Atlas Shrugged: The Mocking

Tuesday, November 6, 2012

It's Mine, All Mine!

The 1% will never have enough.
Goldman Sachs has dropped 33 partners since it last disclosed the number of elite bankers at the firm, according to regulatory filings. Being a Goldman partner is one of the most coveted positions on Wall Street, unlocking access to a lucrative compensation scheme on top of the prestige the title holds. The bank's partners own more than 11% of shares between them, valued at more than $6bn (£3.7bn). But as Goldman looks to slash costs, it has cut partners. According to the outgoing chief financial officer, David Viniar, up to 20% of Goldman partners typically leave every two years. High-profile partners including David Heller and Ed Eisler, two co-heads of Goldman's securities business, and Lucas Van Praag, the bank's long-time communications chief, have left the bank. Some partners appear to have chosen to drop their coveted status in favour of retaining their jobs. Since the end of 2010, the bank has cut more than 3,000 employees worldwide as it seeks to reduce annual expenses by $1.9bn.
Gosh, Goldman, Sachs must be hurting. Why else would they cut costs, depriving the 9% of their hard-earned rewards?
Goldman's revenue more than doubled in the previous quarter, to $8.35bn, from $3.59bn during the same period a year ago. It has set aside $10.97bn for compensation this year, up 10% from a year ago. The sum equates to $336,442 per employee, up 15% from $292,836 per worker during the first nine months of 2011.
They will never stop until they have it all.


Anonymous said...

At the toppermost level, they are competing with each other.

My 10 million dollar bonus is nothing next to the status loss and shame caused by the fact that the guy in the next office got 20 million.

There can never be "enough", because place in the status hierarchy is all that matters. No matter how much you have, if someone else is "ahead" of you , then you've "lost" and must suffer the symptoms of depleted testosterone until such time as you can lie, cheat and steal your way back on top.

Susan of Texas said...