July 20, 2009
[efoods]No name is more ubiquitous in the pantheon of global finance than that of Goldman Sachs. At a time when world commerce and banking has been brought to a shuddering halt by greed, excess and foolishness, this investment bank provoked astonishment and disgust this week by handing out record bonuses.
It was revealed that the bank’s 29,400 staff – including about 5,500 based in the firm’s plush marbled London headquarters on Fleet Street – are each in line for bonuses averaging ¬£475,000 this year.
While Britain and the rest of the world is struggling with record levels of unemployment and when governments are battling to find better ways of curbing banks’ profligacy, this is an obscene amount of money.