Posted on 07/19/2011 7:37:03 AM PDT by SeekAndFind
Goldman Sachs released some disappointing earnings numbers this morning.
In the report were details of the drop in compensation costs.
According to the report, compensation expenses -- which includes salaries, bonuses and benefits -- fell to $3.2 billion for the second quarter of 2011.
That represents a big 16% decline from this time last year.
Compare that to Q1 compensation costs this year, which clocked in at $5.23 billion and was only down 5% compared to Q1 2010.
(Excerpt) Read more at businessinsider.com ...
Cry me a river.
BOHICA America, here comes the bailout, GS has too many friends in government.
Oh for crying out loud, those leeches made their own bed, they can lie in it.
How much of Goldman Sachs’ problems are from a change in perception of what having “friends in government” means. It used to mean that you paid GS more, but then investments would go smoothly becuase of GS’s friends in government would help both GS and its customers. Does it now mean that the GS customer is likely to get screwed for the benefit of GS because those same friends in government that GS has cultivated (including rotating GS execs through the Department of Treasury) will support GS over anyone else?
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