Just a short blurb on why I'm in the wrong business...
"But that’s the beauty of working at a major investment bank. Performance doesn’t matter nearly as much as just showing up. Goldman booked $13 billion in pre-tax profits in 2010—a steep drop from the $20 billion the bank booked in 2009. Despite a precipitous drop in profits between 2009 and 2010 and a stock stuck in neutral throughout the year, the Goldman board of directors raised Blankfein’s base salary to $2 million, up from $600,000, and showered an extra $13 million in stock grants on Blankfein and his executive team.
Not bad for the executives of a bank forced to pay a $550 million fine after being accused by the SEC of duping its clients by selling them shares of a mortgage-backed security they allowed a hedge firm to secretly hand-pick. Still, this is hardly like the fat and happy subprime-mortgage days, when Goldman was buying toxic subprime mortgages and selling them to unsuspecting clients. In 2007, the year before the economic collapse, Blankfein made $68 million in stock and bonus money."
No comments:
Post a Comment