Andrew Cuomo’s new report on bank bonuses–“No Rhyme or Reason: The Heads I Win, Tails You Lose Bank Bonus Culture“–could just as easily be titled, “In defence Of Goldman: $4.82 Billion In 2008 Bonus Awards Seems Modest Compared To These Other Pigs.”
Let’s start with Citigroup, the zombie bank that lost more than $27 billion last year.
Citi doled out a bigger pool of bonuses than Goldman. The top 11 recipients received a combined $77.25 million — and that’s without even having paid the castle-owning Andrew Hall his $100 million.
Then there’s Merrill Lynch! Merrill’s top 14 bonus “earners” last year made a combined quarter-billion dollars, considerably more than anyone else’s top 14. (The Cuomo report is “bundled” such that it lends itself to comparing Top 14 lists, for whatever reason.)
JP Morgan handed out the most million-dollar-plus bonuses last year–to 1,626 employees. Perhaps this sum was justified by the bank’s patriotic federally-subsidized buyouts of Bear Stearns and Washington Mutual.
Goldman’s Blankfein barely doled out half the million-plus bonuses JP Morgan’s Jamie Dimon did. Yes, the firm’s a lot smaller, but still…. Why did Goldman get all the vilification here?
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