America's Real Entitlement Society
what you are in charge of has gone down by 50% over the past year.
Would you expect a big fat bonus?
Well at Goldman Sachs that is exactly what goes on. The top executives
get big fat bonuses even as the business they run tanks.
The latest example is Goldman Sachs. From BBC News:
Wall Street firm Goldman Sachs has reported net income of $2.39bn
(£1.49bn) for the fourth quarter of 2010, down 52% from a year ago.
The poor result was expected, following weak numbers from Citigroup on Tuesday.
Now despite this poor performance the head of Goldman Sachs got millions of dollars in pay raises and bonuses (both cash and stock). From another BBC article:
Wall Street firm Goldman Sachs Group has tripled the base salary of
chief executive Lloyd Blankfein to $2m (£1.3m), up from $600,000.
And company filings show he was also awarded shares currently worth
$12.6m, a 42% hike from the the stock bonus he received for 2009.
This is the deep problem with the American economy. The very rich
reward themselves even for failure while forclosing houses and cutting
benefits for the people who actually do the real work. And then the
fat cat executives like Lloyd Blankfein seem so confused when the rest
of us get angry at their greed and sense of entitlement. It is the
very rich who demand bonuses even when they fail and demand tax
breaks even when there is a deficit who are the real problem, not the
American workers who want basic healthcare and fair pay.