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Goldman Sachs bonuses
Key Excerpts from Article on Website of New York Times
Posted: July 26th, 2009
http://www.nytimes.com/2009/07/15/business/15goldman.html?pa...
After all that federal aid, a resurgent Goldman Sachs is on course to dole out bonuses that could rival the record paydays of the heady bull-market years. Goldman posted the richest quarterly profit in its 140-year history and, to the envy of its rivals, announced that it had earmarked $11.4 billion so far this year to compensate its workers. At that rate, Goldman employees could, on average, earn roughly $770,000 each this year or nearly what they did at the height of the boom. Senior Goldman executives and bankers would be paid considerably more. Only three years ago, Goldman paid more than 50 employees above $20 million each. In 2007, its chief executive, Lloyd C. Blankfein, collected one of the biggest bonuses in corporate history. The latest headline results $3.44 billion in profits were powered by earnings from the banks secretive trading operations and exceeded even the most optimistic predictions. But Goldmans sudden good fortune, coming only a month after the bank repaid billions of bailout dollars, raises questions for Washington policy makers. In Washington, some lawmakers warned on Tuesday that a quick return to such high pay would stoke public anger as the Obama administration tried to overhaul financial regulation. They warned that Wall Street lobbyists were already trying to block financial reforms. People all over this country feel an incredible frustration that they are seeing their neighbors lose their jobs and the government is helping companies like A.I.G. and Goldman Sachs and then the next thing they are reporting huge profits and huge compensation, said Senator Sherrod Brown, Democrat of Ohio and a member of the banking committee. I think people are incredulous that this system is working this way.
Note: For a treasure trove of revelations from reliable sources on the hidden realities behind the Wall Street bailout, click here.
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