The September 2009 quarter has helped Goldman Sachs to make record profit of three billion US dollars, and it has set aside nearly 7,00,000 US dollars per employee as bonus for this year. And the 31700 employees will be receiving the massive bonus amount over the coming few months.
It is indeed disheartening to note that the US government does not have any control over an organization which survived only on nearly sixty billion dollars of bailout money from the taxpayer’s money. There are enough people in US, must be over 50% of the public, who want the US government to reign back these organizations from using public money for taking unacceptable risks. The total banking setup needs to be revamped on an urgent basis, if the US wants to avoid another Lehman Bros type of a big bank failure.
The wild swing in Goldman Sachs profits might go the other way round this quarter or the next, and by that time the US government may not be able to use taxpayer’s money to bail it out.