As featured on p. 218 of "Bloggers on the Bus," under the name "a MyDD blogger."

Thursday, July 02, 2009

It's Good To Be The King

The loss of 467,000 jobs last month and the loss of practically every single job created this decade aside, at least some employees are back in business.

Business is back on Wall Street. If the good times continue to roll, lofty pay packages may be set for a comeback as well.

Based on analysts' earnings forecasts for 2009, Goldman Sachs Group Inc. is on track to pay out as much as $20 billion this year, or about $700,000 per employee. That would be nearly double the firm's $363,000 average last year, and slightly higher than the $661,000 for the average Goldman employee in fiscal 2007, according to analyst estimates reviewed by The Wall Street Journal.

Well, that was a close one! For a second I thought the banksters would have to SUFFER for the damage they caused blowing a hole in the global economy. Thankfully, that task will fall only to the rest of the population.

By the way, you really shouldn't miss Matt Taibbi's epic takedown of Goldman Sachs, arguably the most devious actor in this whole mess, in the latest issue of Rolling Stone. They haven't put it on their website yet, but Zero Hedge has a very hard-to-read copy. It's a comprehensive look at Goldman's increasing ubiquity throughout practically all of modern life, and their role in manipulating Wall Street and K Street to get favorable outcomes. Goldman is like the Borg, and the ruling class has been assimilated. Needless to say, Goldman's none too happy about having their agenda exposed. Taibbi responds here. He's one of the only journalists who would dare to write this story, and he should be credited for that.

...Taibbi's article is on the Rolling Stone site. But I agree with those in comments, anything that can be done to support Taibbi's work in this matter ought to be encouraged. Also, he appears to have stumbled upon a very serious issue about Goldman Sachs front-running its clients, which is basically buying a stock before executing a large trade for its clients and taking the profit.

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