Cafferty File: Goldman Sachs may make its largest bonus payouts ever

Crooks and Liars has the video. Here’s a snippet of Cafferty:

Goldman Sachs is on track to make the biggest bonus payouts in the company’s 140-year history — according to a report in the British newspaper ‘The Guardian’. Goldman staff in London were reportedly told that they could expect record bonuses if the company — as predicted — has its most profitable year ever.The investment bank’s earnings are up for several reasons — including a lack of competition, along with increased revenue from trading foreign currency, bonds and fixed income products.

Just last week Goldman Sachs repaid the government the $10 billion in TARP money it had received — which would leave it free to do whatever it wants. Yet the company is denying these reports about record bonuses, calling them “pure speculation.” They say they won’t know what bonuses will be until the end of December.

But the company’s CEO told lawmakers recently that the firm is obligated to “ensure that compensation reflects the true performance of the firm and motivates proper behavior.”

Critics say the culture of excessive risk and excessive bonuses is what brought down the financial system in the first place. Also, in light of the ongoing recession, record unemployment, foreclosures and a whole range of economic woes… some might wonder if this would be the best time for Goldman to pay out record bonuses.

It’s believed the firm paid $1 million or more to nearly 1,000 bankers last year.

CyberDisobedience on Substack | @aravosis | Facebook | Instagram | LinkedIn. John Aravosis is the Executive Editor of AMERICAblog, which he founded in 2004. He has a joint law degree (JD) and masters in Foreign Service from Georgetown; and has worked in the US Senate, World Bank, Children's Defense Fund, the United Nations Development Programme, and as a stringer for the Economist. He is a frequent TV pundit, having appeared on the O'Reilly Factor, Hardball, World News Tonight, Nightline, AM Joy & Reliable Sources, among others. John lives in Washington, DC. .

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