Why do we stand for this?
Goldman Sachs average employee pay thus far: $370,000
Yesterday Goldman Sachs announced much better than expected quarterly earning of $3.44 billion. The Company also announced that it is setting aside $11.36 billion for its compensation pool through mid 2009 which includes annual bonuses. THAT WORKS OUT TO NEARLY $385,000 PER EMPLOYEE… (for each of its 29,400 employees and temporary workers) …FOR THE FIRST 6 MONTHS OF THE YEAR. That works out to an annual income of about $770,000 per employee, if this pace keeps hold. Last year (2008) at this time the compensation pool was $8.52 billion. This year’s compensation pool is almost the same as in mid 2007 when the market was still booming.
$11.36 Billion compensation pool. All from hard-working, trying-to-make-ends-meet US citizens. OOPS!, I meant to say from US government bailout funds. Now I am all for free-markets and capitalism, but this is abuse.
Source: New York Times
With Big Profit, Goldman Sees Big Payday Ahead
http://www.nytimes.com/2009/07/15/business/15goldman.html?_r=1&scp=1&sq=goldman&st=cse
Bloomberg. http://www.bloomberg.com/apps/news?pid=20601103&sid=axo2pKtl0rts
Here’s an angry guy that makes his point. Its over the top yet entertaining:
Merrill Exec pay:
http://www.youtube.com/watch?v=B-lXOQ4L8jQ
saverio manzo
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