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?