Goldman's Given A Whole BILLION To Charity Since 1999 - And Gave $17 Billion In Bonuses 1/09 - 9/09

[hatrack]

Gosh, I'm just overwhelmed by their amazing generosity - how about you guys?

Long before the financial crisis erupted, though, there were calls for even more, and those calls have stepped up in recent months. John C. Whitehead, the retired co-chairman of Goldman Sachs and former head of its foundation, said in a May 2007 interview with Bloomberg News that the pay levels on Wall Street were “shocking” and that he had tried unsuccessfully to persuade Goldman to give $1 billion to charity. At the time, he said that Goldman executives rejected the idea because of concerns about shareholder reaction. Mr. Whitehead did not return phone calls this week.

Since 1999, Goldman has given about a billion dollars total to charity, according to Joseph Snodgrass, a spokesman for the firm. About $501 million went to its main foundation and $319 million directly to nonprofits, with smaller amounts to other foundations and groups.

Lloyd C. Blankfein, chief executive of the firm, recently defended his firm’s pay and profits in an interview with The Times of London in which he said that Goldman was “doing God’s work.” “We help companies to grow by helping them to raise capital,” he explained, describing the firm’s role in the economy as important.

But the money allotted for its foundation is dwarfed by the sums that will be doled out to its bankers. In the first nine months of this year, the firm set aside about $17 billion for bonuses and other compensation.

EDIT

http://www.nytimes.com/2009/11/12/business/12goldman.html?_r=1

[AllentownJake]

1. They have a major PR problem

they've come to symbolize Wall Street, Bailouts, and the culture there.

They are about to become a political target.

[Hannah Bell]

2. look into that "charity" too. probably donated to each others' "charitable foundations,"

which do no "charity".

[liberal N proud]

3. Tis the season

Season of Scrooge

[AndyA]

4. Break them up. Too big, too much control and manipulation of the market.

Just how does a company make so much money during a worldwide recession? :shrug: