NEW YORK — Even on Wall Street, the land of six- and seven-figure incomes, jaws dropped at the news Tuesday: After all that federal aid, a resurgent Goldman Sachs is on course to distribute bonuses that could rival the record paydays of the heady bull-market years.
Goldman posted the richest quarterly profit in its 140-year history and, to the envy of its rivals, announced it had earmarked $11.4 billion so far this year to compensate its workers. At that rate, Goldman workers could, on average, earn roughly $770,000 each this year — or nearly what they did at the height of the boom.
Senior Goldman executives and bankers would be paid considerably more. Only three years ago, Goldman paid more than 50 employees above $20 million each. In 2007, CEO Lloyd Blankfein collected one of the biggest bonuses in corporate history. The latest headline results — $3.44 billion in profit during its second quarter — were powered by earnings from the bank’s secretive trading operations and exceeded even the most optimistic predictions. But Goldman’s good fortune, coming only a month after the bank repaid billions of bailout dollars, raises questions for Washington, D.C., policymakers.
The bank holding company, analysts warned, is embracing financial risks that many of its competitors are unable or unwilling to take. While Goldman managed those risks this time, its strategy could backfire if the markets turn against it. “I find this disconcerting,” said Lucian A. Bebchuk, a Harvard law professor. “My main concern is that it seems to be a return to some of the flawed short-term compensation structures that played an important role in the run-up to the financial crisis.”
Even inside Goldman, executives acknowledged that the bank’s stunning results, coming during a painful recession, presents something of a PR challenge. “We are cognizant of it,” said David Viniar, Goldman’s chief financial officer. “We understand that we are living in a very uncertain world where a lot of people are out of work.”
Excuse me, but where is our bonus? Who bailed these idiots out? Who makes this kind of money while failing at their profession. CRIPES!!!!!
You’re missing the point:
What are all these guys doing with the money?
Spend it on Hookers and and parties and new cars and stuff…
Bonus is good! Bonus spread the wealth!
Now, repeat 100 times.
Change you can believe in!
as a taxpayer and lender in this bailout i want MY BONUS FIRST, if there is anything left maybe we can bay goldman sacks and loots minimum wage….
Fusion==thank you for reading thru my typo’s and seeing the point I was trying to make that my missed negative failed to make. I think Dad’s should held kiddies buy tricycles==not so much the other stuff, but certainly tricycles–that Dad was one hard ass, funny, but one hard ass.
#20–Anarchrist==stick around. You will see the LIEBERTARIANS on this blog posting like complete inbred idiots. Course, YOU don’t post far from idiocy yourself equating the downtrodden with corporations as if the two were one in the same====and that is the problem with LIBERTARIANS–they raise a philosophy above the value of human beings.
For shame.
#22, gq,
Change you can believe in!
And you can bet that if Congress instituted wage controls for the financial sector the right wing nuts would be screaming their ugly faces off.
#24, Bobbo, the genial guy,
Thank you. The father was a Liebertarian. When he is old and looking for companionship, I’m sure the son will remember.
One of my favorite songs is Harry Chapin’s Cat’s in the Cradle. He wrote it about his step son.
*
Two Liebertarians go into a bar. After a while one gets up and goes to the washroom. When he returns his fly is undone, the front of his pants are all wet, and there is toilet paper hanging from his shoe.
The second Liebertarian points it out to the first. He responds,
“I’m teaching Dick personal responsibility. He must be a Republican because he only comes out on his own around gay men.”
The moral of the story? Damned if I know but I’m glad I exercise personal responsibility for myself and am not a Republican. I also don’t use my shoe to wipe my butt.
#26–Fusion==”The Father was a Liebertarian.” ===hah, hah. I missed that the first time thru. Yes, hard to distinguish a self centered asshole from a LIEBERTARIAN. Perhaps I should assume they are one in the same until some subtle philosophical point is attempted?
Also, I never did comment I noticed you took awhile to amend your spelling of LIEBERTARIAN to make it blog worthy. Glad you finally came on board. Course, Loser probably won’t respond to you anymore either. LIEBERTARIANS are like that. They can only handle low hanging fruit. Point out their solid colon impact, and they tend to look for those who are only completely gullible==ie, folks like themselves. Anarchrist seems to be of this genotype.
Perhaps we should back off to draw them out? Actually I do favor the Libertarian point of view on free speech and personal aspirations and those sorts of things. As referenced, its only when “the philosophy” starts throwing people under the bus that they become LIEBERTARIANS. Sad to see it.
#27. Give it rest bobbo, you blathering now.
Agreed. I’ve tried and tried to get this through their heads but they really don’t have a clue.
All I ever hear is, “You are a selfish bastard because you don’t want to help out the poor.”
What they mean is, “You are a selfish bastard because you gripe about paying more taxes that can be given to the poor.”
Helping out the poor should be a personal choice, not an requirement enforced by the state.
#29 was directed at #20
You knuckleheads need to quit whinin’ and get on the bus… Buy Goldman stock and start making the best of the real world.
lets see how many $20k per year wages could have been Payed for($10 per hour)
GM avg wage $750k per year.
37 people at $10 per hour, yearly.
and thats not the TOP PERSONS wages..
$11 billion??
that would be 55000 jobs at $10 per hour..
well its not enough to save the auto industry..
Anyone have a job out there, they LOST, and would like $20K for the year??
also:
Do your balls hang low,
do they wobble to-and-fro
can you tie them in a knot,
Can you tie them in a bow,
Can you throw them over your shoulder
Like a Continental Soldier.
Do your BALLS HANG LOW..
Whoever said “Money doesn’t grow on trees” was correct. You also need ink and a printing press.
Feel the CHANGE!
Don’t you know that Goldman Sacks employees are running the government as well. There should be an investigation. Goldman Sacks employees in the government are the ones that let their biggest competitor Leaman Brothers fail.
#29, Loser,
What they mean is, “You are a selfish bastard because you gripe about paying more taxes that can be given to the poor.”
What we mean is you are a selfish bastard because you complain about ALL the taxes Obama has forced upon you when the only tax that has been raised is a tobacco tax that was on the agenda since 2007.
You complain you shouldn’t have to pay taxes for anything yet have no problem with using any service provided by the government.
You complain about how badly run government services are when they surpass most privately run services.
You complain about future services when it is obvious the current system is failing terribly.
You complain because the American democratic system has decided on a course it thinks society should take for the best of ALL Americans.
And why do you complain? Simply because you are a selfish bastard.
#27, Bobbo, the Enjoyable One,
I missed that the first time thru. Yes, hard to distinguish a self centered asshole from a LIEBERTARIAN.
Although I have been thinking of them as “Selfish Bastards”, I think your definition is better.
For example, Liberty Loser claims to own his own firm selling services to municipal governments. What he either fails to see or willingly ignores is that those municipalities are organizations of people. Simple groups of society that have come together for the common good of all. Yet HE wants to decide which service is worthy of being supported for the common good.
Took big to fail is too big to exit.
Break-up Goldman Sachs.
#38–Fusion==how long are you going to correct self centered assholes like Loser before you accept what you are dealing with? “Selfish Bastards”–its in the ballpark, but still too kind. Kinda pushes the blame for what they are off on their mothers too, if they had any?
Liberty Lover==let me be plain. “I” am a libertarian, YOU are a self centered asshole LIEBERTARIAN. You take what should be a counter concern, a weight, a consideration, a touchstone and turn it into a dogma of idolatry. You are NOT a libertarian, you are an Ayn Rand Objectivist, and much the poorer for it. You are an archetect who would blow up a building because you don’t get your own way. YOU and all other LIEBERTARIANS are not ISLANDS UNTO YOURSELF. You take and benefit from the resources of society, but don’t want to contribute at all to it.
Giving personally to several charities or particular people is a noble and kind thing==but it is not “wise.” There are many things a society needs for the general benefit of all its citizens, rich and poor alike, that call on the public purse.
Your philosophy, originating in virture, has decomposed to a foul smelling morass of self centered crap.
Taxes = Slavery in your mind?
Simply a dolt. Irrelevant except for being in the way, is what you are and like too many repuglican counterparts, all too proud of it.
Grow up.