http://www.guardian.co.uk/business/2009/jul/14/goldman-sachs-profits-bonuses -these guys are getting a 150% pay hike and I dont even get a fucking call back from prospective employers
As a former Goldman employee, I'm happy to hear the profits of the firm are being passed through to its hardworking people.
let me give u some perspective, ex goldman sachs employee 1) the govt bailed them out and as a consequence they remained solvent. thank the govt!!! 2) the optics of rewarding yourself with such extravagant bonuses creates 1) dissident shareholders (not good in any scenario) 2) and simultaneously enrages the taxpayer
Why is the fact I used to work for GS at all funny? And let me give YOU some perspective. Goldman didn't want to take the money; they didn't need it. It's why they're pretty much the only I-Bank left standing alone. Hank Paulson (the former GS CEO) forced them to take it. They didn't have the trading exposure other I-Banks did and they couldn't wait to pay it back. GS would have been just fine without the money. And that's not speculation, that's a fact coming straight from the company. As a shareholder and a former employee, it's not only confirmed in the 10Q's, but also from people inside the company. Why do you believe those bonuses were "extravagant"? Do you have any idea how hard you have to work to get to GS and how much harder you have to work once you get there? I assure you, it's not a group of people who have had it easy in live. GS selects people who have proven that they've pulled themselves up by their own bootstraps. Most GS employees come from nothing and are willing to work harder than you can imagine to ensure they make a better life for themselves and their families. Those people not only make GS money (your compensation is based on your personal contribution), but they also grease the skids of the economy by raising debt and equity for companies as well as helping other firms merge and acquire. You let me know where all the outrage is among these "dissident shareholders" and exactly how many shares they hold? Warren Buffett--who has invested $5B in warrants hasn't been bothered by it. As for outraging the taxpayer, what should really outrage them is how the Federal Government forced GS to take the money when they didn't need it. The American people are damned lucky GS used that extra money and turned it into a 23% return. You're not going to find a return like that anywhere else in the Government. And why do you believe people hate other people who make money? The tallest blade of grass is the first to meet the scythe? That's a Russian point of view, not an American one. Here, we applaud those who make successes of themselves and hope to emulate them. I've read many of your posts, and like our President, you seem to find it easy to arrive at a conclusion that fits your socialist philosophy without actually understanding the facts. Good luck with that.
I agree with maxiep ibankers work extremely hard and earn those bonuses for the most part. You're easily doing 80 to 100 hours a week as an ibanker which is the equivalent to working two jobs. I used to work an ibanking job and the experience was great, but I left after only two years because I didn't like the lifestyle I had and looking at the people above me I didn't like their lifestyle either. Not much balance and a lot of broken marriages.
SC, thank you. You are smarter than I was by getting out earlier than I did. What I-Bankers make (especially in the corp fin functions) is basically the price for your life. Because after sleep, eating and picking up your dry cleaning, there are no other hours left.
im not a socialist. besides- labels do very little to advance the debate. and your president is the only reason why america says afloat- imagine if u had a senile mccain and a moron like palin running around washington making decisions now. so goldman sachs was coerced into accepting tarp, along with their restrictive covenants (i.e. capping executive pay)? lets accept your theory and your purported inside knowledge of goldman sachs- the only reason why the company is thriving is because it received an infusion of capital below market lending rates. the govt propped it up, any way u look at it. ppl are outraged when andre miller signs for 21 million; why wouldnt they exhibit the same outrage for goldman sachs employees who were betting on their taxpayer dollars and subsequently profiting off it?
