Out of work? Underemployed? Revenues dried up? I know how you feel. But, some people don’t:
Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm’s 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms.
A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm.
Staff in London were briefed last week on the banking and securities company’s prospects and told they could look forward to bumper bonuses if, as predicted, it completed its most profitable year ever. Figures next month detailing the firm’s second-quarter earnings are expected to show a further jump in profits. Warren Buffett, who bought $5bn of the company’s shares in January, has already made a $1bn gain on his investment.
Maybe this will trickle down? Yes?
buffet made a 20% in less than 6 months…where’s our 20% return on the $37bn goldman sachs got from the fed bailout of AIG ?
< crickets >
yeah…l thought so.
Goldman Sachs has used its insider connections to manipulated the TARP bailout from the beginning for its own private benefit. There is something corrupt flowing from Goldman. I said in my blog that if anything brings down President Obama it will be Goldman Sachs.
Goldman has political connections in both parties. The fix is in. I just invested some IRA money in Goldman based on this. If you can’t beat them …
Goldman Sachs the profiteers in Oil. Anyone wonder why oil is so high while the USA is in a middle of a recession? Last year it was peak oil nonsense and now its a forthcoming supply crunch in the middle of a recession/depression.
heard this story before, but check the date.
http://blogs.wsj.com/environmentalcapital/2009/06/04/goldman-sachs-looming-supply-crunch-means-85-oi
l/
Big bonus for oil speculators.
As always, anything that “trickles down” to the middle class will be warm, wet and yellow.
Business as usual.
As the resident socialist, this is one of those occasions when it’s my duty to remind everyone that the rich exist because we permit them to.
This bullshit can be stopped, but only if we commit to a relentless generational struggle to secure economic justice for those who will come after us.
Vast wealth should only be permissible if two conditions are met. First, that government officials and the election process are thoroughly insulated against it, and second, that destitution is eradicated. Then and only then should the psychopaths be allowed to “earn” their second billion.
Yes. That’s what makes all this fiddling around the margins, micro-regulating one kind of bonuses but not anything else, is so dispiriting. Nobody ever has the honesty to question even the tiniest crumb of the US “merit system” where the biggest crooks have all the merit.