Goldman to make record bonus payout

[Ernst Debets]

REPLY TO: D66 at nic.surfnet.nl

Ofwel: de een z'n dood is de ander z'n brood.
Goldman is nog even arrogant als de afgelopen jaren voor de kredietcrisis.
En ik als bankier maar jarenlang denken dat Goldman Sachs vergeleken met
andere investment bankiers de "gentlemen" bankiers waren, terwijl Morgan
Stanley doorgaat voor "alley cats" (straatvechters). Het wordt denk ik tijd
om deze zienswijze maar te herzien. Blijft natuurlijk het feit dat van de
"grote 4" in deze branche (Goldman Sachs, Lehman Brothers, Morgan Stanley en
Merrill Lynch) er nog maar 2 over zijn. Lehman is failliet en Merrill Lynch
is bijna failliet overgenomen. Het tij heeft dus Goldman ook meegezeten,
maar dit is nog geen reden om je zo arrogant te gedragen..

Ernst Debets/
Zaanstad 

-----Oorspronkelijk bericht-----
Van: owner-d66 at nic.surfnet.nl [mailto:owner-d66 at nic.surfnet.nl] Namens
ceesbink at xs4all.nl
Verzonden: zondag 21 juni 2009 17:52
Aan: D66 at nic.surfnet.nl
Onderwerp: Goldman to make record bonus payout

REPLY TO: D66 at nic.surfnet.nl

Ben benieuwd wat er gaat gebeuren als Goldman dit bekend maakt.

Kon wel eens hun slechtste jaar in de publieke opinie worden ;)

Groet / Cees

http://www.guardian.co.uk/business/2009/jun/21/goldman-sachs-bonus-payments/
print

Goldman to make record bonus payout

Surviving banks accused of undermining stability

Staff at Goldman Sachs staff can look forward to the biggest bonus payouts
in the firm's 140-year history after a spectacular first half of the year,
sparking concern that the big investment banks which survived the credit
crunch will derail financial regulation reforms.

A lack of competition and a surge in revenues from trading foreign
currency, bonds and fixed-income products has sent profits at Goldman
Sachs soaring, according to insiders at the firm.

Staff in London were briefed last week on the banking and securities
company's prospects and told they could look forward to bumper bonuses if,
as predicted, it completed its most profitable year ever. Figures next
month detailing the firm's second-quarter earnings are expected to show a
further jump in profits. Warren Buffett, who bought $5bn of the company's
shares in January, has already made a $1bn gain on his investment.

Goldman is expected to be the biggest winner in the race for revenues
that, in 2006, reached £186bn across the entire industry. While this
figure is expected to fall to £160bn in 2009, it will be split among a
smaller number of firms.

Barclays Capital, Credit Suisse and Deutsche Bank are among the European
firms expected to register bumper profits, along with US banks JP Morgan
and Morgan Stanley following the near collapse and government rescue of
major trading houses including Citigroup, Merrill Lynch, UBS and Royal
Bank of Scotland.

In April, Goldman said it would set aside half of its £1.2bn first-quarter
profit to reward staff, much of it in bonuses. It is believed to have paid
973 bankers $1m or more last year, while this year's payouts are on track
to be the highest for most of the bank's 28,000 staff, including about
5,400 in London.

Critics of the bonus culture in the City said the dominance of a few
risk-taking investment banks is undermining the efforts of regulators to
stabilise the financial system.

Vince Cable, the Liberal Democrat treasury spokesman, said: "The
investment banks more than any other institutions created the culture of
excessive leverage, excessive risk and excessive bonuses that led to the
downfall of the financial system. Now they are cashing in and the same
bonus culture has returned. The result must be that we are being pushed to
the edge of another crash."

Goldman Sachs said it reviewed its bonus scheme last year and switched
from a system of guaranteed rewards that were paid over three years to
variable payments that tied staff to the firm. It told employees last year
that profit-related bonuses would be delayed by 12 months.

Until the release of its first quarter profits in April, it seemed
inconceivable that a firm owing the US government $10bn would be looking
to break all-time records in 2009.

David Williams, an investment banking analyst at Fox Pitt Kelton, said:
"This year is shaping up to be the best year ever for investment banks, or
at least those that have emerged relatively unscathed from the credit
crisis.

"These banks are intermediaries in the bond markets where governments and
companies are raising billions of pounds of new money. There is also a
lack of competition that means they can charge huge sums for doing
business."

Last week, the firm predicted that President Barack Obama's government
could issue $3.25tn of debt before September, almost four times last
year's sum. Goldman, a prime broker of US government bonds, is expected to
make hundreds of millions of dollars in profits from selling and dealing
in the bonds.

    * guardian.co.uk © Guardian News and Media Limited 2009

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