Monday, January 30, 2012
Goldman Sachs Haz a Sad.
Goldman's profits fell in 2011 by as much as (Oh the tragedy!) 58% and that means that those that actually do the work found that they lost 21% in bonus and compensation packages.
Reports are creeping out that bonus day wasn't all fun and games at America's most iconic investment bank. With some poor first-year analysts taking home a measly $40,000 in bonuses, other higher-ups found they were expected to be satisfied with a crummy $56,000.
But that isn't the worst of it.
In fact, some Goldman Sachs bankers and traders learned they left empty handed on bonus day, and at the same time found out that they still made too much to qualify for food stamps.
Hit hard by the same shrinking economy that they helped create- even Morgan Stanley, another major player in the investment bank gambling casino are capping cash bonuses at $125,000, and Credit Suisse is all but putting an end to automatic pay hikes.
Though many Goldman employees won't be able to buy that second vacation home this year- others are finding themselves out of a job, and are quickly joining the 99%. In total more than 200,000 employees have been shed in order to make sure those at the very top are well compensated for running their companies into the ground.
Heart-breaking -- this is just heart-breaking.
Doesn't this tragic story just pull at your heart-strings?
Call Congress. Call the Whitehouse and demand....yes, demand that Congress immediately pass the Emergency Bonus Bailout Act.
We must preserve our nations honor and defend crony capitalism at any cost.
Maybe all of those poor under-paid, former fat cats will see the light and join the Occupy movement they mocked just a few short months ago- you know, the ones sipping champagne and toasting the occupiers from their lofty offices.
It seems the 99% is growing faster than Goldman can steal the wealth.
Welcome former 1%'ers.......Welcome.
Love, the Occupy movement.