Goldman Sachs ready to hand out £7bn salary and bonus package… after its £6bn bail-out
Simon Duke - 30th October 2008
Goldman Sachs is on course to pay its top City bankers multimillion-pound bonuses - despite asking the U.S. government for an emergency bail-out.
The struggling Wall Street bank has set aside £7billion for salaries and 2008 year-end bonuses, it emerged yesterday.
Each of the firm’s 443 partners is on course to pocket an average Christmas bonus of more than £3million.
The size of the pay pool comfortably dwarfs the £6.1billion lifeline which the U.S. government is throwing to Goldman as part of its £430billion bail-out.
As Washington pours money into the bank, the cash will immediately be channelled to Goldman’s already well-heeled employees.
News of the firm’s largesse will revive the anger over the ‘rewards for failure’ culture endemic in the world of high finance.
Tags: Economic Collapse, Goldman Sachs
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November 1st, 2008 at 1:11 pm
to what email addresses can we send messages indicative of our outrage and disgust at the greed and ineptitude of these people? this is something that needs to be done NOW and EN MASSE. the congress of the united states, in its unwisdom, needs to be strongly advised of this move - and our intense disapproval of it - as well.