Goldman to make record bonus payout

[babsbunny]

http://www.guardian.co.uk/business/2009/jun/21/goldman-sachs-bonus-payments

The Observer, Sunday 21 June 2009

Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm's 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms.

A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm.

Staff in London were briefed last week on the banking and securities company's prospects and told they could look forward to bumper bonuses if, as predicted, it completed its most profitable year ever. Figures next month detailing the firm's second-quarter earnings are expected to show a further jump in profits. Warren Buffett, who bought $5bn of the company's shares in January, has already made a $1bn gain on his investment.

[w4rma]

1. I'm seething angry right now at what they've been allowed to do. (nt)

[WannaJumpMyScooter]

2. And this surprises you,

how?

[Scooter24]

3. My family, including myself, have been Goldman clients for decades.

And as a shareholder I've always been satisfied with how the company manages itself. I'm not going to disagree with these bonuses because my portfolio has seen dramatic improvement this year, even in such bearish times.

I was blasted last year for posting that Goldman would come out stronger in the end while everyone was bailing on commercial and investment banking stocks.

[w4rma]

4. They are really good at lobbying the government for money and law changes that help them pocket more

money. They are big time con-artists.

[Scooter24]

6. It still still takes the house, senate and a president to pass these laws.

Perhaps your anger should also be focused in this direction.

Maybe Congress should actually pass laws that are good for the people instead of corporations and campaign financiers.

[sendero]

5. Yes......

.....they are going to take your tax dollars and pay themselves a bonus with it. No reason to be upset, just apply the KY and be happy. And thank Obama for making it all possible.

[WillowTree]

10. Goldman Sachs repaid the TARP loan.

Or hadn't you heard?

[sendero]

16. The TARP loan..

.. was a small part of the aid the fins got. Or hadn't you heard?

[Skittles]

7. I helped my company make money; where is my bonus?

oh right, in this economy it's only bankers getting bonuses

[TreasonousBastard]

8. For those who complain mightily about this...

what, specifically, is wrong with an investment bank making a lot of money?

For extra credit, what is wrong with giving much it to the people who made it?

No grand hypotheticals, conspiracy rants, or socialist screeds and theory about what they "deserve" but just some nuts and bolts, realistic talk about what is worng with this.

And no hypotheticals about criminal activity, unless there is much evicence of such.

And for the final points-- how does this affect you any more than Letterman's income or the price per pitch for anyone with a really good fastball?

[Skittles]

9. what's wrong with me making a bonus?

except all bonuses have been suspended due to the economy - what makes these fuckers so special?

[WillowTree]

11. ALL bonuses? Really?

Guess they forgot to tell the company that I work for (definitely not banking or related) 'cause we all got bonuses again this year. Not record-breaking, but generous. I'm just sayin'.

[Skittles]

12. I was referring to my company

my income in general plummeted yet I still had to help bail out the banking industry - it STINKS

[TreasonousBastard]

14. Nothing, except they're in a job that pays big bonuses...

and most of us aren't.

Scream and yell bloody murder about how unfair it is but it ain't gonna change-- some people will be making a lot of money and others won't be.

Do I think they're worth all that money? Most of them not, but then again I don't think Seinfeld or Leno is worth it either. Or Springsteen or any sports star. Or Paris Hilton or that Trump guy, who's not worth all tht much any more anyway. FWIW, I don't think our county cops are worth a hundred grand a year, either, and I don't see what longshoremen do that can make them a couple hundred thousand a year.

And we haven't gotten to highline escorts and strippers yet.

Truth is, my income has dropped from a little over the median for the area to almost poverty levels in the last two years, and I'm finding it difficult to stop whining about so many doing better than I am and trying to do better myself.

It ain't easy.

[JDPriestly]

13. Scandalous.

[TexasObserver]

15. Another outrage in a neverending series of such.