Wednesday, December 13, 2006

Bonuses

I heard today that Goldman Sachs announced that they are reserving 16.5 billion dollars for bonuses and salaries. Yes, that's a b.

The article I read said it works out to be over 600,000 per employee though of course executives and the big-shot investment bankers will probably be getting the bulk of the money. Still, that's a lot of money no matter how they split it up. I can't imagine getting a check for hundreds of thousands of dollars, let alone the 8-figure checks the top people will be getting.

Apparently this is all due to the fact that GS increased profits by 93% last year, to 9.34 billion. Erasing, I would hope, any doubt as to who exactly is making all the money on Wall Street.

I'll give you a hint, it isn't the average investor.

3 comments:

Bill Roehl said...

Why oh why do I work for the State?

Steve Eck said...

I liked how the end of the New York Times article was mainly talking about all the luxury businesses around Wall Street that are expecting increased business while all the investment bankers look for ways to spend their bonuses.

Bill Roehl said...

My wife's bonus was 15% less than last year :(

Mine was unchanged ;)