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What would you do if you got a Christmas Bonus like this?
It was reported today that Wall Street's famed investment bank Goldman Sachs will be shelling out over $16 billion in bonuses this holiday season -- an average of over $600,000 per employee.
Many of those bonuses will be performance-based, so some of the company's bigwigs are likely to get as much as $100 million.
well what do you expect them to do with the profits? They cant expand, federal regulations have limited their ability to invest and expand into other businesses.
Wonder what kind of bonuses went around at ABC News? Now THAT would be a good story. I love how these over paid bad actors turned "journalist" rake in tons of money based on market demand, then whine when other companies do the same thing.
More class warfare, or "the war on class" which is another unwinnable political tool used to rile up voters.
Class warfare+
War on Terrorism+
War on Drugs+
War on poverty+
War on illiteracy=
Tons of political talking points that get shuffled around with not much ever changing.
They deserve it... they saw the subprime securities for what they were... CRAP. "Hey institutional investor... Why not buy these debt securities where we didn't even check the income of the person who is making payments? He only took out a second on an overpriced home to buy an RV and a 61" Plasma TV?" Give me a break.
GS has some truly genious people working in their financial modeling department. GS also had a difficult year, and they suffered losses as well, that were mitigated by their bet against these debts.
These bonuses will be company wide - all they way down to the mail room.
Of course the top paid guys will get the highest ones... thats life.
Quote:
Originally Posted by Greatday
What would you do if you got a Christmas Bonus like this?
It was reported today that Wall Street's famed investment bank Goldman Sachs will be shelling out over $16 billion in bonuses this holiday season -- an average of over $600,000 per employee.
Many of those bonuses will be performance-based, so some of the company's bigwigs are likely to get as much as $100 million.
GS does not create wealth. It just rearranges it by concentrating the value created by the many into the wallets of the few. IMHO the recipients of this largess should all be in the 90 to 99 percent tax bracket. Then they would at least be paying for the government that protects their racket.
If we had the political will this obsecenity would not be allowed. It would not be "thats life".
Profit distribution is always a target of some resentment, but the profit is the profit. They minimized their participation in the subprime mortgage investment processes, and are heavily involved in international finance, particularly in China.
GS does not create wealth. It just rearranges it by concentrating the value created by the many into the wallets of the few.
So, what does GS do? Do you even know? What actual functions does this company provide?
Discuss the valuation of companies in investment banking, cost-benefit analysis, and the services they provide as an intermediary in emerging markets and investors.
They provide a tremendous service in their analyses and modeling services, and deserve to get paid for what they do... plain and simple.
GS does not create wealth. It just rearranges it by concentrating the value created by the many into the wallets of the few. IMHO the recipients of this largess should all be in the 90 to 99 percent tax bracket. Then they would at least be paying for the government that protects their racket.
If we had the political will this obsecenity would not be allowed. It would not be "thats life".
Greg, by your definition, Dillards does not create wealth either -
GS is a business Greg - they are in the investment business - they have made investors - many of who have their retirement accounts with GS, money. That is GS Business - to help others make money. And, at the same time, make money for themselves - that is what a business is all about.
I'm sorry but, I cannot agree with you - GS employees, from bottom to top, did a good job (obviously) for their customers - and those employees are being rewarded for it
BTW Greg - have you ever gotten a Christmas bonus where you worked?
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