Goldman Sachs Bank Pays 7 BILLION in salary bonus pacakges after 6 Billion Bail-out

Goldman Sachs Bank Pays 7 BILLION in salary bonus pacakges after 6 Billion Bail-out

www.dailymail .co.uk

Goldman Sachs is on course to pay its top City bankers multimillion-pound bonuses - despite asking the U.S. government for an emergency bail-out.

The struggling Wall Street bank has set aside £7billion for salaries and 2008 year-end bonuses, it emerged yesterday.

Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3million.

(visit the link for the full news article)



[edit on 2-11-2008 by eonpeon]

Incredibly arrogant and outrageous! A slap in the face to every US and UK taxpaying citizen.

At the same time, Westpac Bank in Australia has just announced record profits of AU$3.82 billion as they buy up local St George Bank for AU$18 billion, at a time when they all aussie banks and financial institutions collectively received $11 billion from the Australian government to bail them out of their 'financial crises'.

Revolution, anyone?

www.dailymail .co.uk
(visit the link for the full news article)

reply to post by eonpeon

All I can suggest is, that none of us ever again, vote for the politicians that were involved, in providing these banks with Taxpayer's money.
It may not help in the short term but at least come the elections those responsible will know why they are out of a job.

In great sadness,

Horsegiver.

Goldman Sachs did not ask for Government money, the government shoved it down their throats. They did get a loan from Warren Buffet though, I wonder what he thinks of it. Frankly Goldman Sachs has the smartest people on the street working for them, I don't know why the government shoved money down their throat. I suppose it was an equity thing.

Seriously this is tabloids at their worst, sensationalising this too much!

7 billion in SALARIES and bonuses. Majority of that will be for legitimate salaries for people who work hard for the bank, have a family to feed etc. Admittedly a few hundred million may find its way to fat cat bonuses, but that would be the governments fault for not implying any strick rules on what they money can and cannot be used for by the bank!

reply to post by Saf85


So an average of $4.8 million American (roughly) is a legitimate Christmas bonus? For doing what? Heck, where is that a legitimate bonus for anything?

Why all the fuss? These are human institutions. These things take time. The oversight we allow has our best interests in mind. Don't be selfish.

Originally posted by Jenna
reply to post by Saf85

 

So an average of $4.8 million American (roughly) is a legitimate Christmas bonus? For doing what? Heck, where is that a legitimate bonus for anything?

I would choose to say your ignorant rather than retarded, but if you fail to read my post fully, then that is your problem. Like I said a few hundred million will probly be used for fat cat bonuses.

The rest will be for regualr peoples salaries. Where they got the story 7 billion for bonuses, it is sensationalised.

Originally posted by Saf85
I would choose to say your ignorant rather than retarded, but if you fail to read my post fully, then that is your problem. Like I said a few hundred million will probly be used for fat cat bonuses.

The rest will be for regualr peoples salaries. Where they got the story 7 billion for bonuses, it is sensationalised.

Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3million.

I would choose to say that I have read the article in it's entirety. I would also choose to say that if you failed to read the article fully, then that is your problem.

Good day.

Originally posted by Jenna

Originally posted by Saf85
I would choose to say your ignorant rather than retarded, but if you fail to read my post fully, then that is your problem. Like I said a few hundred million will probly be used for fat cat bonuses.

The rest will be for regualr peoples salaries. Where they got the story 7 billion for bonuses, it is sensationalised.

Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3million.

I would choose to say that I have read the article in it's entirety. I would also choose to say that if you failed to read the article fully, then that is your problem.

Good day.

Then you need a lesson in maths it would seem, also £3 million average, does not imply everyone will get that much, it just means if you add all the bonuses up, divide by 443 it comes to that much, in reality, a few top level will get 50-100 million+ bonuses, the other people a few hundred thousand at best. That still does not account for the claim of 7 billion in bonuses.

So like I said read the story and other comments fully before replying.

Originally posted by Saf85
Then you need a lesson in maths it would seem, also £3 million average, does not imply everyone will get that much, it just means if you add all the bonuses up, divide by 443 it comes to that much, in reality, a few top level will get 50-100 million+ bonuses, the other people a few hundred thousand at best. That still does not account for the claim of 7 billion in bonuses.

So like I said read the story and other comments fully before replying.

Perhaps I do need a lesson in math, though I am fully aware of averages and what averages mean, but that does not change what is in the article. Nor is there a claim of 7 billion in bonuses at least not from me.

Its 10,000 U.S. staff are expected to share a £1.5billion bonus pool. The payouts were agreed as part of the rescue takeover of Lehman's American arm by Barclays last month.

The extraordinary handouts include more than £400,000 for Rock's boss, Gary Hoffman, who is likely to become Britain's best-paid public sector worker.

These are in addition to the previous quote I provided and do not include the £50 million being given to workers at Northern Rock over the next 3 years.

Did you by chance miss this part?

The blockbuster handouts caused consternation among London employees of the firm, many of whom have now lost their jobs.

All this while top CEO's make 60 million a year or more just for their salary, the lowest on the rungs start between 50k and 65k. Which, by the way, is a heck of a lot more than most people make starting out anywhere else. Now what part of all this does not spell greed? The majority of that £7 billion is not for salaries. They don't pay employees once a year. Most of that money is for bonuses and as I said millions of dollars for a bonus is outrageous. As is hundreds of thousands of dollars for that matter. When your top people are already making 8 figure salaries there is no reason what-so-ever why they need 7-8 figure bonuses on top of that.

Also feel the need to point out, there is no need for your rudeness. If you cannot have a civil conversation without resulting to rudeness and insults, perhaps you should find someone else to converse with. I asked a legitimate question and your response was uncalled for. In retrospect I should not have fed into it and replied, but I did. Rest assured it won't happen again.

It's almost funny how openly banks are ripping off the US tax payer. If I were American I would be mad as anything. Here a more convoluded way of stealing our money has been devised but the result is the same. Our government guaranteed to buy the bonds of any Australian bank and offered 45 billion worth of Australian bonds at a 5.25% rate to pay for it (among other things, including an auto "bailout" of our own). If the interest on the bank bonds is lower then the government bonds it will cost taxpayers. Not as sure of the details as I should be but that's because I have been too preoccupied with bread and circuses lol