Tis the season for year-end bonuses, and if so, nobody will have a bigger present waiting for them under the money tree than Goldman Sachs, where an estimated $11 billion in profit this year – a record for the company – will allow for a financial windfall upon employees, to the tune of $18 billion in payouts.
On average, we are talking $600,000 per employee, which doubles the industry average, and has some crying foul.
A variety of conspiracy theories have been hatched by media outlets and outspoken critics, from some pointing fingers at former Goldman CEO Hank Paulson (whose new job as U.S. Treasury secretary has led to grumblings that he is the beneficiary of inside information), to others pointing at Goldman’s bleak forecasts being made only to mirror investment strategy. In either case, “envy” is certainly one word that comes to mind.
Besides, Santa knows who’s been naughty and who’s been nice.
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December 17, 2007Rockers put So Cal homes up for sale
