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Goldman Sachs Is "Minting Money"
By
Jen Chung
Published Oct 16, 2009
Modified Oct 16, 2009
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By
Jen Chung
Published Oct 16, 2009
Modified Oct 16, 2009
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In case you need more cause besides Balloon Boy to vomit, then revel in details of Goldman Sachs' success. The NY Times reports, "Only months after paying back billions of taxpayer dollars, Goldman Sachs is on pace to pay annual bonuses that will rival the record payouts that it made in 2007, at the height of the bubble. In the last nine months, the bank set aside about $16.7 billion for compensation — on track to pay each of its 31,700 employees close to $700,000 this year. Top producers are expecting multimillion-dollar paydays." The Times adds, "This much is indisputable: Goldman Sachs is minting money."
Of course, Goldman Sachs CEO Lloyd Blankfein "even urged his free-spending bankers to be mindful of conspicuous consumption" (hey, we've heard that before). Possibly in order to blunt criticism of the compensation, the investment bank is considering donating $1 billion to charity! But one investor tells Bloomberg News that won't help, "They probably will be spinning their wheels. The people who are full of revulsion at Wall Street and extreme compensation will in no way be assuaged by a move like the one that’s rumored because they’d view it as a PR stunt."
Tagged
bonuses
executive compensation
goldman sachs
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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