Goldman Sachs to hand out £7bn salary and bonus package, after £6bn bailout

[RadioFreeSeaLab]

this is not a drive by posting.  I am infuriated by this action.  Do these people deserve an average 6 million dollar Christmas bonus?

Goldman Sachs ready to hand out £7bn salary and bonus package... after its £6bn bail-out

http://www.dailymail.co.uk/news/worldnews/article-1081624/Goldman-Sachs-ready-hand-7BILLION-salary-bonus-package--6bn-bail-out.html

[Sergeant Bob]

Incredible isn't it?

Don't worry, when Obama becomes president, he'll put a stop to corporate corruption.

[Zardozimo Oprah Bannedalas]

With spectacular failure comes spectacular rewards.

[FTA84]

...and this is why the constitution (in original form) explicitly forbade income tax

[RevDisk]

I'd really like to hear some justification from the folks who posted here defending the bailout package.   ANY justification. 

Or hell, I'd like to know of any of them were dumb enough to not go back and delete their posts.


Folks are going to get upset when news like this gets around...

[Gewehr98]

No, it's not a drive-by posting, and thanks for fleshing it out, Dasmi.   

[RaspberrySurprise]

Can we get the rope now boss?

[Firethorn]

While I still approve of the rope option, I do feel the need to point out that the 7B, from the verbage inside the article, includes total payroll, not just bonuses.

Still, better than 3M per partner, of which there are 443 translates to 1.3B, 19% of payroll is 'executive bonuses'. 

That needs to be fixed.

[RaspberrySurprise]

If your company needed a bailout you don't deserve a bonus.

[mtnbkr]

If your company needed a bailout you don't deserve a bonus.

FTW.  In my company, if my division's growth isn't above last year's growth (which itself was positive and probably above market average), my bonus gets reduced or possibly eliminated.

But I'm just being populist to expect CEOs to operate by the same rules.

Chris

[Waitone]

Years ago I work for a LARGE specialty chemicals company.  The economy was in the tank.  Profitability of the company was down.  Talk of a pay raise elicited a sustained horse laugh.  Budget were severely cut.  It was actually suggest that engineers ride the company's tractor trailers to their installations as opposed to flying.  Approved hotels were downgraded to the range of seedy.

End of the year the CEO gets a cool check for $1 million.  The explanation?  The results would have been much worse if he hadn't done such a fine job.

Morale sucked for a long time.

[grislyatoms]

I hate this. Salary, well, maybe (and I say maybe very reservedly) I can buy into that if it keeps the wheels turning.

Never mind that, I was thinking a lot of this would go to rank-and-file payroll, but apparently it's not. Now I'm even more ticked off. I, dutifully saving down payment on a house and scrimping and saving everywhere I can, am paying for their salaries and BONUSES with my tax money? MY HEAD IS ABOUT TO EXPLODE

Bonus? BONUS? I can't write what I think about that...

Last place I worked, upper management would get HEALTHY 6 figure bonuses whilst many depts didn't have the budgets to operate properly. They held stuff together with spit and duct tape.

Ya know, it's bad enough paying taxes to support folks who refuse to work but now I HAVE TO SUPPORT CORPORATE FATCAT WELFARE TOO?

I need to go for a walk or something...

[Racehorse]

This sort of thing is what will happen any time a group can set its own salary with someone else's money. It's the same in government. They get taken care of no matter what.

[MechAg94]

Okay, without considering the bailout side of this, is that sort of bonus payout normal?  Does that company make that sort of cash that it can afford to pay out over $1Billion in bonuses?  If I was a customer, I would be asking what my dollars were paying for. 

[Firethorn]

Okay, without considering the bailout side of this, is that sort of bonus payout normal?  Does that company make that sort of cash that it can afford to pay out over $1Billion in bonuses?  If I was a customer, I would be asking what my dollars were paying for. 

Worse, what questions would you be asking if you're a stockholder?