Goldman Sachs has had a record year in terms of employee earnings—The Wall Street Journal says Goldman’s 31,000 worker bees brought in an average of more than $700,000 each in 2009—and that would be better news for the firm if it hadn’t been on the receiving end of major federal funding from last year’s bailout.
Well, that public option idea keeps creeping back to the table as Congress debates the health care conundrum, but will it stick around? Does the federal government have the right to limit executive bonuses when taxpayers hold a majority interest in the company? And is President Obama wasting his time by tangling with Fox News? So many questions this week!
Unemployment rose to 9.5 percent last month, the highest level in 26 years. Meanwhile, Wall Street payouts are not dropping. Goldman Sachs will be shelling out a whopping $20 billion to its employees this year. As we enter the 20th month of this recession, unemployment is becoming a way of life for many, and the very same people who created this mess are still reaping the profits.