Things are so bad at Goldman that one quarter of the firm’s partners are worth less than $5 million.
The firm is rushing to the rescue by lending money to employees so they can continue to subsist until times improve.
NYT: Goldman… is offering to lend money to more than 1,000 employees who have been squeezed by the financial crisis. The loans, offered via e-mail last week, could range from a few thousand dollars to hundreds of thousands.
Working at Goldman has long been regarded as a sure path to riches. But Goldman’s employees are losing money on their personal investments — particularly in Goldman’s own elite investment funds, which have been considered one of the perks of working at the bank.
(Don’t mean to be rude, but..are we sure they’re good for it? This is taxpayer money, after all.)