Is it any wonder that there is a vibrant and ever-growing Occupy Wall Street movement?
Exhibit 1!
Goldman Sachs has just announced a big loss for its third quarter. A mere US$425 million. BUT, the employees, let alone the executives of the firm, won't bearing any loss, just to the contrary.
"Today’s Goldman Sachs earning reports provides a valuable lesson on how things really work inside Wall Street’s largest investment houses. Goldman Sachs had an awful three months, losing $428 million in the third quarter of 2011, and yet it continued to shovel billions into the bonus pool it will share with its employees at year’s end.
Through the first nine months of 2011, Goldman set aside $10 billion in its compensation fund. If Goldman’s 30,000 employees split that bounty evenly, that would work out to $333,000 per person—plus the billions more Goldman will no doubt set aside in the last few months of the year.
Of course, the receptionist inside Goldman Sachs doesn't receive the same pay as all those analysts and other midlevel suits making salaries of $400,000 a year or more. Moreover, chieftains like Goldman CEO Lloyd Blankfein, who received $13 million in compensation last year, won’t have to share their year-end bonuses with as many people as last year. The bank laid off 1,300 employees in the third quarter of the year and plans on jettisoning another 1,000-plus jobs in the coming months."
Through the first nine months of 2011, Goldman set aside $10 billion in its compensation fund. If Goldman’s 30,000 employees split that bounty evenly, that would work out to $333,000 per person—plus the billions more Goldman will no doubt set aside in the last few months of the year.
Of course, the receptionist inside Goldman Sachs doesn't receive the same pay as all those analysts and other midlevel suits making salaries of $400,000 a year or more. Moreover, chieftains like Goldman CEO Lloyd Blankfein, who received $13 million in compensation last year, won’t have to share their year-end bonuses with as many people as last year. The bank laid off 1,300 employees in the third quarter of the year and plans on jettisoning another 1,000-plus jobs in the coming months."
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