Don't These Goldman Sachs Bankers Feel Ashamed With Their Pay And Bonuses??

And this is what so WRONG with Wall Street and this is why Bennie Should Really Go! : Goldman Sachs bankers on course for $19bn pay and bonuses

• Remuneration after bumper year looks set to spark controversy
  
  Richard Wachman and Phillip Inman The Observer, Sunday 6 December 2009
  
  Goldman Sachs will ignite a storm of controversy in the new year when it reveals that its bankers are on course to collect pay and bonuses worth $19bn (£11.4bn), despite 2009 being the worst year for the US economy in 30 years.
  
  The news comes as banks in Britain find themselves in the firing line after it emerged that 5,000 bankers stand to collect more than £1m each, sparking criticism from ministers who accused financiers of being out of touch as millions are thrown out of work amid recession.
  
  City sources say that the pay and bonus pot at Goldman is based on projected figures from Thomson Financial, published on Friday, which show that the investment bank is expected to generate net income of around $45bn.
  
  Analysts predict that 43% of that figure will be set aside for compensation to be distributed to the bank's 31,700 employees, 6,000 of whom are in London. Remuneration as a proportion of net income is expected to be lower than the average of 46.7% in the 10 years to 2008, partly as a sop to US public opinion.
  
  Brad Hintz, investment banking analyst at Sanford Bernstein, says: "Everyone inside the firm is aware there is more than enough money available to make everyone happy."
  
  Goldman has enjoyed a bumper year thanks to booming debt markets, a recovery in the oil price and a rise in the value of equities since January, with some indices up by 20%. The bank trades off its own account as well as on behalf of clients.
  
  Goldman's three leading executives, chairman Lloyd Blankfein, president Gary Cohn and chief financial officer David Viniar, will receive multi-million dollar payouts after forgoing their bonuses last year when the bank made a loss in the fourth quarter. Average compensation for the rest of the workforce will come in at about $743,000. The bonus culture is under attack on both sides of the Atlantic as it is blamed for having encouraged bankers to make reckless decisions during the credit boom that contributed to the near collapse of the financial system in 2008.
  
  Bonus payments are an especially sensitive issue as banks such as Goldman took government money during the height of the crisis. The move was designed to prevent another banking collapse following the demise of Lehman Brothers and Bear Stearns.
  
  In June, Goldman repaid $10bn of Treasury funding in order to free itself from onerous pay caps being imposed by the Obama administration.
  
  But, in a sign that Goldman is sensitive to a public backlash, the bank is prepared to pay staff largely in shares rather than cash.
  
  In Britain, the Financial Services Authority is telling banks to adhere to the principles laid out at the recent G20 meeting that call for bonus payments to be deferred and subject to claw back in the event of failure two or three years down the line. The G20 also called for stock awards rather than cash.
  
  Other investment banks, such as Barclays Capital, Credit Suisse and JP Morgan, are expected to pay huge bonuses to staff after a year in which their fortunes revived as the banking sector stabilised.
  
  In London, the row rumbles on over planned bonuses worth £1.5bn for staff at the investment banking arm of Royal Bank of Scotland where the state owns a 70% stake after a taxpayer bailout. Ministers have demanded a veto.

Yeah, What's Wrong With Our Financial Worlds?

This passage from the above posting just says it all!

• What’s wrong with financial-industry compensation? In a nutshell, bank executives are lavishly rewarded if they deliver big short-term profits — but aren’t correspondingly punished if they later suffer even bigger losses. This encourages excessive risk-taking: some of the men most responsible for the current crisis walked away immensely rich from the bonuses they earned in the good years, even though the high-risk strategies that led to those bonuses eventually decimated their companies, taking down a large part of the financial system in the process.

Exactly!

With such a system it merely encourages EXCESSIVE RISK-TAKING!

What a freaking wonderful world for these bankers, no?

They take their excessive risks and when they fail, they get bail-out! And when they do make profit, look at how much money they wants to be compensated with????

Dear Lord, I do hope miracles do happen and may this year miracle, see these insanely greedy, gutless and shameless bankers get their due and just punishment!