Friday
Jan212011
Bonuses for Bankers, Bankruptcy for Public Services
January 21, 2011 So, now we know about the $15bn-plus 2010 pay package for Goldman Sachs partners and employees [1]. The top rungs will get their many millions each [2], with lesser and lesser amounts going down the GS hierarchy. The mass of its more than 35,000 employees will, as usual, get much, much less than the top. In addition, the appreciation of Goldman's share prices likewise adds billions to employees who got stock options, which were likewise distributed very unequally throughout the firm. The unequal division of rewards within Goldman Sachs mirrors and mocks the far larger social divide it feeds.