Flashback:
– Goldman Sachs To Spend $621 Million Fine to Settle SEC Fraud Case
So Goldman paid just 4,8% of its compensation and benefits in 2010 to settle the SEC fraud case. That must have been ‘extremely painful’ for Goldman!
Hey, but it is Christmas and those banksters are doing God’s work.
Goldman Sachs Chief Executive Lloyd Blankfein (left) and President and COO Gary Cohn (right) will each receive a bonus of $24million this year
Goldman Sachs bosses are to pick up $111million in bonuses in an ‘outrageous’ pay deal that flies in the face of the worst recession for 80 years.
The investment banks’ chief executive Lloyd Blankfein and president Gary Cohn will get $24million each under the bumper agreement that will see thousands of others get huge rewards.
The bonuses were agreed in 2008 months before Goldman took $10billion of U.S. bailout money, but due to technicalities there is no way to stop the bank from paying them out.
Goldman’s largesse comes as America’s economy struggles to recover from financial meltdown caused by risky bank lending.
Millions of Americans have been forced out of their jobs and federal workers have been told by President Barack Obama to take a pay freeze amid an unprecedented squeeze on public finances.
Even other Wall St banks such as Morgan Stanley have promised pay restraint amongst senior executives.
Blankfein, 56, and Cohn, 50, were given $27million and $26.6million respectively in 2007 but, like other managers, have either been given restricted stock options or no bonus since then.
No such arrangements have been made for 2010, paving the way for the colossal awards that are supposed to compensate them for their work for the last three years.
In addition to Blankfein, the company’s chief financial officer David Viniar will get $21.3million whilst former co-president Jon Winkelried, who left the firm in March 2009, will get $20.8million.
Edward C. Forst, co-head of investment management, who left in 2008 and returned a year later, will get $14.3million.
Goldman has already been bullish about is bonuses and has set out $13billion to cover compensation and benefits this year alone, the equivalent of paying each of its 35,400 employees $370,706 each.
But taxpayers struggling to make ends meet are likely to be infuriated that the good times are rolling once again whilst the rest of America is in the doldrums.
On top of that, Goldman was was among those which relied most heavily on the Federal Reserve’s fund to help stricken banks and at one point it was borrowing up to $35billion a day.
‘Clearly we now look back and say, ‘Were things fine? Should they have paid? Maybe not,” said Jeanne Branthover, a managing director at recruitment firm Boyden Global Executive Search.
‘There’s nothing you can do about it. The payouts were in stone. But hopefully, in the future, they won’t be.
‘The public will be outraged.
‘Wall Streeters will be excited that there’s still money being made on Wall Street, and there’s still a reason to be working so hard.’
Elsewhere on Wall St investment bankers have been warned to expect to get up to 28% less in bonuses compared to last year, analysts have revealed.
Morgan Stanley has gone further and informed executives their pot could decrease by nearly a third.
The moves are in response to the public’s fury at Wall St – a recent poll carried out by Bloomberg News showed that more than 70% of Americans believed that banks that received government assistance should not pay out bonuses.
Earlier this year Goldman was forced to pay a $550million fine to settle a securities fraud case with U.S. regulators.
By Daniel Bates
Last updated at 8:02 PM on 16th December 2010
Source: The Daily Mail
More on Goldman Sachs ‘doing God’s work’:
– Quantitative Easing Explained (Yes, this is also about Goldman.)
– Goldman Sachs To Spend $621 Million Fine to Settle SEC Fraud Case
– Goldman Sachs Sold 44% Of Its BP Stock 3 Weeks Before Gulf Blowout
– Goldman Sachs To Spend $621 Million Fine to Settle SEC Fraud Case
– Stock Market Collapse: More Goldman Sachs Market Rigging?!
– Goldman Sachs Bankster Blankfein Supports Financial Reform Bill
– Goldman Sachs Banksters ‘Made Fortune Betting Against Clients’
– Goldman Sachs taps President Obama’s former White House counsel, Gregory Craig
– President Obama Repaying His Masters At Goldman Sachs
– Goldman Sachs Banksters Implicated in Shorting Lehman Shares
– Perfect Timing: Goldman Sachs Set to Pay £3.5 Billion in Bonuses For Just 3 Months’ Work!
– SEC Accuses Goldman Sachs of Civil Fraud
– Goldman Sachs Squeezes Hedge Funds in $110 Billion ‘Collateral Arbitrage’
– 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
– 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?
– 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