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Goldmine Sachs: £142,600 ($200,000) bonus for everyone

Front page news in UK newspaper for the masses, the Daily Mail:

"Goldmine Sachs: As jobless toll soars, investment bank's bonuses for staff are cut to a MERE £4.3 billion ($6 billion)

"Investment bank Goldman Sachs is to pay £4.3 billion in bonuses to its City workers. Despite the financial crisis and the spectre of soaring unemployment, staff at the bank will get an average of £142,600 each."

Nothing like jealousy is there?

As a front page headline, the Mail is saying that the Goldman bonuses is more important than the Bernie Madoff affair, the Fed cutting interest rates to nothing, BAA being forced to sell Gatwick and Stansted, the jailing of Rhys Jones's killer for 22 years or even that Rhys's killer's mum is a hooker (yes, that last one is from the Sun).

Anyways, back to the Goldmans story, it already has over 75 comments, including:

"I work for Goldman Sachs and I'm one of those people getting a big bonus. But you have to all remember that it's based on how much money I
made the company over the last 12 months. Hedge Funds actually did
quite well and with share prices falling it was like a Harrods sale on
the FTSE. Long term I'll make even more. I did my job well and I'm being rewarded so what's wrong with that? 
Moan all you like, but I'm off to the Maldives to celebrate coming through a tough year."  That one is from How to Lose Friends and Alienate Peope star Steven.

With a $2.12 billion loss, it's not a bad payoff for the world's worst year of banking results.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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