Goldman to triple exec's wages

[odlum833]

http://www.bbc.co.uk/news/business-12316309


I thought this behaviour was finished with the financial crisis. Taxpayers around the world are bailing these guys out yet some things never change. Fcuking crazy - so we just go back to the good old days? Bastards IMO.

[mexico86]

Yeah it's sickening, but it's not going to change until one of these (w)bankers gets lynched.

[odlum833]

No words I can say demonstrate my anger. If I said what I really feel about this id probrably be sued by these pricks.

[Night Hawk]

Yea baby!

[wjfox]

Originally Posted by odlum833

http://www.bbc.co.uk/news/business-12316309

Aww, good for Lloyd Blankfein. I'm so happy for him. Now he'll be able to buy another luxury gold-plated yacht, several new sports cars, a mansion, a private jet and whatever else he wants. He's clearly worked hard and deserves to earn 400 times more than the average person, because that's obviously totally fair and makes for a happy, healthy society with no social problems whatsoever. Yes, the rich should be given absolutely gargantuan salaries, and rewarded with the equivalent of lottery wins for doing their job, while millions of ordinary hard-working people see their wages stagnate, lose their homes, end up on the streets and dying of starvation. Because rich people are more important than everyone else, and deserve to have their arses kissed over and over again. Yes, sounds totally fair to me.

/rant

[blahblah]

Yep. Bankers are 'Bankers', 'James Blunts', and many other things. But, lets not forget that their UK Employees will be:-

• Paying top rate income tax (Really interesting link!)
• Paying £1.60 duty on every bottle of champaigne they drink
• Paying tax on the full price of their company cars becasue from this (2011/2012) tax year, the £80,000 limit in p11d is being abolished*
• Paying fuel duty & P11d tax for fuel in driving their Rollers, Bentleys etc.
• Paying VAT we get on all the expensive clothes, watches and jewelry they buy.

*p11d is how tax is paid on company cars. The cost of the car is multiplied by a factor based on the car's CO2 emissions to give a 'Benefit in Kind value' - the person then pays 20% of this in tax if a lower rate tax payer and 40% of this if a higher rate tax payer.

It used to be the case that someone in a £1.2M Bugatti payed the same p11d tax as someone in a top of the range Beemer or watever. Now the £80k limit has gone, they'll be paying the for the full price of the car.

But they're still a bunch of cunts, I agree.

[Paddington]

When I was at Cornell, getting an investment banking position at Goldman Sachs was the single most sought after job. Probably hundreds of people from all sorts of educational backgrounds turned out to apply for 2 positions.

[Caiman]

The CEO of Marks and Spencer will earn £15 million in his first year.

[blahblah]

I have absolutely no problem with that at all.

In addition to the taxes the CEO will pay that I mentioned a few posts earlier...

• M&S Played no part in fucking up our economy
• M&S Is registered in the UK & pays corporation tax in the UK
• M&S is listed on the FTSE100 - so contributes to everyone's pension
• M&S empolys around 71,000 people in the UK
• M&S Is one of the companies who has pledged to take on additional staff this year to aid the recovery.

Good 'on him. Good 'on M&S.

[gothicform]

Originally Posted by blahblah

I have absolutely no problem with that at all.

In addition to the taxes the CEO will pay that I mentioned a few posts earlier...

• M&S Played no part in fucking up our economy
• M&S Is registered in the UK & pays corporation tax in the UK
• M&S is listed on the FTSE100 - so contributes to everyone's pension
• M&S empolys around 71,000 people in the UK
• M&S Is one of the companies who has pledged to take on additional staff this year to aid the recovery.

Good 'on him. Good 'on M&S.

you should do. why should 5% of the profit of m+s go to one man??? it's a limited company not an LLP! myself, and many other m+s shareholders sold in disgust. that company was supposed to be run for us and our benefit. there was a massive small shareholder uprising against his appointment. of course, if you're cool with someone getting paid over twice what the last guy before company performance is taken into account i'd love to be the MD of a company you're a major shareholder in.

goldman sachs is a classic example of this.
1) their profits are falling
2) the company is owned by the shareholders
3) executive pay is rising
4) company dividends are reduced to pay for executive pay
5) small shareholders vote against the renumeration packages
6) large financial companies who own vast amounts of shares on our behalf vote for them
7) returns shrink for investors because of the expense of executive pay

numerous laws on the regulation of companies say very clearly that they are supposed to be run entirely for the benefit of point 4, these laws are now flouted. many companies actually have the majority of shareholders vote against the company renumeration in meetings and guess what happens? nothing! that's because the board doesn't actually have to listen to the shareholders. that's how utterly messed up things are now.

[desertpunk]

In Goldman Sachs World, $15 million is a pittance. For 2007, Blankfein got $68 million in pay. For 2008, that was cut substantially ($1.1 million) under pressure from government and media watchdogs even though Blankfein had steered GS clear of the worst of the financial meltdown. BTW, A hedge fund manager with his pedigree could earn hundreds of millions. GS shareholders WANT their leaders well compensated because that corroborates with a solid performance overall. And since much of their compensation package is stock options, they only reward themselves if they perform. Where GS disappointed for 2010 was the bond trading desk. The muni bond market has been savaged and that was a large part of that operation. All other cylinders are firing nicely. The guy from M&S is way overpaid. He doesn't do what Blankfein does, he doesn't make markets. Shareholders there should revolt and demand a new board as well as a new CEO. Any retail executive in the west who earns more than $5 million in pay is clearly suspect. Margins are slim and growth will be stunted for many years as consumers deleverage. There's no excuse for that kind of pay.

[Rigadon]

Walmart makes more money than Goldman Sachs.

[desertpunk]

Originally Posted by Rigadon

Walmart makes more money than Goldman Sachs.

Walmart is huge but its growth has slowed. It's main beneficiaries are the Waltons who are each worth nearly $30 billion.CEO Mike Duke earns $35 million a year. More than twice what Lloyd Blankfein makes. I think he's overpaid given the decline in growth and the pull on earnings.