Saturday, November 01, 2008

Goldman Sachs ready to hand out £7bn salary and bonus package... after its £6bn bail-out

Goldman Sachs: Reverse Robin Hood.

THIS is what "spreading the wealth around" has meant to the urber-rich for decades.

Goldman Sachs ready to hand out £7bn salary and bonus package... after its £6bn bail-out
By Simon Duke
Last updated at 8:55 AM on 30th October 2008

U.S. investment bank Goldman Sachs HQ which has set aside £7bn for bonuses and salaries this year

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.

The size of the pay pool comfortably dwarfs the £6.1billion lifeline which the U.S. government is throwing to Goldman as part of its £430billion bail-out.

As Washington pours money into the bank, the cash will immediately be channelled to Goldman's already well-heeled employees.

News of the firm's largesse will revive the anger over the 'rewards for failure' culture endemic in the world of high finance.

The same bankers who have brought the global economy to its knees seem to pocketing the same kind of rewards they got during the boom years.

Gordon Brown has vowed to crack down on the culture of greed in the City as part of his £500billion bail-out of the UK banking industry.

But that won't affect the estimated 100 London partners working at Goldman Sachs's London headquarters.

The firm - known as Golden Sacks for the bumper bonuses it pay its top bankers - is expected to cut the payouts by a third this year. However, profits are

falling much faster. Earnings have plunged 47 per cent so far this year amid the worst financial crisis since the Great Depression.

This has wiped more than 50 per cent off the company's market value.

Read more here.


Sounds like a job for “The Spocko Squad” (A Quinn Martin Production)

An elite team of accountants, tax attorneys, private investigators, bounty hunters, laid off pissed employees and servants of the rich and of course bloggers.

We travel the global to expose and recover ill gotten gains, the misuse of the tax payer dollars and bring law breakers to justice.

In Color!

Tonight’s Episode:

Sachs of Gold

Lt. Dan Spocko
Sgt. Trademark Dave

Guesting starring Ian Welsh as “The Professor”

h/t to Ian Welsh for the story


Blogger kelley b. said...

They don't even try to hide it. You can't make this bovine fecal matter up. Piracy is the way things run in the 21st Century.

5:20 PM  

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