Goldman Said to Pay $5.4 Billion in Compensation

Goldman Said to Pay $5.4 Billion in Compensation

dealbook.blogs.nytimes.com

Amid accusations that it defrauded investors, Goldman Sachs is set to pay more than £3.5 billion ($5.4 billion) in compensation to its staff for the first three months of the year, The Times of London reported.

The recent public outcry against Wall Street banks following taxpayer of bailouts was driven in part by suspicions that a heads-we-win, tails-you-lose ethos pervades the financial industry. To many, that Goldman and others are once again minting money — and paying big bonuses to their employees — is evidence that Wall Street got a sweet deal at taxpayers’ expense. The accusati

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This is just an in your face act by Goldman. These are bonuses for THREE MONTHS of work! There are a few interesting things about this:

-the timing of the announcement is peculiar given that Goldman had to know that the threat of civil action was about to come. They are too integrated with the government not to know

- Wall St. bonuses have historically been paid out annually, typically early in the year for the prior year's work. Moving to quarterly bonuses is likely a move to give folks cash prior to any government action to limit/reduce bonuses.

- Most of these bonuses are due to trading activity, hence the profits generated which would justify these bonuses are by definition short-term, speculative trading. Exactly the type of activity that the reforms should be looking to stop

I think this is a purposefully timed event in concert with the government. Pass out huge bonuses now to get your boys a ton of dough while timing it to spiff the government fodder to push through financial reform. When you get an 8 figure bonus, does it really matter if they move to limit it downstream? I think not.

For those who will now suggest that there be an ability to claw back this cash, guess again. Claw backs are voluntary. If you were 30 and just got a $25M bonus, are you going to give any of it back? I know I would'nt.

This was made to outrage. Reward and outrage at the same time

dealbook.blogs.nytimes.com
(visit the link for the full news article)

GS top chairmen & the rest of the directors are giving the bonuses quarterly because they know that 'contract law' rules apply...

they are thumbing the middle finger at the ethics committees and other wimp-willy oversight agencies that are theoretically designed to regulate these sociopath creeps in designer suits & hand made leather shoes,,,
iow the scum of the earth

My biggest concern is that this whole story (if it gets repeated enough) will lead to horrifically violent and ever increasingly out of control pogroms in Brooklyn, Manhattan & North Jersey.

Can't they keep all the Gentile noses out of this story, already? Or are the Germans the ones (ready to sue Goldman and Co. for upwards of $100 Billion) behind leaking all of this to the woefully dumbed-down masses in America?

Originally posted by St Udio



GS top chairmen & the rest of the directors are giving the bonuses quarterly because they know that 'contract law' rules apply...

they are thumbing the middle finger at the ethics committees and other wimp-willy oversight agencies that are theoretically designed to regulate these sociopath creeps in designer suits & hand made leather shoes,,,
iow the scum of the earth

goldman will end up paying a small fine, and that will be the end of it. remember, they control the financial pressure points of america. funny how you don't see thousands of tea party protesters outside goldman headquarters or any part of wall street.