While you were day dreaming of a romantic trip with the balloon boy, Goldman Sachs announced record profits of $3.2 billion, “crushing Wall Street estimates for the third straight quarter.” Alas, the record profits and “the giant quarterly gain allowed Goldman to set aside $5.4 billion for employee compensation — bringing its bonus pool to $16.7 billion through September 30.”
But they couldn’t have done it with you, Joe Taxpayer:
[Goldman Sachs] was one of the nine big banks that received loans from Treasury last fall. It received $13 billion in the costly, widely questioned September 2008 rescue of insurer AIG. It has sold $22 billion in federally guaranteed debt under a plan the feds started to restore capital markets activity. And it has been a major beneficiary of the low interest rates the government has adopted in hopes of restarting the economy.
Long story short, we all own a little piece of Goldman Sachs largess — I hope my ‘Free Ride On A Goldman Executives Yacht’ voucher is in the mail! And in case you were wondering, $17.1 billion in Goldman bonuses is equal $121 dollars from every one of the 138 million taxpayers.
See Also: Goldman Can Spare You a Dime, Banker Bonuses in a Time of Crisis, The United States of Goldman Sachs, Treasury Officials Received Millions from Goldman Sachs, Goldman Sachs breaks record with $16.7bn bonus pot, Goldman Sachs: All Your Treasury Are Belong to Us, It’s Time to Impose WW II’s 95% Excess Profits Tax, Time for a Windfall Tax On Goldman?, and Keep your hands off Goldman’s bonuses.
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Hello from Russia!
Can I quote a post in your blog with the link to you?
Goldman Sachs Salutes Your Contribution To Its Profits…
See Also: The Taxpayers Money, Goldman Sachs Record Bonuses, Marginal benefits, Too-Big-To-Fail Resolution: Why One Size Can’t Fit All, Mister, we could use somebody (somewhat) like Andrew Jackson again, Time To End “Too Big To Fail”…