Ex-Goldman Trader Who Said $8 Million Bonus ''Too Low'' Involved in Fraudulent Activities [View all]

[Octafish]

Turns out the guy missed out on another $5 million not because he was doing crooked things to make Goldman billions, but because he revealed the crooked things Goldman was doing to the press.



From the people interested in economic justice at World Socialist Web Site:

Former Goldman trader involved in fraudulent activities says $8 million bonus too low

By Andre Damon
WSWS.org, 21 June 2014

A former Goldman Sachs trader who helped the bank bet against toxic mortgage-backed securities it was palming off to investors is attempting to sue his former employer because he says his multimillion-dollar pay package did not reflect the billions of dollars the bank earned as a result of his trades.

Deeb Salem, the former head of trading for Goldman’s Structured Products Group, complained that he received an $8.25 million bonus in 2010, though he said informal comments made by company executives led him to believe he would get closer to $13 million that year.

Salem filed a petition with the New York State Supreme Court last week, demanding that he get an additional $7 million from Goldman, after the Financial Industry Regulatory Authority—a Wall Street self-regulator—ruled in favor of Goldman in an earlier arbitration.

[font color="green"]Salem claims his pay was docked because, as noted in a written warning he received, he showed “extremely poor judgment” by bragging in print about trades that his trading desk had made under his supervision in his 2007 annual self-evaluation. It should be noted that Salem’s pay was docked not because he carried out illegal trades, but because he left a paper trail.[/font color]

SNIP...

[font color="red"]Salem’s report refutes the 2010 claim made by Goldman CEO Lloyd Blankfein under oath that “we didn’t have a massive short against the housing market, and we certainly did not bet against our clients.”[/font color]

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http://www.wsws.org/en/articles/2014/06/21/gold-j21.html

I don't like the game when the refs get off the same bus as the opposing team.