Goldman Sachs is doing God’s work … and so does the catholic church.
About which “GOD” are we talking here?
GOLDMAN SACHS, the world’s biggest investment bank that is now assailed by accusations of fraud, is poised to reignite controversy over bankers’ bonuses by paying its staff more than £3.5 billion for just three months’ work.
The bumper payouts will equate to about £110,000 a head for the firm’s 32,500 employees worldwide, with a handful of top traders expected to be in line for multi-million-pound bonuses.
Close to £600m is expected to be paid to the group’s 5,500 London-based staff for the first three months of this year. This is on a par with their remuneration in 2007, the last year of the boom.
The revelation of the enormous pay deals comes as Goldman prepares for a legal battle with the US government. The group was sued on Friday by the Securities and Exchange Commission, the Wall Street regulator, over claims it defrauded investors of $1 billion. Goldman denies the charges.
Fabrice Tourre, 31, a vice-president at the bank who works in its London office, is also being sued for allegedly helping to create a mortgage-backed product doomed to fail because it was deliberately filled with risky loans to poor people.
Royal Bank of Scotland, which is 84% owned by the UK taxpayer, appears to have been one of the biggest losers from the alleged fraud. The bank is this weekend considering legal action against Goldman.
The charges relate to a mortgage bond issued by the bank. The American regulators claim Goldman designed the bond so it would drop in value.
Goldman Sachs last year paid £10 billion in bonuses.
April 18, 2010
Source: The Sunday Times
This is how ‘doing God’s work‘ looks like:
- SEC Accuses Goldman Sachs of Civil Fraud
- Looting Main Street: How the nation’s biggest banks are ripping off American cities with the same predatory deals that brought down Greece
- Goldman Sachs Squeezes Hedge Funds in $110 Billion ‘Collateral Arbitrage’
- Goldman Sucks
- Banksters Bet Greece Defaults on Debt They Helped Hide
- Secret AIG Document Shows That Goldman Sachs Minted Most Toxic CDOs
- Here Comes The Next Bubble: Carbon Trading
- Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt
- The CDS Puppetmaster Behind It All And The Ever Increasing Parallels Between AIG And Greece
- The Illuminati Banksters: JPMorgan vs. Goldman Sachs
- Secret Banking Cabal Emerges From AIG Shadows
- America’s Impending Master Class Dictatorship!
- Ron Paul on FOX NEWS: Wall Street Bailout FRAUD
- The No.1 Trend Forecaster Gerald Celente: Financial Mafia Controlling US and Wall Street
- How Goldman Sachs Made Tens Of Billions From The Economic Collapse Of America In Four Easy Steps
- Goldman Sachs: Investors Could Only Lose in Offshore Deals
- Goldman Sachs: Betting Against All of Us
- Chinese firm says won’t pay Goldman Sachs on options losses!
- Goldman Sachs Banksters Arming Themselves With Pistols Against Public
- Goldman Sachs CEO Lloyd Blankfein: I’m doing ‘God’s work’
- Wall Street Banksters To Pay $30 Billion Record Bonuses In 2009
- Absolute Perfection: Goldman Sachs Loses Money On Just One Trading Day In Q3
- Goldman Sachs: Trading Perfection And Statistical Improbabilities
- Goldman Sachs Takes On New Role: Taking Away People’s Homes
- CIT Bankruptcy Filing Expected in Days; $2.3 Billion Taxpayer Money to Be Wiped Out; Goldman Sachs Receives $285 Million In Termination Fees
- New York Fed’s Secret Choice to Pay for AIG Swaps Squandered Billions of Taxpayer Money:
…and remember who got the bailout money back then:
- AIG Discloses Counterparties as Obama, Cuomo Assail Bonuses:
This time the bailout money from the U.S. taxpayer went to:
Goldman Sachs led beneficiaries, with $12.9 billion, followed by SocGen, France’s No. 3 bank, with $11.9 billion, and Deutsche Bank, Germany’s biggest lender, with $11.8 billion. Barclays Plc received $8.5 billion from AIG, Merrill Lynch & Co. got $6.8 billion, Bank of America Corp. got $5.2 billion and UBS AG got $5 billion.
- US taxpayers pay Goldman Sachs for Swaps on Nonexistent Bonds
- The Goldman Sachs Bankster Casino – Where The Hell Is The Outrage?
- US: Utah approved a $27.3 million incentive package to keep Goldman Sachs, bringing the total amount to $47.3 million
- On the Edge with Max Keiser (09/04/09): The Banksters have free reign in America
- Goldman Sachs Loses Grip on Its Doomsday Machine
- Goldman Sachs Code Theft BOMBSHELL?
- Goldman Sachs Market Manipulation Dominance at Risk by Theft
- New Secrecy Rule Lets Goldman Sachs Control Stock Prices Unmolested by Public Scrutiny
- Goldman Sachs hires law firm to shut blogger’s site
Tags: Banking, Economy, Fraud, Goldman Sachs, Wall Street