02.21.11

How to earn the most money: Have no socially redeeming value

Posted in Permanent Fail at 7:50 am by George Smith

A story indirectly celebrating the fact that the US doesn’t make anything but hookers, the unemployed and beer, that latter which is owned by Belgium, this article on the firms that pay the most.

It’s all financial services, legal manipulation and maximizing global warming and dirty water: Three legal firms, two energy companies, a small cancer-drug “biopharma” firm that doesn’t make anything anyone uses but which appears to be good at raising capital.

And Goldman Sachs:

Everyone knows Goldman Sachs pays big salaries and jaw-dropping bonuses, but the firm’s other benefits are nothing to sneeze at either. Case in point: Goldman has funded employees’ retirement plans every year for more than 65 consecutive years. The current contribution is a dollar-for-dollar 401(k) match, up to 4% of salary, that maxes out at $9,800. Everyone is guaranteed at least $6,000 a year, regardless of what they put in.

Nearly 40% are lucky enough to have access to “wealth creation opportunities” that enable them to reap bounty from the firm’s investments. And more than 38,550 current and former Goldman employees have received stock since the firm’s IPO in 1999.

The DD band performed “Let’s Lynch Lloyd Blankfein” at Artscape in Pasadena on Saturday night.

It was applauded when I explained who Lloyd Blankfein was in the intro.

Everyone seems to understand Goldman Sachs is one of the villains. But they don’t know the people who run it which, perhaps, is part of the problem. However, once you tell them they’re modern Frankensteins or vampire squids …

Comments are closed.