Foreclosure Crisis has Made the Employees of Goldman Sachs bask in the Richest Spoils the Bank has e

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One of the moguls on Wall Street is Goldman Sachs. Gus Levy - an honoured partner of the firm described it as "Greedy, but long-term greedy." Today critics are saying it is plain and simple greedy. While the ordinary American is fast losing hope about economic recovery in the near future, the employees of Goldman Sachs is basking in the richest spoils ever collected in all the 140 years of the bank's history.

The executives of Goldman cannot understand this criticism launched at them and say that there is no ground for it. But they cannot explain the staggering profits of the bank and outsize bonuses given out that is making the bank stand out in these dark days. For Goldman family it seems that the financial crisis was just a figment of everybody else's imagination.

Only a few months after returning bailout funds to the taxpayer Goldman is poised to dole out yearly bonus that will exceed its record largesse made in 2007 during the height of the housing bubble. In the previous six months the bank has ear marked $16.7 billion as compensation. Each of its 31,700 employees will get about $700,000 this current year. The top brass are geared to receive millions.

On Thursday 15th October Goldman released another bunch of healthy results. It noted a profit of $3.19 billion in this third quarter but everything became pale when the figures about the bonuses rolled in. Nearly half of its earnings has been set aside for its staff - this being the general practice in Wall Street. The bailout era does not seem to have changed that.

To many the success story of Goldman symbolizes the return of Wall Street to the wanton days of excesses. 2008 was a record year of tumult in Wall Street. But that did not prevent Goldman employees from pocketing rewards - something others only dream about. Goldman gave $4.2 billion in the form of bonuses in 2008. 953 members of the staff got a minimum of $1 million per head. 78 executives received a minimum of $5 million each. The carrots this time in 2009 will be even greater.

The employees however are aware of the fact that they are presenting a problem of public opinion and are wondering what can be done about it without cutting into their bulging pockets.

The chairperson and chief executive of Goldman, Lloyd Blankfein has the unenviable position of explaining the successes of a firm to a nation that has always glorified success.

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