Help the Goldman bankers spend their loot
—Posted by Brian Morrissey |
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Like these guys need free breakfasts.
They're the only ones who could afford the average 3000/mo 1 br apts.
Posted by: Foozer | Dec 19, 2006 2:38:32 PM
Whatever they get, they deserve it. 9.4 billion profits? Wow.
You think I would get anything if my agency won new business? Please. Most likely the CEO and his partner in crime would take all the credit.
Posted by: Jerry | Dec 19, 2006 4:39:37 PM
I don't get it. They made $9.4 billion in profit, so they're shelling out $16.5 billion in bonuses? Doesn't that then put them $7.1 billion in the red?
Posted by: catsav | Dec 19, 2006 8:18:52 PM
I don't get it. They made $9.4 billion in profit, so they're shelling out $16.5 billion in bonuses? Doesn't that then put them $7.1 billion in the red?
----------------------------------------------
The bonus figure is deducted before profits are announced.
Posted by: Rocket Scientist | Dec 19, 2006 9:48:50 PM
Jerry, you think they really deserve it?
Then we in advertising should be raking it in.
I know for a fact that some of us put in more hours creating multimillion dollar-grossing work for clients, while most measly ad salaries remain less than a metermaid working overtime.
Posted by: BillBernbachonwouldbeonfoodstampsin06 | Dec 19, 2006 11:25:05 PM
Says so much about country too...
Goldman Sachs gets a free breakfast as a reward for making millions for themselves and their shareholders.
Meanwhile, homeless people go starving.
Posted by: Eyesopen | Dec 19, 2006 11:33:49 PM
"Jerry, you think they really deserve it?
Then we in advertising should be raking it in.
I know for a fact that some of us put in more hours creating multimillion dollar-grossing work for clients, while most measly ad salaries remain less than a metermaid working overtime."
The key part of your post is: 'creating multimillion dollar-grossing work for clients.'
Your clients don't pay your bonus. GS traders and bankers are making huge money for GS (as well as their clients). If your agency was scoring GS-sized profits as a result of your work, then yes, you should be raking it in. Instead they are just billing the client by the hour, so there is a cap on the upside. In banking and trading, there really is no cap (and no floor either in some strategies).
Posted by: Bud Fox | Dec 20, 2006 9:18:55 PM
It really amazes me the amount of Goldman bashing that goes on every bonus season. Since when did we become a socialist nation? If anything, Goldman is a model of what the worker-employer contract should be all about. You make tons of money for your employer, shareholders, and clients, and in turn your employer gives you a fat cut of the profits. It's really that simple. If Goldman were sucking wind those bonuses would disappear faster than you can say boo. So, the employees are really more like partners - in fact there is a golden circle of 400 or employees who are called partners. In my opinion, this is the best model for creating motivated employees I have come across.
Posted by: Dale Carnegie | Dec 23, 2006 11:28:58 AM
Maybe we should all stop bitching about petty agency politics and yell a collective:
SHOW ME THE MONEY
to awaken our quickly stagnating salaries in comparison with other professional industries.
Posted by: Gore | Dec 26, 2006 12:46:33 AM
