As the Occupy Wall Street movement that began in downtown Manhattan’s Zuccotti Park enters its second month, the giant Goldman Sachs investment bank announced October 19 that it had set aside $10.01 billion so far this year for year-end compensation and bonuses. At the same time, the bank reported a third quarter loss of $428 million, only the second time since Goldman went public in 1999 that it has reported a loss.
Goldman Sachs’ plans for mammoth year-end payouts only underscore the enormous inequality between the 1 percent represented by the investment bank and the financial industry’s top “earners” and the vast majority of the population.
via www.wsws.org
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