Monday, November 17, 2008

No bonuses for Goldman Sachs?

At the end of 2006 Goldman Sachs awarded employees with over $16 billion in bonuses - an average of over $600,000 buckaroos per employee. 2007 was even better. That year Goldman employees shared nearly $19 billion in bonuses. Many of the bonuses were performance-based.

This year however, according to the New York Times, the top seven executives at Goldman won't receive bonuses. Goldman's spokesman reportedly said "they believe it's the right thing to do." Oh, how generous, how compassionate. How will they be able to put any food on the table this Christmas?

CEO Lloyd C. Blankefein raked in a salary and bonus worth over $68 million in 2007. The two co-presidents each earned around $67 million. The right thing to do is to give your bonuses back for the past three years. Use it to save your company and your job, instead of allowing the Bush administration to threaten disaster if taxpayers don't step in and save you.

Goldman Sachs recently received a $10 billion gift as part of the federal government's $700 bailout package.

So, let's see. Some simple math, hmm... take only 2006 and 2007, Goldman employees received over $35 billion in bonuses. I wonder if it's possible to use that much money in less than two years. There must be some money still lying around in safes, off-shore accounts and duffle bags hidden in storage. Surely, if Goldman's top executives scraped their cash together they could come up with some spare change. $10 billion sounds reasonable.

Hey, wait, I can't believe it. I just figured it out. They should bail themselves out. If you're homeless, on welfare, poor, unemployed, well, "pull yourself up by your bootstraps." What if you're a millionaire?

2 comments:

Jasonred79 said...

They're still better than those stupid companies which are getting bailout money and are using it to pay bonuses this year. *THAT* is an outrage, and customers who lost money should go outside their homes and demand they return their money.

The bailout money was supposed to be dispensed to the American people in the form of personal and business loans from these banks. However these guys are using it to buy up each other. Blood has been spilled in the water and the sharks are fighting amongst themselves.

Stupid Treasury.

And this is why I am the *ANGRY* investor.

TheGil said...

What do you have against $70MM dollar bonuses? People have to feed their family!!