Man 1: I can't see any numbers or how they operate. Man 2: That's one of the characteristics of a black hole. Man 1: What are the other characteristics? Tom: We won't await your report.
Exactly when in the last 25 years has a U.S. corporation actually had to MAKE any money to pay bonuses, especially to CEOs??? It’s a law of physics called the “Ken Lay Affect”.
To my knowledge, Goldman Sachs has returned the stimulus money to the government, so the bonuses it is about to pay are not coming out of stimulus money.
ALSO: before you lay this at Obama’s feet, it would be wise to remember that the TARP was a Bush creation. Those on the right who are willing to be honest (an admittedly small number, decreasing all the time) might acknowledge this.
Ira, believe you’re right on both points. I do NOT object to corporations or individuals earning legitimate income, but deregulation really cast a shadow over that premise.
Ira, the point is that the people receiving the bonuses are the ones that ground Goldman down to the point that it needed the bailout money to survive. If not for the bailout, Goldman wouldn’t be doing so well now.
And their reward for nearly destroying the company?
An average of $400,000 each, on top of their salaries.
In the past 30 years they’ve gotten big enough to move the market, not just trade it. A few million moves at a penny a piece adds up. The strong will dominate the weak when they can. Here they’ve done it and called it a free market. Free does not mean fair. Since we worship power and money, most just want to be in their shoes. Much safer than hitting a 7-11. Skim millions and its not even a crime. Win on the downside and the upside. Just tell them its the free market. Losses, just get the taxpayers to cover them.
Perhaps, leaving aside such issues as corruption and peculation, something is fundamentally wrong with an economic system in which most of the rewards go not to those who produce useful goods and services, but to those who «manage» (to their own profit, fo course) the medium of exchange….
I recommend the Matt Taibbi article in Rolling Stone: The Great American Bubble Machine. It is an eye opener on how Goldman Sachs blew up the economy and will proceed to do the same again by creating a upcoming carbon bubble.
dwyant almost 15 years ago
Only if you’re STUPID!
riley05 almost 15 years ago
Hey, did you hear that Goldman Sachs employees are getting an average of $400,000 each in bonuses for their work in the last six months?
Lucky Goldman got all those billions in tax dollars so they can afford to pay bonuses like that.
nomad2112 almost 15 years ago
dwyant - apparently we are that stupid ’ cause congress and “The One” just made 700 billion disappear.
… and Anthony 2816? G S is turning a profit now so stop being so jealous about other people’s income.
riley05 almost 15 years ago
Their profit was only possible because of the bailout.
Dtroutma almost 15 years ago
Exactly when in the last 25 years has a U.S. corporation actually had to MAKE any money to pay bonuses, especially to CEOs??? It’s a law of physics called the “Ken Lay Affect”.
aardvarkseyes almost 15 years ago
To my knowledge, Goldman Sachs has returned the stimulus money to the government, so the bonuses it is about to pay are not coming out of stimulus money.
ALSO: before you lay this at Obama’s feet, it would be wise to remember that the TARP was a Bush creation. Those on the right who are willing to be honest (an admittedly small number, decreasing all the time) might acknowledge this.
Dtroutma almost 15 years ago
Ira, believe you’re right on both points. I do NOT object to corporations or individuals earning legitimate income, but deregulation really cast a shadow over that premise.
riley05 almost 15 years ago
Ira, the point is that the people receiving the bonuses are the ones that ground Goldman down to the point that it needed the bailout money to survive. If not for the bailout, Goldman wouldn’t be doing so well now.
And their reward for nearly destroying the company?
An average of $400,000 each, on top of their salaries.
regionswork almost 15 years ago
In the past 30 years they’ve gotten big enough to move the market, not just trade it. A few million moves at a penny a piece adds up. The strong will dominate the weak when they can. Here they’ve done it and called it a free market. Free does not mean fair. Since we worship power and money, most just want to be in their shoes. Much safer than hitting a 7-11. Skim millions and its not even a crime. Win on the downside and the upside. Just tell them its the free market. Losses, just get the taxpayers to cover them.
mhenriday almost 15 years ago
Perhaps, leaving aside such issues as corruption and peculation, something is fundamentally wrong with an economic system in which most of the rewards go not to those who produce useful goods and services, but to those who «manage» (to their own profit, fo course) the medium of exchange….
Henri
vhammon almost 15 years ago
I recommend the Matt Taibbi article in Rolling Stone: The Great American Bubble Machine. It is an eye opener on how Goldman Sachs blew up the economy and will proceed to do the same again by creating a upcoming carbon bubble.
riley05 almost 15 years ago
Is that available online, Vhammon?