Thursday, October 27, 2011

Occupy Wall Street reacts to Goldman Sachs pay cut

According to CNNMoney, Goldman Sachs has set aside $10 billion for staff pay so far this year, or roughly $292,000 per employee. Get out your hankie - that's down $78,000 from last year.

Sound like a big drop? Try telling that to the folks at Occupy Wall Street.
"I think it's ridiculous," said 31-year-old Amanda Seelen, a social worker who joined the gathering in Lower Manhattan on Tuesday. "I don't know how else to say it. It's ridiculous."

As the Occupy Wall Street rally stretches into its fifth week, inspiring similar demonstrations across the country and around the world, protestors have yet to coalesce around a single set of demands. They are clearly united, however, by their concerns about growing inequality and corporate excesses.

Few companies embody such excesses in the public mind more than Wall Street titan Goldman Sachs (GS, Fortune 500), which released its third quarter results on Tuesday and announced its second loss since going public in 1999.

Yet while the so-called vampire squid's profits are down nearly 75% for the first nine months of this year, its compensation expenses have only dropped about 25%.
As a share of overall revenue, these expenses are actually up 1% from last year, despite Goldman's weaker performance….

Read more at http://money.cnn.com/2011/10/20/news/economy/goldman_sachs_occupy_wall_street/

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