Goldman Sachs' bankers set to share £5.3BILLION in pay and bonuses despite profits slump
Source: Mirror
Mega bank Goldman Sachs has set aside £5.3billion for six months of staff pay and perks despite profits slumping.
The massive sum in salaries and bonuses and other benefits equates to more than £150,000 for each of the Wall Street giants 34,900-strong worldwide workforce, with some high-flying bankers pocketing a much bigger share than that.
The US-based investment bank employs around 5,500 people in the UK.
Headed by chief executive and chairman Lloyd Blankfein, it made £670million in the three months to the end of June but that was down by 53% on the same period last year.
Read more: http://www.mirror.co.uk/news/business/goldman-sachs-bankers-set-share-6083020
valerief
(53,235 posts)hobbit709
(41,694 posts)dixiegrrrrl
(60,011 posts)Huge chunks of that money is on stock and stock options
which has value only as long as the banks continue their pump and dump to make paper profits.
Even a 1% down turn erases enormous amounts of "money" from the value.
In other words, we need another Lehman Bros. to enter the picture.
Downside....it will be so much worse for everyone when it comes.
enough
(13,417 posts)SamKnause
(13,599 posts)would choke on a wad of $100 dollar bills;
and Jamie Dimon to.
Disgusting, evil, greedy, bandits.
Chakab
(1,727 posts)they'd have to hire less talented people to create worthless financial instruments and crash the world economy.
DirtyHippyBastard
(217 posts)hill2016
(1,772 posts)and private equity pay much much more
jtuck004
(15,882 posts)money as they run out of food.
If this is too painful, Timothy "Killer" Geithner would fit just as easily.
Alkene
(752 posts)moondust
(20,311 posts)Are these absurd salaries and bonuses for half as much productivity coming out of cash parked in offshore accounts to dodge taxes or what?
Meanwhile, their Greece account and the Greek people...
Initech
(101,129 posts)Recursion
(56,582 posts)grinning piece of s...!!!!!
MisterP
(23,730 posts)actually that's the main threat of financialization--not even that it just sends all the jobs to China but that the corporate raiders and 401k managers make more dinero wrecking a company and betting it'll fail, or just dismembering it and firing everyone: the old capitalists made money by manufacturing and by milking poor neighborhoods and the Third World, but now we have a real derivatives problem bouncing over our heads ('coz it's a bubble, get it!)
smirkymonkey
(63,221 posts)There are no words to describe it. If there was ever a face desperately in need of a fist, it would belong to Blankfein.
Octafish
(55,745 posts)Neil Barofsky Gave Us The Best Explanation For Washington's Dysfunction We've Ever Heard
Linette Lopez
Business Insider, Aug. 1, 2012, 2:57 PM
Neil Barofsky was the Inspector General for TARP, and just wrote a book about his time in D.C. called Bailout: An Insider Account of How Washington Abandoned Main Street While Rescuing Wall Street.
SNIP...
Bottom line: Barofsky said the incentive structure in our nation's capitol is all wrong. There's a revolving door between bureaucrats in Washington and Wall Street banks, and politicians just want to keep their jobs.
For regulators it's something like this:
"You can play ball and good things can happen to you get a big pot of gold at the end of the Wall Street rainbow or you can do your job be aggressive and face personal ruin...We really need to rethink how we govern and how regulate," Barofsky said.
CONTINUED... http://www.businessinsider.com/neil-barofsky-2012-8
"Integrity is for paupers." -- traditional saying, ABCNNBCBSFixedNoiseNutworks
olddots
(10,237 posts)( an old joke but true in this case )
copernicusrev
(44 posts)after Goldman stole their money. The whole game is rigged. The world is in serious trouble with people like this robbing us all.
wordpix
(18,652 posts)along with Hank Paulson, Geithner, Greenspan, and BushCo in general---these guys never go to jail or get fined or get their ill-gotten gains redistributed to the investors who lost everything.