Blue Mass Group

Reality-based commentary on politics.

  • Shop
  • Subscribe to BMG
  • Contact
  • Log In
  • Front Page
  • All Posts
  • About
  • Rules
  • Events
  • Register on BMG

140 BILLION in holiday bonuses – Wall Street sets new record – with POLL!

October 19, 2009 By AmberPaw 15 Comments

Wall Street to set new record with 140 BILLION in holiday bonuses

The single largest bonus pool is the 23 Billion Goldman Sachs is paying out.

“Given the rules, they earned it,” said Peter Siris, an investment manager at Guerrilla Capital in Manhattan and a columnist for the Daily News’ Your Money section.

“The problem is they earned it because the taxpayers helped them out. It bothers everybody to see the kind of money they’re making, but you can’t go back and reset the rules.”

Even more troubling, Goldman Sachs fired more than 3200 employees and outsourced everything it could to poorly paid providers.  Kind of like the “Hyatt of banks” only to reward its robber baron elite with – really – 23,000,000,000.00 in bonuses.  Just count those zeros!

This year’s bonuses are twice as much they were a year ago. It’s a larger bonus pool than any other year in the bank’s 140-year history.

Just to rub it in, check this out, from the same article:  

The firm made $3.44 billion, almost $5 a share, in the second quarter and is expected to report third-quarter profits of $4.24 per share tomorrow, up 57%.

You know why the elite thinks “this” is just a recession, and the recession is over:

In 1980, the average CEO made 42 times what the average worker took home. Since then, the disparity has grown at least tenfold.

Goldman Sachs won’t be the only bank paying big bucks to employees this year.

Bloomberg News reported last week that a third of Wall Street bankers expect their bonuses to increase from last year.

What don’t they understand?  A billionaire can only eat so many hamburgers, and after the 25th Mercedes, even a Goldman Sachs garage is full.

Just why is a serious tax clawback of these ill gotten gains somehow wrong?

Please share widely!
fb-share-icon
Tweet
0
0

Filed Under: User Tagged With: 140-billion, bailout, bonus, goldman-sachs, new-record, taxpayer, wall-street

Comments

  1. joets says

    October 19, 2009 at 10:44 pm

    but wouldn’t it adversely affect the stock market if these incredibly rich people weren’t quite so rich, and unable to invest their dollars into X number of funds?  

    <

    p>I just think that there is a upside to the system.  Lots of downsides for sure, but all those bonuses are going to get pumped back into the system.  Rich people don’t just put money in the bank and sit on it.  They make it work for them, which does have benefits.  

    Log in to Reply
    • liveandletlive says

      October 20, 2009 at 8:28 am

       exactly what they do with the bonuses.  They have pretty extavagant lifestyles…multiple homes, cars, vacations.
      It would be far better for the country if these billions of dollars in bonuses trickled down to the working class, in the form of higher pay, better benefits, more jobs.  Keeping the money floating around in the upper tier does nothing to benefit America as a whole.

      Log in to Reply
    • kirth says

      October 20, 2009 at 9:00 am

      Rich people don’t just put money in the bank and sit on it.

      I think they largely do just sit on it. Please show me I’m wrong.

      Log in to Reply
    • edgarthearmenian says

      October 20, 2009 at 3:52 pm

      You can bet that they are not giving it to charity.

      Log in to Reply
    • justice4all says

      October 20, 2009 at 7:31 pm

      about bailout barons, the engineers of the Great Recession of 2009,  toasting to their own excess…with more excess, when the people who have been hurt the most by the economic meltdown are doing without.  The president needs to get on top of this.  His people gave these banks the stringless bailout.  

      Log in to Reply
      • amberpaw says

        October 20, 2009 at 10:00 pm

        But guess what, I am still watching and still passionate about reining in the robbers who raped our economy.  Is anyone else but Justice4All still paying attention?

        Log in to Reply
        • liveandletlive says

          October 20, 2009 at 10:22 pm

          and we have been talking
          about it. I truly believe we will crash again. This is ridiculous and unsustainable. People are still losing jobs and homes, taking wage cuts to keep their jobs.  I appreciate your post very much.  Please keep us informed with information, and I will try to do the same.

          Log in to Reply
        • mizjones says

          October 21, 2009 at 2:57 pm

          We bailed these clowns out and demanded very little in return. We don’t even know how they used our money. They’ve been getting away with legalized robbery for so long, why should we be surprised that they keep partying?

          <

          p>From my favorite columnist Paul Krugman:

          <

          p>http://www.nytimes.com/2009/10…

          <

          p>”Administration officials are furious at the way the financial industry, just months after receiving a gigantic taxpayer bailout, is lobbying fiercely against serious reform. But you have to wonder what they expected to happen.”

          <

          p>…

          <

          p>”But there’s an even bigger problem: while the wheeler-dealer side of the financial industry, a k a trading operations, is highly profitable again, the part of banking that really matters – lending, which fuels investment and job creation – is not. Key banks remain financially weak, and their weakness is hurting the economy as a whole.”

          <

          p>(end quote)

          <

          p>Without reform, we won’t see lending and job creation. Without enough good jobs, tax revenues are depressed and services get cut at the same time that more services are needed.

          <

          p>We need to demand that our Congress and President stop protecting the bank executives and start acting with the interests of the rest of us in mind. For those of us who supported Democrats in the last election, we should not let them take this support for granted.

          Log in to Reply
          • amberpaw says

            October 21, 2009 at 3:20 pm

            Further, endless cuts are so depressing that THAT also cuts away at my enthusiasm and hope – where is the economic restructuring to protect and heal this economy?

            Log in to Reply
  2. joets says

    October 19, 2009 at 10:50 pm

    via facebook note:

    <

    p>”SenJohnMcCain: Wall Street bonuses: Goldman Sachs $16.7 billion; JP Morgan $8.7 billion; main street $0 – your tax dollars hard at work.”

    Log in to Reply
  3. georgianhorseman says

    October 19, 2009 at 11:01 pm

    Why not go waaayyyy back – to the days when the aristocracy of England composed the House of Lords in Parliament and while Parliament was in session any attending member of the House of Lords had to pay a pro-rata share of the cost of running the government. A “Summons to Parliament” really bit in those days because in order to exercise power you had to pay for the opportunity.

    Log in to Reply
  4. christopher says

    October 20, 2009 at 10:07 pm

    …I got a chance to see Michael Moore’s “Capitalism: A Love Story” this evening.  I recommend it.

    Log in to Reply
    • liveandletlive says

      October 20, 2009 at 10:24 pm

      I just watched SICKO this weekend, it was excellent.  

      Log in to Reply
      • christopher says

        October 21, 2009 at 9:28 am

        It’s still at a theater near you!

        Log in to Reply
        • amberpaw says

          October 21, 2009 at 9:50 pm

          See:  http://www.thebostonchannel.co…

          Log in to Reply

Leave a Reply Cancel reply

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended Posts

  • Progressive Mass Shouldn’t Back Stupid Primaries (3)

Recent User Posts

Zero Net Energy – August 2022

August 18, 2022 By gmoke Leave a Comment

Liz

August 17, 2022 By johntmay 2 Comments

Progressive Mass Shouldn’t Back Stupid Primaries

August 12, 2022 By jconway 11 Comments

There Is Not A Chance the White House is Happy With This Timing

August 10, 2022 By terrymcginty 8 Comments

Site issue: Unable to reply to comments

August 10, 2022 By SomervilleTom 4 Comments

Why do PUKES oppose $35 insulin for diabetics with private insurance?

August 8, 2022 By fredrichlariccia 3 Comments

Recent Comments

  • SomervilleTom on Progressive Mass Shouldn’t Back Stupid PrimariesAs I've said several times already, the commentary on th…
  • Keith Bernard on Progressive Mass Shouldn’t Back Stupid PrimariesI was on the interview with Rep Vitolo. He was outwardly…
  • Keith Bernard on LizFirst of all, gross. While I appreciate Ms. Cheney's cou…
  • Christopher on LizI can't imagine these days the winner not being either t…
  • SomervilleTom on Progressive Mass Shouldn’t Back Stupid PrimariesThe Boston Globe for 17-Aug-2022 reports (https://www.bo…
  • jconway on Progressive Mass Shouldn’t Back Stupid PrimariesThere have been four or five attempts to unseat Wong tha…
  • SomervilleTom on Site issue: Unable to reply to commentsYes, the plugin that is broken is also the widget that p…

Archive

@bluemassgroup on Twitter

#mapoli

headlineoptics Headline Optics @headlineoptics ·
53m

New Lake Placid housing on the horizon? | News, Sports, Jobs – Adirondack Daily Enterprise https://www.masspolicyreport.com/2022/08/19/new-lake-placid-housing-on-the-horizon-news-sports-jobs-adirondack-daily-enterprise/?utm_source=dlvr.it&utm_medium=twitter @masspolicy #MApoli #Massachusetts

Reply on Twitter 1560563742835757056 Retweet on Twitter 1560563742835757056 Like on Twitter 1560563742835757056 Twitter 1560563742835757056
headlineoptics Headline Optics @headlineoptics ·
1h

State Land Court Lets Homeowners Repudiate Racist Covenants in Deeds https://www.masspolicyreport.com/2022/08/19/state-land-court-lets-homeowners-repudiate-racist-covenants-in-deeds/?utm_source=dlvr.it&utm_medium=twitter @masspolicy #MApoli #Massachusetts

Reply on Twitter 1560555430526324737 Retweet on Twitter 1560555430526324737 Like on Twitter 1560555430526324737 Twitter 1560555430526324737
vote_ayesha Ayesha Wilson For Cambridge Schools @vote_ayesha ·
2h

Join us on the 30th! Register here: https://lnkd.in/eajExRcS
@georgegreenidge @YWCACambMA #GreaterBostonabsw #CambridgeNAACP #GreatestMINDS #mapoli #MeetTheCandidates #BeInformed #primaryelection #GeneralElection #vote

2

Reply on Twitter 1560552159187312642 Retweet on Twitter 1560552159187312642 Like on Twitter 1560552159187312642 Twitter 1560552159187312642
headlineoptics Headline Optics @headlineoptics ·
2h

The state raised the MCAS graduation requirements. Here’s what that means for Fall River. https://www.masspolicyreport.com/2022/08/19/the-state-raised-the-mcas-graduation-requirements-heres-what-that-means-for-fall-river/?utm_source=dlvr.it&utm_medium=twitter @masspolicy #MApoli #Massachusetts

Reply on Twitter 1560551535062315008 Retweet on Twitter 1560551535062315008 Like on Twitter 1560551535062315008 Twitter 1560551535062315008
openletterbot Open Letters @openletterbot ·
2h

🖋 Sign “Ban Congressmembers from trading individual stocks NOW!” and I’ll deliver a copy to your officials: https://twitter.com/messages/compose?recipient_id=835740314006511618&text=sign%20PDLBSY

📨 No. 102 is from Kathleen to @SenMarkey, @SenWarren and @RepLoriTrahan #MA03 #MApoli #MApols

Reply on Twitter 1560547245707051008 Retweet on Twitter 1560547245707051008 Like on Twitter 1560547245707051008 Twitter 1560547245707051008
headlineoptics Headline Optics @headlineoptics ·
2h

Male Product Manager Sees Parental Leave Suit Trimmed – Law360 https://www.masspolicyreport.com/2022/08/19/male-product-manager-sees-parental-leave-suit-trimmed-law360/?utm_source=dlvr.it&utm_medium=twitter @masspolicy #MApoli #Massachusetts

Reply on Twitter 1560543099499458560 Retweet on Twitter 1560543099499458560 Like on Twitter 1560543099499458560 Twitter 1560543099499458560
Load More

From our sponsors




Google Calendar







Search

Archives

  • Facebook
  • RSS
  • Twitter




Copyright © 2022 Owned and operated by BMG Media Empire LLC. Read the terms of use. Some rights reserved.