funds to pay out massive bonuses and create massive inequality is actually a good thing for the economy.

Don't believe me? Watch this, starting at around 2:50:

Goldman Sachs's Griffiths Says Pay 'Inequality' Helps Everyone

Yesterday the Federal Reserve announced a plan to cut executive pay by as much as 90 percent for CEOs at the seven biggest TARP recipients--companies like Bank of America, Citibank and AIG who have received hundreds of billions of dollars in taxpayer bailouts since their risky deals brought the economy to its knees last year. It's a good start, but it still leaves dozens of other banks that are still taking billions in tax dollars and paying out huge bonuses to their top execs.The sweeping move by the Fed comes right before the bankers' association meeting in Chicago from the 25th through the 27th, where thousands are going to gather in the largest demonstration against bank greed since the financial meltdown began.

On the eve of the first G-20 summit since the global financial collapse, SEIU has a new report measuring the severe impact the economic crisis has had on working families. The report breaks down not just the cost of the bailouts, but also the (much, much bigger) associated costs that came along with them.

Here are some of the astounding highlights:

• Taxpayers have committed $4.7 trillion to the financial sector over the last year--only $700 billion of that $4.7 trillion was through TARP.
• The bank-induced economic crisis has cost American families $11 trillion in wealth in 2008, nearly 18% of their net worth.
• Americans have lost $6.1 trillion in homeowner wealth since June 2006.

Even banks like Goldman Sachs that returned their TARP funds earlier this year continue to benefit from other bailout programs, such as the $12.9 billion that Goldman received as an AIG counterparty that it will never have to pay back.

Meanwhile, banks continue to...

• Pay themselves millions in bonuses: the nation's top six banks paid out $31.2 billion in bonuses this past winter.
  
• Set aside $$ for future bonuses. In the first half of 2009 alone, banks set aside another $74.4 billion for bonuses and compensation--an amount alone that would solve the budget shortfalls in 15 states, including California.
  
• Make excessive profits on the backs of consumers: banks continue behaviors such as refusing to modify mortgages to prevent foreclosures and reducing their small business lending--they actually now give out less money than they did before their TARP infusion.
  
• Gouge us on overdraft fees. Americans will pay more than $38 billion in overdraft fees alone in 2009, more than $125 for every man, woman, and child in the United States.

The worst part? Big banks and other financial institutions aren't merely back to their old tricks and the same practices that caused the crisis in the first place--they're actually standing in the way of real reform that would protect consumers and prevent a future crisis.

Companies in the financial, insurance, and real estate sector spent $321 million lobbying against federal reforms such as:

• The creation of the Consumer Financial Protection Agency
  
• Limits on bonuses
  
• Loan modification proposals that could help keep millions of Americans in their homes,
  
• And the Employee Free Choice Act--which would provide a much-needed check on corporate power by giving workers a real voice in the workplace.

Read and download the report here:

Trillion Dollar Bank Job -

"We now understand that the actions of a small group of greedy CEOs and Wall Street investors can wreak havoc on the global economy, yet we still haven't taken the necessary steps to prevent a future crisis," said SEIU Secretary-Treasurer Anna Burger at a briefing to release the report. At noon tomorrow, outside a secret meeting of the Financial Services Roundtable at the Mandarin Oriental Hotel in Washington, D.C., workers and community groups will kick off a month of actions in more than two dozen cities across the country.

Download the report here: The Trillion Dollar Bank Job: How Wall Street and the Big Banks Are Holding Up America's Economic Recovery.

No. (That answer came pretty easily to us!)

On Thursday, bailed out banks like Bank of America--which have not paid back their billions in taxpayer-funded bailouts--had to submit proposals for executive pay and bonuses to Obama's pay czar, Kenneth Feinberg. Feinberg said yesterday that he has broad and "binding" authority over executive compensation, including the ability to "claw back" money already paid...."I have the discretion, conferred upon by Congress, to attempt to recover compensation that has already been paid to executives not only in these companies, but in any company that received federal assistance," said Feinberg.

As Obama's pay czar is weighing how and whether to use that power, we're hoping he takes into account the laundry list of reasons why Bank of America CEO Ken Lewis and other top banking executives don't deserve bonuses this year. We've laid out our "Top Ten" here.

#1: Bank of America has received nearly $200 billion in taxpayer bailouts and backstops.
As long as Bank of America is reliant on billions of taxpayer bailout funds, they should not be allowed to pay out bonuses to top executives while millions of Americans continue to lose their homes, jobs, and retirement savings.

Read all ten (after the jump).

Big banks and CEOs didn't mind quick action from Congress when they were begging for billion dollar bailouts--but now that they've got them, they're back to thinking about their next bonus or the latest and greatest way to delay action on President Obama's proposed Consumer Financial Protection Agency (CFPA).

USA Today dishes out a scathing critique of Wall Street's continued practice of paying out big figure bonuses to the architects of our economic collapse. "Wall Street's economic well-being is totally based on taxpayers' money saving them from disaster, and they've already forgotten that," said SEIU's Stephen Lerner. "Americans lost trillions of dollars in wealth from the economic collapse, and while Wall Street got bailed out, it will take years for workers on Main Street to get jobs and work their way out of this economic catastrophe."

The consumer protection reform bill was passed on July 31 and will be brought to a vote in the Senate after the August recess. We need action sooner, not later--click here to fax your Representatives and tell them the U.S. Chamber and big banks shouldn't set the agenda on financial reform.

Congress took a step towards cracking down on corporate and big bank CEO pay today, as the House passed the Corporate and Financial Institution Compensation Fairness Act of 2009 by a 237-to-185 vote. Today's vote to restrict risky compensation and bonuses would apply to any company with more than $1 billion in assets. It follows mind-boggling report on Thursday that nine of the country's biggest banks--all receiving billions of dollars in bailout funds--had 'awarded' roughly 4,800 million-dollar-plus bonuses.

Today, the average CEO today makes in one day what the average worker is paid in one year. Employment compensation for workers in this country has grown over the past 12 months by the lowest amount on record--a stark reality that stands in direct contrast to the skyrocketing CEO pay and bonuses that have not slowed since our economic crisis hit. Here's a visual to help illustrate our point:

The Penthouse View vs. The Main Street Reality

Bonuses at big banks have even outpaced earnings. CBS News reports that while Goldman Sachs earned $2.3 billion last year and received $10 billion in TARP funds they paid out $4.8 billion in bonuses--more than double their income. "America is not living up to its promise when one of the architects of the economic crisis gets paid billions in bonuses for his failures while his employees take home wages barely above the poverty level," said SEIU President Andy Stern.

The House passage of the bill is an important step to correct the enormous disparity between those at the top and regular working Americans, but much more needs to be done to help Main Street recover. SEIU is calling on lawmakers to pass the Employee Free Choice Act as an essential way to rein in reckless CEOs and corporate greed and speed up economic recovery.

According to the Washington Post, the top six U.S. banks set aside $74 billion in 2009 for bonuses and other compensation--up $14 billion from last year alone.

In response, SEIU released its own "Top 5 Ways We'd Spend The $74 Billion." Included in the list were: covering the budget shortfalls of 16 states, including California; paying one year's worth of mortgage for over 6 million families, and giving over $5,000 to every single American that's currently unemployed.

Andy Stern, SEIU International President, has this to say about the report:

"As millions of families struggle just to hang onto their homes and get through the next month's bills, the architects of the economic crisis are using our tax dollar bailouts on the kind of bonus money that finances glitzy Upper East Side Penthouses and glamorous Riviera getaways. We can think of better ways to spend $74 billion--and we bet most working Americans can, too.

"We support legislation like the Employee Free Choice Act to create an economy that works for those of us who aren't caviar connoisseurs, but who work hard every day just to put food on the table."

TOP FIVE WAYS WE'D SPEND THAT $74 BILLION

1. We'd Cover the Budget Shortfall in California - and 15 Other States - COMBINED. Everyone has been focused on state budget shortfalls in recent months, with a major focus on California's $26 billion shortfall. Not only could the six banks' bonuses and compensation fill the California gap, but it could also fills shortfalls in Arkansas, Colorado, Indiana, Louisiana, Maine, Missouri, North Carolina, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, Texas and Virginia (with a few dollars to spare) combined. [Center on Budget and Policy Priorities, 7/24/09; Wall Street Journal, 7/21/09]
2. We'd Give $5,034 to Every Unemployed American. In June 2009, 14.7 million Americans were unemployed. [Bureau of Labor Statistics, 7/2/09]
3. We'd Cover a Full Year of Health Care for 5.8 Million Families. The average cost of an employer-based family insurance policy in 2008 was $12,680. [Healthreform.gov, accessed 7/27/09].
4. We'd Pay the Mortgage and Maintenance Costs of 6.3 Million Homeowners for a Full Year. According to the U.S. Census Bureau, the median monthly housing cost for homeowners, including mortgages and maintenance, was $972. [American Housing Survey for the United States: 2007, issued September 2008]
5. We'd Pay a Year's College Tuition for 11.2 Million Students. For the 2008-09 school year, the average tuition cost at a public four-year college was $6,585. [CollegeBoard.com, accessed 7/27/09]

Big banks set aside $74 billion for bonuses and compensation in 2009. "So far this year, the top six U.S. banks have set aside $74 billion to pay their employees, up from $60 billion in the corresponding period last year." [Washington Post, 7/23/09]

Investment banks paid 60% of all compensation in year-end bonuses in 2008. For investment banks, "the bonus figures are based on estimates that about 60 percent of the compensation and benefits expenses reported by the companies will be paid in year-end bonuses, as occurred in past years." [Bloomberg, 10/27/08]

The Financial Times reported yesterday that Citigroup is raising credit card interest rates on 15 million customers. Citigroup has received three taxpayer-funded bailouts totaling $45 billion and the latest plan to keep the failed bank afloat gives the government and taxpayers a 34 percent stake in the company.

Said SEIU's Anna Burger, "It's shameful that Citigroup would raise interest rates on millions of Americans during a time when record unemployment and home foreclosures are forcing families to rely more and more on their credit cards just to get by." This news comes a week after Citigroup announced it is also raising salaries by as much as 50 percent for investment bankers and other top executives, to accommodate for smaller annual bonuses. Citigroup needs to commit to give any new raises to front-line bank employees, who struggle just to make ends meet while dealing with the rising costs of healthcare, not top executives who have contributed to this mess.

Signing petitions for change on Twitter

Sign and Tweet this petition - Tell @Citi_Forward (Citigroup) to give raises to front-line bank workers, not top executives: http://act.ly/2h. Retweet to sign.

Learn more about using Twitter as an advocacy tool with act.ly here. Check out who's in the hot seat on act.ly right now.

According to the New York Times, Citigroup is raising salaries by as much as 50 percent for investment bankers and other top executives, to accommodate for smaller annual bonuses.

The Times also reports on to whom the bonuses will go:

Legal and risk management employees, as well as those in the credit card and consumer banking units, whose pay is typically skewed toward salary, rather than bonuses, are expected to receive smaller increases.

Anna Burger, Secretary-Treasurer of the Service Employees International Union released a statement in reaction to the news:

Color us skeptical, but not surprised: The top dogs at a company who took three taxpayer-funded bailout packages worth $45 billion, while wrecking the economy and keeping the bulk of its employees at near-poverty levels, have decided to reward themselves once more. Unfortunately, not all raises are created equal.

Citigroup needs to commit to give any new raises to front-line bank employees, who struggle just to make ends meet while dealing with the rising costs of healthcare, not top executives who have contributed to this mess.

America's big banks stand out as a startling example of an era of corporate excess that needs to come to an end if we're going to rebuild an economy with strength that can last. By passing the Employee Free Choice Act, we can begin to build an economy that doesn't just work for people in the top floor executive suites.

Yesterday U.S. Chamber of Commerce President Tom Donohue appeared on Fox News Sunday, and in the course of a 15-minute interview, defended taxpayer-funded bonuses, championed a broken healthcare system, and brushed off concerns about bailed out companies.

Let's take a look at just some select segments:

Bonuses: Donohue went to bat for the bonuses at bailed out company AIG, which was the target of public outrage earlier this year.

WALLACE: So are you saying if AIG wants to give million-dollar bonuses, so be it?

DONOHUE: I'm saying if -- AIG is in a lot of trouble, but I'm saying if it took the right people to fix AIG, you're going to have to pay them. Same thing right here in this network. You know, if you lost your -- you couldn't pay your very best people, I'm not sure they'd stay. They'd probably go to another network.

Bailouts: Immediately after defending AIG's outrageous bonuses, Donohue brushes off any and all concerns about bailout companies.

WALLACE: We're also not taking a huge bailout from the federal government.

DONOHUE: But I'm not particularly worried about those few companies that took the bailout. That will work out. . .

Yes. Just close your eyes, cross your fingers, and it "will work out." That's responsible governance for you.

Healthcare reform: Donohue defends the status quo of healthcare in America, asserting both that a.) businesses are doing enough for healthcare already, and b.) a public option shouldn't be used to cover those who don't already have health insurance. Does Donohue prefer the "damned if you do, damned if you don't" option for healthcare reform?

DONOHUE: But what we're saying -- there should be a bill that does wellness. There should be a bill that helps us perhaps have a mandate on individuals. There should not be a mandate on companies. We now cover 170 million Americans.

We -- and by the way, if you're going to do a federal plan, I think you've got a real problem, because you're going to have more opposition to what we're trying to do here than you can imagine, because you're going to put everybody else in a very difficult position and a non-competitive position.

Bonuses, bailouts, and a broken system: Is that the America in which the U.S. Chamber of Commerce believes? Here's hoping they don't get their way for much longer.