Goldman Sachs giving out 7 billion in salary bonuses.

[Gothgar]

fucking weak

 

[Jhhnn]

Even the strong get trampled in a stampede, a panic, and I suspect that would have been the fate of GS if not for the calming influence of the bailout.

Nobody knows that any better than they do. Like it or not, now is not the time to make yourself a target through a display of unabashed greed...

 

[chess9]

Well, looking at my retirement account statement, I'd like to apply for a bailout. Will Golden Sacks do that for me NOW THAT THEY ARE MORE SOLVENT THAN THE BLOODY FEDERAL GOVERNMENT?!!!!!

I'm better now....

-Robert

 

[smack Down]

Originally posted by: Stunt
So government handouts should only go to companies that screw up the most?
I believe GS was one of the more conservative institutions and wasn't affected by the financial crisis as much as Lehman, Bear Sterns, WaMu, Fannie/Freddie. Perhaps these people are deserving of these bonuses.

Does anyone have information on past bonus payouts and how this compares? GS has 37,500 employees meaning $150,000 per employee; although if that's 80% of someone's wage in downtown NYC like someone mentioned above...might not be too absurd. Companies don't just hand out money for the hell of it, there must be some justification for it. I think there's more to this than two numbers.

The only reason Goldman isn't in chapter 13 right now is because they have paulson making sure all their bets where correct.

Anyone can make money in a financial crisis when you have the Treasury in your back pocket.

 

[chess9]

Originally posted by: GeezerMan
Time Machine News....Dateline..... Grenada.........2016............,.

U.S. Justice Department investigators have uncovered hundreds of offshore bank accounts worth in excess of 350 billion dollars. These accounts were funded by an elaborate , byzantine process with the source being wire transfers from the same banks bailed out by U.S. taxpayers back in 2008. Account ownership reads like a roll call of U.S. congressmen and banking industry executives. Henry M. Paulson, head of the U.S. Justice department ,former Goldman Sachs executive and former secretary of the U.S. Treasury, spoke at a press conference on Monday. Paulson said no one should jump to any conclusions and that the accounts appear to have been funded be legitmate funds. In the interest of full disclosure, Paulson announced a followup investigation would be launched and headed up by a three man team of former U.S. Presidents ; George W. Bush, Barack Obama, and Bill Clinton. The newly created U.S. Department of Halliburton will provide all logistical support for the investigation.


....................................End Transmission.......................................

LOL. I just read your sig for the first time. You are brilliant. Golden Sacks has a job for you.... But, if you'd bought gold....

-Robert

 

[Jeff7]

Originally posted by: chess9
Here's the problem with the bonuses: The employees plan their lives around the bonuses. They buy the expensive car and home before they get the bonuses. So, if they don't get the bonuses, and if they aren't big, they are in deep shit financially. It's that simple. So, there is a lot of internal pressure on these banks to pay huge bonuses. My wife used to get $50,000 in bonuses when she worked for ContiCommodity. She had it spent in September!

-Robert

Too bad those morons working at McDonalds don't think of that.

"Boss, I just bought a $500k house, because I'm counting on a very large bonus this year. So I'm going to be pressuring you over the next few weeks to come up with a big bonus so I can afford it, ok?"

Sounds like a foolproof plan - only if you've got a seven- or eight-digit income.

 

[Eeezee]

Send in the national guard. Arrest those crooks and give the money back to the taxpayer.

It's like I originally suggested, we should have allowed the money to be borrowed with interest. Writing a check with no strings attached was definitely the wrong way to do this.

 

[moks78]

Originally posted by: 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.

Yep, they should be slapped like one of these morons... null

 

[chess9]

Originally posted by: Eeezee
Send in the national guard. Arrest those crooks and give the money back to the taxpayer.

It's like I originally suggested, we should have allowed the money to be borrowed with interest. Writing a check with no strings attached was definitely the wrong way to do this.

You obviously don't understand modern finance. I'll bet you don't have a degree from the Wharton School of Business. Tsk tsk, just let the big boys do this the right way. You'll see, the bailout is a brilliant plan that will rescue the banks and rescue America. What's good for Golden Sacks is good for America. General Motors is so passe'.....

-Robert

 

[dmcowen674]

Originally posted by: Eeezee
Send in the national guard.

Arrest those crooks and give the money back to the taxpayer.

It's like I originally suggested, we should have allowed the money to be borrowed with interest. Writing a check with no strings attached was definitely the wrong way to do this.

Can't do that. The Guard is in Iraq.

 

[brandonbull]

Originally posted by: Stunt
Does anyone have information on past bonus payouts and how this compares? GS has 37,500 employees meaning $150,000 per employee; although if that's 80% of someone's wage in downtown NYC like someone mentioned above...might not be too absurd. Companies don't just hand out money for the hell of it, there must be some justification for it. I think there's more to this than two numbers.

It doesn't work like that for GS. They have something like 300 partners that receive the majority of the bonus pool.

Last year they gave 2 traders $45M in bonuses between them because they talked management into improving their position on the subprime stuff before everyone else did.

 

[blinky8225]

Originally posted by: brandonbull

Originally posted by: Stunt
Does anyone have information on past bonus payouts and how this compares? GS has 37,500 employees meaning $150,000 per employee; although if that's 80% of someone's wage in downtown NYC like someone mentioned above...might not be too absurd. Companies don't just hand out money for the hell of it, there must be some justification for it. I think there's more to this than two numbers.

It doesn't work like that for GS. They have something like 300 partners that receive the majority of the bonus pool.

Last year they gave 2 traders $45M in bonuses between them because they talked management into improving their position on the subprime stuff before everyone else did.

Goldman was one of the top 5 employers at my school before the credit crisis. They didn't even show up at the career fair for recruiting this year, though. For their entry level analysts, they'll normally start around $80,000 salary, and the bonus is normally somewhat performance based. On average, it would probably be something like another $50,000, but it varies.

 

[Firebot]

Originally posted by: dmcowen674

Originally posted by: Firebot

Originally posted by: dmcowen674

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

I don't understand.

I've been calling them criminals for years and you guys said I was wrong.

You mean I was right again?

Even a broken clock is right two times in a day.

Except in your case you are broken time.

I've always been against deregulation of banks - I'm not even American. In fact many many people have been against deregulation and what the banks have been doing. There's a difference in being logically critical, and extremist lunacy that you show in everyone of your posts.

I guess for you being right one out of 38780 times is a high batting average. I'm still waiting for 200$ oil.

 

[TallBill]

Originally posted by: dmcowen674
Don't fully join the group of apologists.

You've managed to stay semi-non biased till this point.

LoL, I carry no bias at all, but you can't just say generic things and then claim a prediction. It's the way that you post your ideas, not your actual ideas that make people think that you are a nut job.

Perhaps there is a poor translation due the medium of the conversation.

 

[jackace]

Here is a quote I found from a site talking about bankers and why they make so much money.

"Mostly by artificially limiting the number of people who can actually break into the industry. Wall Street is a very small place and it?s no coincidence that such a highly lucrative industry would want to remain small and highly lucrative.

Do you actually need an Ivy League education and 4.0 GPA to do a finance job? No.

But making it really, really difficult to get an investment banking job is a good way both to limit how many people break in and raise the prestige (and pay) of the industry."

 

[miketheidiot]

Originally posted by: brandonbull

Originally posted by: Stunt
Does anyone have information on past bonus payouts and how this compares? GS has 37,500 employees meaning $150,000 per employee; although if that's 80% of someone's wage in downtown NYC like someone mentioned above...might not be too absurd. Companies don't just hand out money for the hell of it, there must be some justification for it. I think there's more to this than two numbers.

It doesn't work like that for GS. They have something like 300 partners that receive the majority of the bonus pool.

Last year they gave 2 traders $45M in bonuses between them because they talked management into improving their position on the subprime stuff before everyone else did.

well those guys probably deserved it then

 

[AlienCraft]

"Grab the cash,
with both hands
And Make a stash..."

The Robber Barons are at work again.

The next time someone brings up the subject of privatizing Social Security, let's try and remember this last few months of insanity, mmkay?

 

[WhipperSnapper]

Ironically, many of the people complaining about this would probably complain about Obama's plan to raise taxes on these guys.

 

[bamacre]

Originally posted by: AlienCraft
"Grab the cash,
with both hands
And Make a stash..."

The Robber Barons are at work again.

The next time someone brings up the subject of privatizing Social Security, let's try and remember this last few months of insanity, mmkay?

Screw privatizing, just get rid of it. I'd rather keep my money and invest it myself rather than handing it over the government, who will spend it on crap, waiting for another generation to pay me back.

The true Robber Barons of today reside in Congress.

 

[rudder]

Originally posted by: Jhhnn
I think the whole thing speaks directly to the recklessness of repub philosophy of corporate governance in general.

People like you are why the crooks keep their congressional and senate seats.

 

[BigDH01]

Originally posted by: rudder

Originally posted by: Jhhnn
I think the whole thing speaks directly to the recklessness of repub philosophy of corporate governance in general.

People like you are why the crooks keep their congressional and senate seats.

I'm pretty progressive and I voted against every democrat that voted in favor of this bailout minus one. And that's only because his competition favored the bailout as well.

Keep in mind, Joe the Plumber is thinking about running against Kaptur. She strongly opposed the bailout.

 

[BarneyFife]

Originally posted by: bamacre

Originally posted by: AlienCraft
"Grab the cash,
with both hands
And Make a stash..."

The Robber Barons are at work again.

The next time someone brings up the subject of privatizing Social Security, let's try and remember this last few months of insanity, mmkay?

Screw privatizing, just get rid of it. I'd rather keep my money and invest it myself rather than handing it over the government, who will spend it on crap, waiting for another generation to pay me back.

The true Robber Barons of today reside in Congress.

Yup like Iraq.

 

[halik]

Originally posted by: blinky8225

Originally posted by: brandonbull

Originally posted by: Stunt
Does anyone have information on past bonus payouts and how this compares? GS has 37,500 employees meaning $150,000 per employee; although if that's 80% of someone's wage in downtown NYC like someone mentioned above...might not be too absurd. Companies don't just hand out money for the hell of it, there must be some justification for it. I think there's more to this than two numbers.

It doesn't work like that for GS. They have something like 300 partners that receive the majority of the bonus pool.

Last year they gave 2 traders $45M in bonuses between them because they talked management into improving their position on the subprime stuff before everyone else did.

Goldman was one of the top 5 employers at my school before the credit crisis. They didn't even show up at the career fair for recruiting this year, though. For their entry level analysts, they'll normally start around $80,000 salary, and the bonus is normally somewhat performance based. On average, it would probably be something like another $50,000, but it varies.

Starting salary was anywhere between 65-75 with 10K signing and 10K bonus first year. Second year the bonus is 15-25K depending on what you do. That being said, banking and sales (revenue position), bonuses can easily be 60-70K... but that's nowhere near the average.