Friday, October 16, 2009

$70 Billion

$70 billion. It is a gigantic number. This is the amount of tax payers money Goldman Sachs received. Goldman takes the $70 billion gift, buys distressed assets in the collapsed market and makes $10 billion in revenue in a single quarter. The just released quarterly figures show a $3 billion profit! And guess what? Big bonuses for all the employees. Goldman Sachs has 31,700 employees and they are on track to earn an average of about $700,000 apiece in 2009. They are expected to pay $17 billion in bonuses in 2009. To top off the arrogance, a leading Goldman Sachs director told the press as justification for the high bonuses that "this is good for the economy".

Who are the guilty ones? Goldman Sachs is unethical. No doubt. But the Obama team made it all possible. The Obama team with its ex-Goldman staff decided on the bail-out package and conditions. They are the ones that made it all happen. Social justice is a long way off.

Read here: Goldman Sachs Posts $3 Billion Gain, video discussion on the Goldman Sachs profits

And 2008 was no different as this article shows: Wall Street banks in $70bn staff payout. Goldman Sachs, for example, paid $12 billion in bonuses in 2008.

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