From left, Goldman Sachs alumni: Treasury Secretary Henry M. Paulson Jr.; Robert E. Rubin of Citigroup; Gov. Jon Corzine of New Jersey; and Joshua B. Bolten, White House chief of staff.Blast from the past...
16 Nov 2007
In a year when Wall Street bonuses are forecast to fall 10 to 15 percent, payouts will climb at Goldman Sachs.
Last year, Goldman accounted for $16.5 billion of the $36 billion dollars Wall Street's top five brokerages dished out to employees around the world. This year, that number is seen rising at least 22 percent.
"This year we estimate the bonus pool should be $38 billion dollars out of which $20 billion plus is going to be with Goldman Sachs in their bonus pool," said Michael Karp, CEO of the executive search firm Options Group.
In what compensation consultants are calling an "aberrant" year for Wall Street pay, Options Group says payouts will vary greatly from firm to firm, and from division to division within those firms. You can blame the credit crunch for the disparity.
When it erupted this summer, Wall Street was on track to post another year of record profits. Goldman remains on that track thanks to the bets it made against mortgages and mortgage related securities. Other firms didn't, and as a result, Goldman rivals like Merrill Lynch, Bear Stearns and Morgan Stanley face multibillion dollar writedowns, while some of their employees face smaller bonuses.
Read on.
16 Nov 2007
In a year when Wall Street bonuses are forecast to fall 10 to 15 percent, payouts will climb at Goldman Sachs.
Last year, Goldman accounted for $16.5 billion of the $36 billion dollars Wall Street's top five brokerages dished out to employees around the world. This year, that number is seen rising at least 22 percent.
"This year we estimate the bonus pool should be $38 billion dollars out of which $20 billion plus is going to be with Goldman Sachs in their bonus pool," said Michael Karp, CEO of the executive search firm Options Group.
In what compensation consultants are calling an "aberrant" year for Wall Street pay, Options Group says payouts will vary greatly from firm to firm, and from division to division within those firms. You can blame the credit crunch for the disparity.
When it erupted this summer, Wall Street was on track to post another year of record profits. Goldman remains on that track thanks to the bets it made against mortgages and mortgage related securities. Other firms didn't, and as a result, Goldman rivals like Merrill Lynch, Bear Stearns and Morgan Stanley face multibillion dollar writedowns, while some of their employees face smaller bonuses.
Read on.
Goldman Sachs and Bush Administration connection
Robert Zoellick
The World Bank nominee is formerly a deputy to Condoleezza Rice. He was a key diplomat in Washington's China policies before joining Goldman Sachs as managing director and vice-chairman for international strategy.
Joshua Bolten
The White House chief of staff is also a former Goldman Sachs executive.
The White House chief of staff is also a former Goldman Sachs executive.
Robert Rubin
The former United States treasury secretary is a former partner with Goldman Sachs.
The former United States treasury secretary is a former partner with Goldman Sachs.
Jon Corzine
The governor of New Jersey was co-head of Goldman Sachs with Mr Paulson until he left due to a power struggle.
The governor of New Jersey was co-head of Goldman Sachs with Mr Paulson until he left due to a power struggle.
Henry Paulson
The US Treasury Secretary was formerly Goldman Sachs' chief executive. As a China expert for Goldman Sachs, he helped to manoeuvre the investment bank into pole position in China as the country joined the World Trade Organisation.
The US Treasury Secretary was formerly Goldman Sachs' chief executive. As a China expert for Goldman Sachs, he helped to manoeuvre the investment bank into pole position in China as the country joined the World Trade Organisation.
1 comment:
The head crook in charge of the money. It's like watching a bank robbery and asking the bank robber to take more money to the bank. Paulson knew when he took office what the plan was and encouraged all banks to commit fraud. It's the joke is former Gov. Spitzer figured out the scam but Americans wanted him out of office. If he had stayed we might not have seen this happen. Like Bill Clinton and Gov. Spitzer the GOP worked it's magic and won. Americans showed their money concerned about an officials private sex life then their Economy. No problem with Republicans sex life even those who rape our kids they are what American values stand for.
Would you invest with criminals who have shown for 7 years that they steal your money?
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