Goldman Sachs giving out 7 billion in salary bonuses.

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http://www.dailymail.co.uk/new...age--6bn-bail-out.html

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.
...

Another slap in the face to everyone. Glad to know our money went towards fixing the problems... right? RIGHT!? Yeah, not so much.

Seriously, this bullshit can't continue on any longer. ;\

 

[jackschmittusa]

Bonuses! Dividends! Buying other banks!

Crooks and thieves.

 

[alien42]

that is $11.31 million, sounds even worse after conversion.

 

[palehorse]

"Spread the wealth" indeed! :|

craziness...

 

[Acanthus]

People should wind up in jail over this shit.

 

[deftron]

Originally posted by: alien42
that is $11.31 million, sounds even worse after conversion.

you mean billion

 

[her209]

FUCK CONGRESS!

 

[TallBill]

You guys are slow tonight, where's the finger pointing at Bush?

 

[jackace]

Now you see why so many people were against the bail-out. We needed to do something, but propping up the crooks who caused the problems is not the fix we need. The financial industry needs some major changes. They just do not live and work in the same reality as the rest of us Americans.

 

[ModerateRepZero]

only Wall Street firms could be so preoccupied with bonuses.....AND throw a fit if they're cut even when profits are down.

reminds me of a passage in Welch's autobiography when he discussed Kidder Peabody's atmosphere during the Joseph Jett episode.

maybe the people are preoccupied with bonuses, but I say screw 'em. they want a bonus, justify it with profits given the red ink Wall Street firms are facing. they still want it? someone should give 'em a boot out the door and find replacements. I'm sure there's no shortage of bright and eager people willing to work for a wall street firm.

 

[Craig234]

Originally posted by: TallBill
You guys are slow tonight, where's the finger pointing at Bush?

We realized that every criticism made of Bush, as you say, was totally unfair. Sorry.

 

[NoStateofMind]

No bitching allowed. This bailout was NEEDED remember? No one would get paychecks and all that jazz. There were even some (see sig) who wanted this bailout passed WITHOUT READING IT which is batshit insane! The majority of American people did NOT want this bailout, yet Congress and some of the so called "economists" on this forum championed this as the second coming.

 

[JJChicken]

I work within an investment bank and i too call out this BS even though in a few years i will be getting large bonuses as well.

 

[TallBill]

Originally posted by: PC Surgeon
No bitching allowed. This bailout was NEEDED remember? No one would get paychecks and all that jazz. There were even some (see sig) who wanted this bailout passed WITHOUT READING IT which is batshit insane! The majority of American people did NOT want this bailout, yet Congress and some of the so called "economists" on this forum championed this as the second coming.

To be fair, it's to early to have a conclusion already, although it isn't looking good. If the government actually makes money on the deal, then maybe it wasn't so horrible, but time will tell.

 

[extra]

Why does this come as a shock to people? The very definition of insanity is doing the same thing over and over and expecting a different result. You let these people exploit insane de-regulated markets and basically fleece people for short term riches. Then after that went south, and they come begging for money, somehow people expect them to act differently and stop being short sighted greedy pricks....The bailout of a sorts wasn't necessarily a bad idea, but in order for it to have accomplished its real goal, it needed SERIOUS strings and restrictions attached--which of course it didn't have.

 

[TallBill]

Originally posted by: extra
Why does this come as a shock to people? The very definition of insanity is doing the same thing over and over and expecting a different result. You let these people exploit insane de-regulated markets and basically fleece people for short term riches. Then after that went south, and they come begging for money, somehow people expect them to act differently and stop being short sighted greedy pricks....The bailout of a sorts wasn't necessarily a bad idea, but in order for it to have accomplished its real goal, it needed SERIOUS strings and restrictions attached--which of course it didn't have.

I don't think that anyone is honestly shocked, including the politicians that thought of the very restrictions that needed to take place but couldn't agree for whatever reason.

 

[Dulanic]

Utter and complete bullshit. If I completely fuck up my job and make the company lose money like they have, I get fired plain and simple.

 

[GodlessAstronomer]

It's absolutely astounding, I mean mind-bendingly astounding, how fucking gullible Americans are. Really, watching your politics is like watching a train wreck. It's just incredible. It's horrible, but I can't look away. It's like watching a monkey swallow a hand grenade. Can you people seriously be this fucking stupid? Really?! What the fuck did you think would happen when you shovel truck loads of money to people who have proven themselves to be greedy assholes with no regard for anything but their own wallets?

Amazing. Just amazing. Where's LegendKiller, I want to see his apologist ass in here begging for mercy.

 

[boomerang]

Barney Frank will make sure these people are punished. Unless he trips over the millions they funneled his way to make this all happen in the first place.

Time for the pitchforks and torches folks.

 

[StageLeft]

Originally posted by: Acanthus
People should wind up in jail over this shit.

They really fvcking should. Honest to God, they need to.

 

[chess9]

Originally posted by: GodlessAstronomer
It's absolutely astounding, I mean mind-bendingly astounding, how fucking gullible Americans are. Really, watching your politics is like watching a train wreck. It's just incredible. It's horrible, but I can't look away. It's like watching a monkey swallow a hand grenade. Can you people seriously be this fucking stupid? Really?! What the fuck did you think would happen when you shovel truck loads of money to people who have proven themselves to be greedy assholes with no regard for anything but their own wallets?

Amazing. Just amazing. Where's LegendKiller, I want to see his apologist ass in here begging for mercy.

Now, now, LegendKiller wears thick glasses for his myopia, one can't expect him to 'see' the truth.

Bush is an idiot for proposing this bailout, and Congress did the exact same thing they did with the Iraq War Resolution, cave in like well-greased power pimps.

The Dems share a huge amount of the blame for this since they control Congress. I hope this isn't an example of what we will see with Obama as President. The mind-bending stupidity of Congress causes me to wonder if the human race is salvageable. Uhmmmm...probably NOT!

-Robert

 

[Harabec]

Haha, I can hardly believe this is real.
The US is our role model...maybe we should think about that again...

 

[Firebot]

Did anyone seriously expect anything different? The bailout was just throwing money at the problem, without ever fixing the cause. The same people that ran the banks to the ground are still in control, and now they have taxpayer's money to use as a crutch.

Canada's banks are regulated heavily, and are profitable despite the economic downturn in Europe and the US. The reason? Canadians have to put money down before a mortgage will even be looked at. Such a simple concept!

http://www.thestar.com/Busines...rtgages/article/208229

One of those lenders is Home Capital Group Inc. of Toronto, whose stock has prospered because of a strong real estate market and a low loan default rate.

Even though it has approximately $4 billion (Canadian) of outstanding loans to subprime customers, its losses from defaults are a tiny fraction of 1 per cent, or about $200,000, said Gerald Soloway, Home Capital's chief executive.

He credits the low rate to a proprietary underwriting system and a Canadian market that insists borrowers put some money down when buying a home.

What the US needs is regulation, but it will never happen. If anything, the banks are getting more deregulated then ever. Meanwhile, the bankers are laughing all the way to...well the bank. I love how the executives are getting bonuses for running the bank to the ground. Luckily taxpayers were there to bail out their bonuses. Poor Timmy may have had a bad Christmas. But thanks to you taxpayers, Timmy can get his new Porsche like his dad promised him:thumbsup:.

 

[LegendKiller]

Originally posted by: chess9

Originally posted by: GodlessAstronomer
It's absolutely astounding, I mean mind-bendingly astounding, how fucking gullible Americans are. Really, watching your politics is like watching a train wreck. It's just incredible. It's horrible, but I can't look away. It's like watching a monkey swallow a hand grenade. Can you people seriously be this fucking stupid? Really?! What the fuck did you think would happen when you shovel truck loads of money to people who have proven themselves to be greedy assholes with no regard for anything but their own wallets?

Amazing. Just amazing. Where's LegendKiller, I want to see his apologist ass in here begging for mercy.

Now, now, LegendKiller wears thick glasses for his myopia, one can't expect him to 'see' the truth.

Bush is an idiot for proposing this bailout, and Congress did the exact same thing they did with the Iraq War Resolution, cave in like well-greased power pimps.

The Dems share a huge amount of the blame for this since they control Congress. I hope this isn't an example of what we will see with Obama as President. The mind-bending stupidity of Congress causes me to wonder if the human race is salvageable. Uhmmmm...probably NOT!

-Robert

First off, the bonuses are coming from their own earnings, not rescue money. Second, bonuses can make up to 80% of compensation at some firms. Third, just as with AIG, the government will buy a stake in this company, enticing people to produce is in our best interest.

That's not to say I agree with the huge bonuses these guys will get. My bank wasn't bailed out by anybody and I won't get a bonus this year.

 

[nobodyknows]

Originally posted by: LegendKiller

Originally posted by: chess9

Originally posted by: GodlessAstronomer
It's absolutely astounding, I mean mind-bendingly astounding, how fucking gullible Americans are. Really, watching your politics is like watching a train wreck. It's just incredible. It's horrible, but I can't look away. It's like watching a monkey swallow a hand grenade. Can you people seriously be this fucking stupid? Really?! What the fuck did you think would happen when you shovel truck loads of money to people who have proven themselves to be greedy assholes with no regard for anything but their own wallets?

Amazing. Just amazing. Where's LegendKiller, I want to see his apologist ass in here begging for mercy.

Now, now, LegendKiller wears thick glasses for his myopia, one can't expect him to 'see' the truth.

Bush is an idiot for proposing this bailout, and Congress did the exact same thing they did with the Iraq War Resolution, cave in like well-greased power pimps.

The Dems share a huge amount of the blame for this since they control Congress. I hope this isn't an example of what we will see with Obama as President. The mind-bending stupidity of Congress causes me to wonder if the human race is salvageable. Uhmmmm...probably NOT!

-Robert

First off, the bonuses are coming from their own earnings, not rescue money. Second, bonuses can make up to 80% of compensation at some firms. Third, just as with AIG, the government will buy a stake in this company, enticing people to produce is in our best interest.

That's not to say I agree with the huge bonuses these guys will get. My bank wasn't bailed out by anybody and I won't get a bonus this year.

Uhh, if they weren't getting huge bonuses then wouldn't they need LESS rescue money? Talk about "lipstick on a pig"!! :laugh: