Saturday, December 18, 2010

Goldman Sachs Pay Out $111 Million in Bonuses Despite Taking Billions in Bailout Money

Goldman Sachs bosses are to pick up $111million in bonuses in an 'outrageous' pay deal that flies in the face of the worst recession for 80 years.

The investment banks' chief executive Lloyd Blankfein and president Gary Cohn will get $24million each under the bumper agreement that will see thousands of others get huge rewards.

The bonuses were agreed in 2008 months before Goldman took $10billion of U.S. bailout money, but due to technicalities there is no way to stop the bank from paying them out.'


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