Goldman to make record bonus payout - biggest in 140 yrs

[ensho]

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


Surviving banks accused of undermining stability


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.

Goldman is expected to be the biggest winner in the race for revenues that, in 2006, reached £186bn across the entire industry. While this figure is expected to fall to £160bn in 2009, it will be split among a smaller number of firms.

-snip-

David Williams, an investment banking analyst at Fox Pitt Kelton, said: "This year is shaping up to be the best year ever for investment banks, or at least those that have emerged relatively unscathed from the credit crisis.

-snip-

Last week, the firm predicted that President Barack Obama's government could issue $3.25tn of debt before September, almost four times last year's sum. Goldman, a prime broker of US government bonds, is expected to make hundreds of millions of dollars in profits from selling and dealing in the bonds.
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makes you want to puke

[CountAllVotes]

1. mark my words

Goldman Sachs will prove themselves soon enough to be the BIGGEST PONZI SCHEME EVER!!! Bernard Madoff will seem almost saint-like after the reality of who these fuckers are!

Bunch of damn crooks top to bottom! :mad:

:kick: & recommend!!

[Karmadillo]

2. When you're smart enough to corner the market in political parties, you get to reap

the benefits.

[Winterblues]

3. How much TARP funds did Goldman get anyway and is ther any hope of retreiving any?

I would bet this HUGE Profit is based largly upon the billions tax payers gave them..and the promise that they would not have to eat any of their "toxic assets". We pay and they get the rewards...Socialize the Risks and Capitalize the Profits

[jimshoes]

4. Tell me why we just had to

bail out these pirates?

[bvar22]

5. Doesn't this just make you grind your teeth?

NOW we have Your Children’s Money too !!!
And there is not a fucking thing you can do about it!
Now THIS is “Post-Partisanship” !
Better get used to it!!
Hahahahahahahahaha!

[Tierra_y_Libertad]

6. Can we taxpayers expect a thank-you card?

[Sebastian Doyle]

7. It's time to make an example of Goldman Sachs

Take every last criminal out of that building and bring out the guillotine.