View Full Version : The return of the $773,000 paycheck

07-15-2009, 09:13 AM
The firm is clearly bouncing back from the fall market meltdown that prompted government officials to prop up Goldman and its rivals with taxpayer dollars.
The first-half rebound should bode well for Goldman's (GS (http://money.cnn.com/quote/quote.html?symb=GS&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2009/snapshots/10777.html?source=story_f500_link)) 29,400 workers when bonus season rolls around.
The average Goldman worker could end up taking home between 12 and 15 times the typical American family's income.
In the first half of 2009, Goldman reported compensation expenses -- reflecting the cost of salaries, benefits and severance payouts, as well as estimated year-end bonus payments -- of $11.4 billion. That's up from $8.5 billion in the first half of 2008 and $11 billion in the first half of 2007.
Were the firm to set aside bonuses at the same rate in the second half, the compensation pool would hit a record $22.8 billion -- and the average Goldman worker would stand to make $773,000 for 2009, more than doubling their 2008 take.
That would eclipse the $662,000 Goldman spent on its average worker in 2007, according to the firm's regulatory filings. Median household income was $50,233 in 2007, according to the most recent Census Bureau data.


Tax payers money hard at work.

07-15-2009, 09:57 AM
Tax payers money hard at work.

Just like this...

When compared to other Organization for Economic Co-Operation and Development (OECD) countries that have publicly funded, universal access health care systems, evidence suggests that the Canadian model is inferior, say the authors of a new Fraser Institute study.


Estimates indicate that Canada spends more on health care than all OECD nations with "universal access" health care systems save Iceland.
Canada does not rank first in any of the seven health care outcome categories or in any of the comparisons of access to care, supply of technologies, or supply of physicians.
Canada is the only country in the industrialized world that outlaws a parallel private health care system for its citizens.
On an age-adjusted basis, Canada has among the fewest number of physicians in the OECD:

Canada ranks 24th out of 28 countries with 2.3 doctors per 1,000 people for a total of 66,583 doctors; only Turkey, Japan, the United Kingdom and Finland have fewer doctors.
To be comparable to first-place Iceland, Canada would need 57,071 more doctors than it had in 2003.

In 1970, when public insurance first fully applied to physician services, Canada placed second among the countries that could be ranked in that year.

The overwhelming evidence is that, in comparative terms, the Canadian system produces longer waiting times, and is less successful in preventing death from preventable causes, and costs more than almost all of the other systems that have comparable objectives. To improve on this underperformance, say the authors, the system needs to emulate the more successful models of universal care -- such as allowing privately funded purchases and private medicine.


07-15-2009, 01:50 PM
And what does that have to do with the US economic stimulus plan?

07-15-2009, 02:25 PM
I was showing another example of taxpayers money hard at work.

07-15-2009, 02:32 PM
They pay out bonusses now?

07-15-2009, 02:40 PM
White flag accepted

07-15-2009, 02:43 PM
Why? You are trying to compare a private company who accepted bail out money against a public system funded by the government.

07-15-2009, 02:52 PM
I know a fellow working in IT at Goldman Sachs who got a $250,000 Christmas bonus 2 years ago.