Last Sunday (July 12, 2009), the New York Times reported on Goldman Sachs’ soaring profits (“For Goldman, a Swift Return to Lofty Profits”). Here’s a telling passage:
“The obsessive speculation has already begun, along with banter about how Goldman’s rapid return to minting money will be perceived by lawmakers and taxpayers who aided Goldman with a multibillion-dollar cushion last fall.
‘They exist, and others don’t, and taxpayers made it possible,’ said one industry consultant, who, like many people interviewed for this article, declined to be named for fear of jeopardizing business relationships.
Startling, too, is how much of its revenue Goldman is expected to share with its employees. Analysts estimate that the bank will set aside enough money to pay a total of $18 billion in compensation and benefits this year to its 28,000 employees, or more than $600,000 an employee. Top producers stand to earn millions.“