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Banks had a good year= big bonuses. Thats how it should be, it annoys me that the "main street masses" cannot understand that. the banks paid back TARP and if the shareholders are not in revolt over this, who cares about the public. Unless they need another bailout in the near future there shouldn't be a problem. I mean when Blankfein is doing God's work- who are the masses to question God himself?
You should also consider that a huge part of the business at the banks stems from the financial crisis for which the banks are partly to blame. I can understand that the overall public is unhappy when banks earned tons of money in recapitalizations which were required due to the economic downturn. Also look at the historically low interest rates. These rates where set to save the banks and the wider economy. And certainly the banks do benefit from them right now. What I am saying is that banking this year was not particularly well because the banks did such an extraordinary job but mostly because they benefited from the mess they partly created.
how did they calculate this:
Goldman Sachs is expected to pay its employees an average of about $595,000 apiece for 2009, one of the most profitable years in its 141-year history. Workers in the investment bank of JPMorgan Chase stand to collect about $463,000 on average.
and are the $595,000 and $463,000 all-in-comp numbers?
total compensation paid / # of employees
It's a useless number because it's extremely skewed by all the senior people making millions. And as far as I know, they convert everything (like stock) to dollars to make it seem extra outrageous.
Why do they convert stock into $? Seems like they'd want to make the # as low as possible for PR purposes
Yep. Back office got 5k. CEO gets 20 million. Average = 500k
wow, that's so stupid...
Exactly--the numbers reported in the media are radically sensationalized. Not a single analyst or associate is going to be getting 600k at Goldman. VPs/EDs/MDs/Partners will. They'll get 500k-25MM, but it's not going to be in cash. But middle-America morons like simple numbers. And the bigger the number, the more people will care. And the more people care, the more they're likely to read/watch the trash the media is espousing. What number would you use if you were a journalist?
It's a NY times article. These are newspapers you retard. The banks do not own NYT or WSJ or the media.
As little attention as possible should be paid to sensationalized rubbish numbers people like NYT churn out to sell newspapers...
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