Last year, Goldman Sachs received a 12 billion lifeline from the U.S. government. After that, each of the firm's 443 partners pocketed an average Christmas bonus in the millions. According to CEO Lloyd Blankfein, "There is little justification for the payment of outsized discretionary compensation when a financial institution lost money for the year." Now lets see. Goldman Sachs received a government bail out, because they were having trouble, right? And then they gave out record setting bonuses, right? Hm-m-m. I nominate Lloyd Blankfein for the 2009 Bronze Balls of Hypocrisy Award.
In the second quarter of this year, the bank netted a record $3.44 billion and reports indicate that it may be shelling out a staggering $12 billion or so in bonus cash. I support bonuses for hard work, BUT I don’t think my tax dollars should finance a banker’s lavish life style.
Nowhere could I find a story about Goldman Sachs paying the government back. If they’d repaid the American taxpayer, then their bonuses are none of our business. Until then … I wish they had a product I could quit buying. As it is, the only weapon left to the American taxpayer is public mockery.
So I urge you to write your favorite late night comic. We want more Goldman Sachs jokes!
Interested in more:
- http://www.dailymail.co.uk/news/worldnews/article-1081624/Goldman-Sachs-ready-hand-7BILLION-salary-bonus-package--6bn-bail-out.html
- http://www.independent.co.uk/news/business/news/now-goldman-sachs-boss-takes-potshot-at-bonuses-1784505.html
- http://www.nypost.com/p/news/business/blankfein_shoots_bonus_blanks_4YFaRaULD3v9QGU9L90EmM
- http://www.miamiherald.com/business/nation/story/1225188.html
- http://www.goldmansachs666.com/2009/07/this-website-has-not-been-approved-by.html
- http://thinkprogress.org/2008/09/22/paulson-goldman-bailout
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