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Goldman Sachs bankers 'set for 81% rise in bonuses'

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posted on Jan, 16 2010 @ 06:45 PM
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www.guardian.co.uk...


Goldman is braced for a furore this week when it completes the US bank reporting season on Thursday, following the row sparked by rival JP ­Morgan when it disclosed on Friday that it would be handing out $9.3bn (£5.7bn) in bonuses and salaries for 2009.


More outrageous in your face poor common folk bonus bullsh*t.


JP Morgan's 24,654 investment bankers, including nearly 5,000 employees in London, will get an average of $379,000 each after the financial services group surfed a wave of recovery in global markets to notch up year-end profits of $11.7bn, more than double its earnings of $5.6bn during crisis-stricken 2008.


www.guardian.co.uk...


The Federal Reserve banks made a $52 billion profit in 2009, reaping extra income on the government securities they bought in an effort to stabilize the financial system.

The Fed, in a statement on Tuesday, said its members returned $46 billion of that sum to taxpayers. The central bank is an independent arm of the government and its member banks are required to return all profits to the Treasury, after certain deductions.


money.cnn.com...

I wanna know something, from the taxpaying working class on ATS, are things getting worse or better for you? because the fat cat corrupt bankocracy is doin just fine. your thoughts?

[edit on 16-1-2010 by TheCoffinman]




posted on Jan, 16 2010 @ 07:01 PM
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The first emotion that comes to breath is jealousy.

Yet I am working on that emotion- jealousy breeds anger which is no doubt an evil force. I do not wish bad upon these people.

Isn't this how it has been for decades? It's a bigger deal now because we are all poor and they are super rich. It's a bigger deal now because they received "bail out" funds.

Obama is working to retrieve this money as soon as possible. They are good for it. It's just a matter of time.

Just try not to be jealous. They are living the American Dream by definition. It's a risk-profit scenario and many (if not all) took a risk to be where they are today.

Rather than burn them on the cross I believe we should stay positive and just remember you live in the land of the free. If you work hard and play it right you could be there someday.

Would you want to be prosecuted for being successful because the poor are suffering?



posted on Jan, 16 2010 @ 07:13 PM
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reply to post by Jedi411
 


I believe Obama said something about the bailout money "trickling" down to the working class folk. which is why i ask how us working folk r doin. The government isnt going to bail out the state of california, arizona is having to close nearly all of its state parks because it cant afford to run them anymore, NY is billions in debt... the government isnt going to bail them out because if they bail one out, theyll have to bail them all. freddie mac has a blank check but the states have no access?? the banks arent just profiting but record profiting. in 08 it was the oil companies making record profits now its the banks turn... capitalism is a slave system... the slaves wont ever see the "american dream". this bankocracy woodrow wilson set up and obama has implemented is rule by and for the elite. The republicans and democrats are broken parties... who are the peolpe to turn to when you know neither party is any good. they are corrupted by the system... what do you do... there are reasons goldman sachs told thier employees to carry guns...



posted on Jan, 16 2010 @ 07:16 PM
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Originally posted by Jedi411
The first emotion that comes to breath is jealousy.

Yet I am working on that emotion- jealousy breeds anger which is no doubt an evil force. I do not wish bad upon these people.

Isn't this how it has been for decades? It's a bigger deal now because we are all poor and they are super rich. It's a bigger deal now because they received "bail out" funds.

Obama is working to retrieve this money as soon as possible. They are good for it. It's just a matter of time.

Just try not to be jealous. They are living the American Dream by definition. It's a risk-profit scenario and many (if not all) took a risk to be where they are today.

Rather than burn them on the cross I believe we should stay positive and just remember you live in the land of the free. If you work hard and play it right you could be there someday.

Would you want to be prosecuted for being successful because the poor are suffering?


If I'm the reason for these poor suffering, then I should deserve to be prosecuted



posted on Jan, 16 2010 @ 09:13 PM
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reply to post by TheCoffinman
 


speaking as someone that has worked quite a bit in his young life I honestly cannot stand to hear about how well all these bankers are doing.

Meanwhile there are thousands, and thousands of unemployed. But they get to have bonuses? Makes no sense to me whatsoever.

But what do I know, Im just a nothing citizen of a once great nation, who cares what I think.



posted on Jan, 16 2010 @ 09:23 PM
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isn't that our money?...

and yet nothing is done about it...



posted on Jan, 16 2010 @ 09:27 PM
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reply to post by TheCoffinman
 


Your right. They attempted to create jobs through providing the funds to create jobs. The banks had a different idea in mind. They screwed up plain and simple (they are human too). Who am I (or you) to predict the banks operations? Did they not also extend unemployment (bottom up economic growth theory)?

However the case, that was back in March 2009. It's January 2010.
Obama Tightens Leash On Financial Institutions In His Weekly Address



posted on Jan, 16 2010 @ 09:31 PM
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Originally posted by hippomchippo
If I'm the reason for these poor suffering, then I should deserve to be prosecuted


Do you really blame the banks for the poor suffering?

Nationwide banks of all kinds followed these practices.
Investment firms allowed for huge risk loans/investments.
The government never regulated the banks for this.
Consumers took out huge loans with little to no income.
Everyone was living beyond their means.
Jobs have been sinking and going overseas for years=defaulted loans.

I see a number of fault points. The minute someone makes a million dollars the poor want to ring his neck.



posted on Jan, 16 2010 @ 09:36 PM
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Most of the money was made at the expenses of the tax payer that bailed them out with gouging interest rates on credit cards.

Now they are to increase their bonuses while the rest of America keeps falling into chaos, this fat rats have no shame.



posted on Jan, 16 2010 @ 09:44 PM
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Originally posted by Jedi411
The first emotion that comes to breath is jealousy.

Yet I am working on that emotion- jealousy breeds anger which is no doubt an evil force. I do not wish bad upon these people.

Isn't this how it has been for decades? It's a bigger deal now because we are a
Would you want to be prosecuted for being successful because the poor are suffering?


I don't think jealousy is a factor at all! Just flat out anger.
Because something has been broken for "decades" doesn't mean it'll stay that way.
As for me I get disgusted when I hear or see anything about these "privatize the profit, publicize the loses" freakin A$$#@!(S. When my benefits, salary....have not budged (except for the loss of 401k match & vaca. days) for the last 2 yrs. while I work more with less employees and resourses.

If I do the wrong thing with my finances, I pay the price and have in my lifetime. I learn not to make those mistakes again. What do you think these guys will do??



posted on Jan, 16 2010 @ 09:56 PM
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reply to post by 5 oClock
 


I don't agree with what they did with the bailout funds at all. I agree they should have failed.

The reason we bailed them out is because it was a failure on the part of the government to properly regulate them. The poor policies put us on the line - not the banks.

However, they were bailed out without restriction. They were afraid to restrict the funds fearing it wouldn't work properly.

The banks are just following policy. They are paying their employees at the rate they were hired (certain % bonus).

I'm not happy about it but I completely understand it as well.



posted on Jan, 16 2010 @ 10:10 PM
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reply to post by Jedi411
 


I hear you. But if I was hired on at a salary of 100k with the expectations of a certain goal and I totally and utterly failed, and at the same time failed a nation and her people do I deserve my salary w/bonus? What lesson is learned from this?

They'll be back!

This is way above my paygrade, all I know is it's getting harder and harder to remain middle class.



posted on Jan, 16 2010 @ 10:16 PM
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As a working class man, I feel the level of bonuses being paid out is extreme to the point of being obcene.

It would take me 7 years of saving every penny I make to accumulate that kind of coin, or 50 years if I saved every penny after expenses like bills and food!

At least one person isn't copping it sweet..........

Goldman Sachs Sued by Shareholder Over Pay, Bonuses




Goldman Sachs Group Inc., criticized for allocating $16.7 billion to pay employees for the first nine months of 2009 after receiving government bailout money, was sued by a shareholder who claims it is a “waste” of assets.






“In 2009, the year it received help from the Federal Reserve and took advantage of market conditions as a result of the TARP and other programs, it paid out close to 50 percent of its net revenue in compensation,”






“Payment of this exorbitant amount of compensation, which has little to do with Goldman Sachs’s performance, and was financed in large part with government bailout and taxpayer money,” Brown said, “is a waste of the company’s assets and a breach of duty and loyalty.”



I'll be interested to see how this pans out, after all isn't the profit supposed to be distibuted amoung the shareholders? Isn't that the whole idea behind investing in a company?



posted on Jan, 17 2010 @ 01:37 PM
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nobody deserves to be above anybody. nobody deserves to be a billionaire, EVERYONE deserves to be a billionaire. none of us asked to be born, but we are here. instead of making the best of things we kill and put our fellow man down to prop up ourselves... the banker demi-gods who run this country with thier money bleed and die just like the homeless vet on the street. that is whats fundamentally wrong with this bonus crap. nobody to date, has gotten in trouble for this and have in fact gotten more privledges and more money... the government awared the banks for f*cking up... this talk about obama goin after the fat cat bankers is farce, its media spin and political yapping to stave off the coming civil unrest thats going to light this country on fire.. the dolloar IS going to fall and the when we have to ay $200 bucks for a loaf of bread because the dollar isnt worth crap... well, it'll be hell on earth.

sidenote: maybe that us unit traning to take over pakistani nuclear facilities is traninig to do so here in case the sh*t does hit the fan... somethign to think about...



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