GOLDMAN DEFIES BELIEF-Is Giving Staff Over $5B In Pay, Bonuses In Wake Of Fraud

[bobbyw24]

GOLDMAN SACHS, the world’s biggest investment bank that is now assailed by accusations of fraud, is poised to reignite controversy over bankers’ bonuses by paying its staff more than £3.5 billion for just three months’ work.

The bumper payouts will equate to about £110,000 a head for the firm’s 32,500 employees worldwide, with a handful of top traders expected to be in line for multi-million-pound bonuses.

Close to £600m is expected to be paid to the group’s 5,500 London-based staff for the first three months of this year. This is on a par with their remuneration in 2007, the last year of the boom.

The revelation of the enormous pay deals comes as Goldman prepares for a legal battle with the US government. The group was sued on Friday by the Securities and Exchange Commission, the Wall Street regulator, over claims it defrauded investors of $1 billion. Goldman denies the charges.


http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article7100961.ece

 

[UWDude]

I hope everybody likes red, because the streets are going to be running in it.

 

[Cowlesy]

I hope everybody likes red, because the streets are going to be running in it.

What are you implying?

 

[UWDude]

What are you implying?

The great madness is about to infect the world again.

 

[Aratus]

DUDE... this is only the Great Recession! there is no latterday STALIN and/or HITLER in the wings!

 

[UWDude]

DUDE... this is only the Great Recession! there is no latterday STALIN and/or HITLER in the wings!

Of course not!

 

[Aratus]

its not the 1930s, we are not so dire, however we have one WHOPPING debt on the Federal
level that will linger for several decades. the war on terror will be more than semi-successful
in that same timeframe. i see a rEVOLUTIOn candidate being a future G.O.P nominee in the
next two to twelve years, and a strict budgetting in D.C happening so as to stave off a total
collapse of our currency. i think the g.o.p will pick up seats at the national level in november.

 

[UWDude]

its not the 1930s, we are not so dire, however we have one WHOPPING debt on the Federal
level that will linger for several decades. the war on terror will be more than semi-successful
in that same timeframe. i see a rEVOLUTIOn candidate being a future G.O.P nominee in the
next two to twelve years, and a strict budgetting in D.C happening so as to stave off a total
collapse of our currency. i think the g.o.p will pick up seats at the national level in november.

the sad part is, this is really a most optimistic outlook, if you want to be realistic.

Do you see war with Iran? Or a huge natural disaster? We are teetering on the edge as it is. And are you thinking those at places like GS and JPM will actually stop robbing all the pension plans and 401K's to try and pay off their massive debts? Will people actually pull their money from mutual funds and retirement accounts before it is too late? Will the housing market be allowed to collapse so people can afford housing, or will it be propped up and run inflation sky-high?

 

[Aratus]

i see our lil atlantic volcano i almost nicknamed "puff the magic dragon" causing planes to be grounded off and on
for weeks if not months until it either gets somewhat smaller or even WAY bigger or erupts or goes dormant again!!!

 

[Aratus]

iran is having jitters because north korea may have a change of gov't and possibly reunification with the south in less
than a decades time. if the north and south unify in a manner similar to the germanys we may manage to save ourselves
the expense of all those bases in the southern portion of the korean peninsula. iran will perhaps not be a global flare point...

 

[Brooklyn Red Leg]

The douchebags are out in force over at HuffingtonPost blaming this on 'the Free Market'.

 

[SamFisher]

its not the 1930s, we are not so dire, however we have one WHOPPING debt on the Federal
level that will linger for several decades. the war on terror will be more than semi-successful
in that same timeframe. i see a rEVOLUTIOn candidate being a future G.O.P nominee in the
next two to twelve years, and a strict budgetting in D.C happening so as to stave off a total
collapse of our currency. i think the g.o.p will pick up seats at the national level in november.

The federal debt is peanuts. Less than 80% of GDP. In the 1940s it was 121%. Private debt however is maxed out at 300% GDP. That's the real story here.