December 18, 2006

Wall Street awards itself billions in Christmas bonuses Link: Wall Street awards itself billions in Christmas bonuses. Wall Street is awarding itself tens of billions in bonuses this winter. The fantastic amounts of money being handed out to investment bankers, securities traders and the like is symptomatic of the vast social divide that blights every aspect of American life. Investment bank Goldman Sachs is leading the pack. The firm reported an increase in quarterly earnings of 93 percent and will distribute some $16.5 billion in bonuses to dozens of its bankers and traders. The top “rainmakers,” as they are called, will each take home as much as $20 to $25 million just in bonuses, “while traders who booked big profits will take home a chunk of those profits, up to $50 million apiece,” according to a December 13 article in the New York Times. The report cited the comment of one New York-based investment firm, “Anyone at the bonus line at Goldman Sachs died and went to bonus heaven. It doesn’t get any better than this.” ... The staggering figure of $100 billion in total bonuses is more than twice the annual budget of the US Department of Housing and Urban Development and nearly twice the US Department of Education budget. Washington spends $20 billion annually on foreign aid to the entire world. The yearly budget of the City of New York, which employs 250,000 people, amounts to $50 billion. The $16.5 billion in bonuses at Goldman Sachs alone is more than New York City pays to educate...

Jodi Dean

Jodi Dean is a political theorist.

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