The best of times, the worst of times
From the New York Times:
NEW YORK — Even on Wall Street, the land of six- and seven-figure incomes, jaws dropped at the news Tuesday: After all that federal aid, a resurgent Goldman Sachs is on course to distribute bonuses that could rival the record paydays of the heady bull-market years.
Goldman posted the richest quarterly profit in its 140-year history and, to the envy of its rivals, announced it had earmarked $11.4 billion so far this year to compensate its workers.
At that rate, Goldman workers could, on average, earn roughly $770,000 each this year — or nearly what they did at the height of the boom.
Senior Goldman executives and bankers would be paid considerably more. Only three years ago, Goldman paid more than 50 employees above $20 million each. In 2007, CEO Lloyd Blankfein collected one of the biggest bonuses in corporate history.
Mort Zuckerman, writing in the Wall Street Journal:
The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion….
The number of workers taking part-time jobs due to the slack economy, a kind of stealth underemployment, has doubled in this recession to about nine million, or 5.8% of the work force. Add those whose hours have been cut to those who cannot find a full-time job and the total unemployed rises to 16.5%, putting the number of involuntarily idle in the range of 25 million.
Two worlds, two realities. At some point, questions of basic justice have to be asked.
And answered.
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151 comments Add your comment
I Report (-: You Whine )-:
July 15th, 2009
5:27 pm
Obozobucks all around Wall Street, thanks for your democrat votes!
Hip hip hooray!
Need another Bailout?
ew
Brad Steel
July 15th, 2009
5:29 pm
Fine example of the legacy of trickle-on economics.
G
July 15th, 2009
5:32 pm
This is what I would expect from a banking system loaded up with Obamanation’s and Geitner’s old buddies from Harvard and Goldman.
When are we takin’ it to the streets to take this country back from the socialist????
I Report (-: You Whine )-:
July 15th, 2009
5:32 pm
Hey, you can teach old dogfaces new tricks-
Sotomayor: Congress makes the laws. The job of a judge is to apply the law. And so it’s not the heart that compels conclusions in cases. It’s the law. The judge applies the law to the facts before that judge.
Somebody’s been getting coached, somebody’s been getting coached.
ew
George American
July 15th, 2009
5:33 pm
Time for another teabagger.
Trust me
July 15th, 2009
5:34 pm
This is justice in a free market capitalist country. Goldman paid back their tarp funds and they are free to do what any business in the US is supposed to be free to do and if folks don’t like it then they don’t have to invest their money in that company. They can shun them. They can refuse to do business with them. They can boycott them. But, they can’t escape the rule of law and the rule of law says that what Goldman Sachs is doing is perfectly legal. Just ask President Obama and he’ll confirm what I just said. So, the bottom line is, if you don’t like what they did and you don’t like the options available under the law, then you will have to elect people that will change those laws to something more to your liking.
Brad Steel
July 15th, 2009
5:35 pm
No foolin’ you, Whiner. Please bless us with more of your oh-so-brilliant-and-clever insight.
Barry's Twin
July 15th, 2009
5:35 pm
Best of Times – Congress/Senate actually reads 1,000 plus page Health Care Bill before auto Passing it!!!! Worst of Times – Congress/Senate passes Health Care Bill!!!!
@@
July 15th, 2009
5:38 pm
Is Goldman going for a monopoly, oligopoly or duopoly? as AmVet so often exclaims. Why not? all the government’s treasury “Execs” were poly-wolly-doodlin’ behind the scenes.
Trust me
July 15th, 2009
5:41 pm
@@,
Are you OK with Goldman doing what they are legally entitled to do. As far as any of us know, they have broken no laws and they are under no obligation to limit compensation. Do you have some information to the contrary.
Brad Steel
July 15th, 2009
5:45 pm
If Goldman breaks a law, no worries. They can just make a couple of calls and have the law “corrected”. (wink!)
Bosch
July 15th, 2009
5:48 pm
Time to polish and sharpen the guillotines.
Hillbilly Deluxe
July 15th, 2009
5:52 pm
One of the architects of the bailouts was ex Goldman Sachs head, Hank Paulson. Buddies tend to look out for buddies
Kamchak
July 15th, 2009
5:54 pm
Sounds like Goldman Sachs has a PR problem–unless of course, the echo chamber they exist in drowns out any ethical voices trying to explain that while yes this is legal, this isn’t the best choice.
Barry's Twin
July 15th, 2009
6:00 pm
Obimbo has awaken Biden (or not) and sent him out to drum up public support for Health Care fiasco. Also has sent Wife Michael to Animal Planet Channell to do same.
TW
July 15th, 2009
6:01 pm
No worries – I’ll call Saxby tomorrow.
josef nix
July 15th, 2009
6:02 pm
Bosch–d’acc…allons enfants de la patrie, le jour de gloirem est arrive…
Oh, wait a minute, yesterday was the 14th!
Hillbilly Deluxe
July 15th, 2009
6:04 pm
Dang the food thread downstairs is still going.
josef nix
July 15th, 2009
6:05 pm
JAY–can we get a cheer for the Jacobins!
Hillbilly Deluxe
July 15th, 2009
6:05 pm
poly-wolly-doodlin’ behind the scenes.
Don’t really know what that means but sounds like it’d be dirty and/or fun. (IWH)
Redneck Convert
July 15th, 2009
6:12 pm
Well, old Mr. Bivens was sure in a bum mood this p.m. He owns the warehouse and all and he says if this health care tax hits him he’ll have to give one of his country club memberships and fire a maid or two and maybe sell one of his houses. He’s says it’s for dang sure he won’t be able to go on his four-week golf trip to The Breakers in Palm Beach anymore I felt right sorry to see him down in the dumps that way.
Anyhow, I’m all for Goldman Sachs making all the money they can. That’s Free Innerprize. Sounds like a average of $700,000 a person is a pretty good bonus. Anybody know if they need a driver or something? I know we bailed them out but they paid it all back so they can tell us to kiss their You Know What. I sure could use that RV I want to buy. It’s big and has heavy springs so the missus can walk anyplace in it she wants to. It’s on sale for $175,000. And it gets close to 8 mpg. I figure with 15 year financing I could make it pay for itself after I retire. We wouldn’t need no motel room. Course, I would be about 87 by the time the note was paid off so I might need to invest in a walker.
Have a good night everybody.
josef nix
July 15th, 2009
6:16 pm
Hillbilly Deluxe–
“Dang the food thread downstairs is still going.”
Went down there myself…Hrrmph! Damn spoil sports…there we were having a good time and THEY had to come along and spoil it!
Trust me
July 15th, 2009
6:20 pm
You too could be amongst the chose few. Making the big bucks. Living the high life. Lobbying for lower tax rates. Trickling on thy fellow Republican…
@@
July 15th, 2009
6:21 pm
Trust me:
Admittedly, I’m not very astute when it comes to economics. I’m at odds with some conservatives on my suspicions re: Goldman Sachs and government intervention. Too big to fail, too small to bail?
I’m waiting to see what happens with CIT. Goldman Sachs (laden with MY money) plays by a different set of rules.
Don’t get me wrong, I’m tired of the bailouts all-together. It’s the sequence of events and the ties that bind which interest me.
Barry's Twin
July 15th, 2009
6:21 pm
Obamination has figured out a “snoring” Biden is much more coherent than a awake Biden. Reading Dan Qualye’s guide “How to Act Like A Vice President-Even if You Don’t Have A Clue”,maybe was’nt the smartest move. My bad, he did’nt read it!!! Biden really is this stupid!!!!!!!
@@
July 15th, 2009
6:22 pm
Hillbilly Deluxe:
Why I’m beginnin’ to think you’ve got some hound in you. (ISH)
Bosch
July 15th, 2009
6:26 pm
joseph nix,
Huh? Yeah Bastille Day’s already passed, but we can make our own!
getalife
July 15th, 2009
6:27 pm
Man, cons.
Talk about welfare.
Where is the teabag outrage?
Geez.
josef nix
July 15th, 2009
6:38 pm
As for Goldman-Sachs, is anybody outraged, shocked, surprised or even p*ssed off? Is this even “news?”
Trust me
July 15th, 2009
6:39 pm
I thought that the ‘conservative’ stance is that companies need to be even less regulated than they are currently and that businesses should not be taxed at all and that everyone should pay the same low tax rate. So, is it safe to assume that the conservatives are all OK with whatever Goldman or any other business is doing and that they should not be paying any taxes and that the people receiving the big bonuses should be paying less taxes than they currently are paying and that our government also needs to get busy removing any other rules or regulations that might be impeding companies such as Goldman. Let’s see, did I miss anything.
Dusty
July 15th, 2009
6:43 pm
Well, here’s Bookman (who also make $700,000/year) fussing and fuming and stealing his first line from Dickens. We all know that Dickens started his “Tale of Two Cities ” with Bookman’s leadoff. “It was the best of times,. it was the worst of times.” So much for originality.
I guess when you are as rich as Bookman and run around talking about taking from the rich and giving to the poor (with your taxes) it is OK.. Maybe we will get a Sotomayor reply from Bookman which goes something like she might be working on a case so she can’t say nuthin. Bookman Is working for the AJC so it is “the best of libs…the worst of GOP”. I like Dickens too.
My chicken is waiting……
Paul
July 15th, 2009
6:44 pm
“Two worlds. Two realities.”
And history cycles through.
I just don’t understand it. Democrats have always made calls for social justice and basic standards of fairness. But when it comes to having people part with their earnings to fund common programs, who do they go after? Individuals. Period. For millions. When companies such as GS make billions in profits and pay naught.
And where are the Democratic champions when it comes to corporations? Taking money from them. And when it comes to listing their justifications for maintaining this travesty, they sound like the Republicans so many here attack.
I just plain don’t get it.
And to add insult to injury: cap n’ trade allowances – someone has credits, someone wants to buy them – will be auctioned. On an exchange. Such as Chicago Mercantile. Who’s poised to be a major player in the buying and selling of credits? Goldman Sachs, who will earn a commission on each transaction.
If cap n’ trade goes through as proposed, their couple billions in profits this year will seem like the poor old days.
And who makes this possible?
The Administration and Democratic Congress.
They ARE Democrats, aren’t they?!!?
josef nix
July 15th, 2009
6:45 pm
BOSCH–Aux barricades! Qu’ils mangent du corn pone!
josef nix
July 15th, 2009
6:46 pm
DUSTY–the AJC? “…it was the age of enlightenment, it was the age of darkness…”
AmVet
July 15th, 2009
6:48 pm
What a country! The only one I know of where you can be a quasi-criminal and be intimately involved the greatest Ponzi scheme on the planet – AFTER the church and the lucrative Jesus business – and get a bonus!
These are the same crooks who are BIG into trying to privatize Social Security as well buying off politicians, I mean attempting to get legislation passed that would essentially deregulate the investment banking/securities industry altogether.
BTW, they tend to give most of theirs money to Democrats and a bunch of high-ranking government officials in recent years have spent part of their careers at Goldman Sucks.
It would be most fitting if they got to spend those bonuses at the prison store and canteen…
jt
July 15th, 2009
6:59 pm
All I’m saying is-
http://www.youtube.com/watch?v=wS4z054EaV8
@@
July 15th, 2009
7:01 pm
What would make Obama ask Goldman Sachs to set up a loan for CIG. Goldman’s response?
“No Thanks.”
Now this is where, in my opinion, it gets quirky.
Obama thought….
If he doesn’t bailout CIT (small business lender) Mainstreet is outraged. If he does bailout CIT, most of America is outraged.
Again….Obama thought?
jt
July 15th, 2009
7:02 pm
OMG Jay,
I knew you made big money (maybe around 30 or 35 thousand), but I had no idea you were a millionaire.
Jay
July 15th, 2009
7:10 pm
I am a rich man, JT.
I Report (-: You Whine )-:
July 15th, 2009
7:13 pm
If a lib in the woods whined about a bonus would it make a sound?
DB, Gwinnettian
July 15th, 2009
7:14 pm
I am a rich man, JT.
So, all day long you biddy biddy bum?
You got the one long staircase just going up,
And one even longer coming down,
And one more leading nowhere, just for show?
jt
July 15th, 2009
7:14 pm
Could I interest you in a time share in Folkston.?
Waterfront.
Bud Wiser
July 15th, 2009
7:14 pm
To think that someone actually pays Jay to monitor this garbage dump actually demonstrates a little bit of capitalism, and a little bit of Hollywood at the same time:
a. capitalism – a man being paid for dispensing something that is worth nothing
b. Hollywood – all style, no substance, no class
I Report (-: You Whine )-:
July 15th, 2009
7:16 pm
If a foreign born “president” heaved a baseball in Communiski Field would it sissy bounce to the catcher like it did at Busch Stadium?
Trust me
July 15th, 2009
7:16 pm
Jay,
As one rich man to another, how does it feel? Good, I hope.
Kamchak
July 15th, 2009
7:18 pm
“But when it comes to having people to part with their earnings to fund common programs, who do they go after? Individuals.”
I can almost sympathize with your poutrage. But 8 years ago a projected budget surplus was used to buy votes. From, whom you ask? Well it wasn’t from corporations–they can’t vote. Individuals bought that line of cr@p about “This is your money, not the governments’. Vote for me and I’ll give you this money back.” In true trickle down fashion, it started at the top, but when it came to the rest of us it was “Oops, I must have left my wallet in Iraq.”(My thanks to whomever posted that line earlier today.)
josef nix
July 15th, 2009
7:19 pm
JAY
I am a rich man, JT.
“…the most important men in town would come to fawn on me…they’d ask me to advise them…like a Solomon wise…and it won’t make one bit of difference if I answer right or wrong,,,when you’re rich, they think you really know,,,”
Jay
July 15th, 2009
7:20 pm
A timeshare?
In Folkston?
Next thing you’ll tell me you have a unicorn for sale.
josef nix
July 15th, 2009
7:20 pm
DB–you beat me to it!
“A rabbi who must praise himself has a congregation of one.”
Normal
July 15th, 2009
7:23 pm
Josef…Fiddler on the roof, right?