Goldman Sachs pay out $111million in bonuses despite taking billions in bailout money

[FreakinDJ]

Goldman Sachs pay out $111million in bonuses despite taking billions in bailout money

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.

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.

Read more: http://www.dailymail.co.uk/news/article-1339220/Goldman-Sachs-pay-111million-bonuses-despite-taking-billions-bailout-money.html#ixzz19EXYApyC

[xchrom]

1. ...

:grr: :nuke: :grr:

[dmosh42]

2. That was part of the 'Big' scam the Treasury pulled off...

for all the buddies in the finance industry. Goldman didn't need the bailout, but the Treasury was giving this money at 0% loan rates. Goldman could easily have invested it in US bank notes for a tidy profit, at no risk. When anybody ask what they did with the money, they got a big "go fuck yourself".

[Statistical]

3. The "bailout" wasn't at 0%. Of course don't let facts slow you down. n/t

[dmosh42]

4. Give us the details, if you know...

[Statistical]

7. Just google TARP and you will find it impossible to not inform yourself but

this should get you started.

http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program

Of the $245 billion invested in U.S. banks, over $169 billion has been paid back, including $13.7 billion in dividends, interest and other income, along with $4 billion in warrant proceeds as of April 2010. AIG is considered "on track" to pay back $51 billion from divestitures of two units and another $32 billion in securities.<2> In March 2010, GM repaid more than $2 billion to the U.S. and Canadian governments and on April 21 GM announced the entire loan portion of the U.S. and Canadian governments' investments had been paid back in full, with interest, for a total of $8.1 billion.<4>

[girl gone mad]

9. He's obviously not talking about toxic asset relief.

[FreakinDJ]

5. lending it back to the US Government at interest by buying Bonds

Receiving shedloads of free money from the US Government under Quantitive Easing, then lending it back to the US Government at interest by buying Bonds is just about the easiest job anyone could have on the planet. Any school leaver could do that.

Read more: http://www.dailymail.co.uk/news/article-1339220/Goldman-Sachs-pay-111million-bonuses-despite-taking-billions-bailout-money.html#ixzz19Ec159FO

[Sal Minella]

6. Goldman Sacks And Plunders. n/t

[western mass]

8. If someone lets a fox into the chicken coop...

You can blame the fox.

Me, I blame the person who let the fox in.

[rucky]

10. They earned it! You have to be a freakin' genius

to take $10 billion at zero interest and turn a profit from it. Most of us would just blow it all on cocaine and hookers.

[azul]

11. Bonuses are the glaring flags of the failure of the financial system of debt.

Betting with the wages and on the spending of real working people, they are just parasites that have collapsed the financial system in a failed ponzi scheme. Greed setting its own rules till it tumbled down the house.

The band-aids to deal with it, until a better system supplants it, is to deposit money only in local credit unions and dictate the conditions with which they manage it. The big bank idiots are out-of-touch and should be shunned.

The bonuses are pointing at the Treasury and Fed as backing up the bad bets with tax-payer liability, and showing us why this shouldn't happen again: encouraging the wealthiest to do their worst and profit handsomely for it at others' expense.

[Rex]

12. I'm sure one of the BigBz apologists will be along shortly to explain

why you are evil for keeping those innocent 'builders of industry' in check!