21 January 2012

The "bloodbath" at Goldman Sachs

Excerpts from a Huffington Post report:
Reports are creeping out that yesterday's bonus day wasn't all fun and games at America's most iconic investment bank...

"It's a bloodbath," a midlevel Goldman Sachs employee said in an interview with CNBC. "One girl was actually crying, I think," another Goldman employee said according to the report. Some first-year Goldman analysts received $40,000 bonuses, and some second-year analysts received bonuses between $40,000 and $56,000, according to Dealbreaker. Business Insider notes that these bonuses can amount to half of these junior bankers' base salaries.

In fact, some Goldman Sachs bankers and traders learned that they were taking home no bonuses at all, the Wall Street Journal reports. And on top of that, the firm halved the total pay of some partners -- the company's highest-level employees -- while some traders got hit even harder.

9 comments:

  1. Correct me if I'm wrong, but isn't this what capitalism is all about? The market is strong, your company does well and you get paid well... on the other hand, if the market fails and your business is in the doldrums then you lose out. If you want stability you join the civil service etc. but with the understanding that you are very unlikely to make your millions. It's not nice to lose out, but its a choice.

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  2. I'll bet few will end up out of pocket for long - the company will find underhand ways to pay them their "due".

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  3. The genie's out of the bottle - the bankers have had their hand in OUR purse for too long. Aside from taking chances with OUR money and concocting imaginative, legal schemes to steal OUR money - what have the banks actually produced? It's time the finance sector was reduced to utility status and engineers, scientists and even factory workers were elevated in status, as they are all responsible for producing proper, bankable (ha!) assets.

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    1. "The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." - The Great American Bubble Machine

      Don't think for a second that the "vampire squid" is just floating along beside the US government. Nope - it's firmly affixed, has its tentacles in everything.

      Sad part is, this was not an unforeseen catastrophe:

      "If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered." - Thomas Jefferson

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  4. this is very, very sad. on so many levels.....

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  5. Payback's a bitch.

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    1. I like how payback is being the beneficiary of a bonus that is still twice the average American salary.

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  6. Boggles my mind that someone could be so comfortable in life that when their kush 100k job doesn't hand them an additional 50k bonus that this is somehow on par with a 'bloodbath'.
    When you have to start cutting your own hair and consider giving away your pets you can start crying but you are still hell and gone from a bloodbath.
    I guess that if you've never lost anyone you know to violence... perhaps bloodbath is just another 'cool' adjective from fiction?

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