Goldman Sachs is ready to hand out a £7bn ($11.45 billion) bonus package for its 2008 year-end bonuses... after its £6bn ($9.83 billion) bail-out, it emerged yesterday.
The Daily Mail reports that Goldman Sachs is on course to pay its top bankers multimillion-pound bonuses - despite asking the U.S. government for an emergency bail-out.
Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3million ($4.9 billion).
The size of the pay pool comfortably dwarfs the £6.1billion lifeline which the U.S. government is throwing to Goldman as part of its £430billion ($703 billion) bail-out.
As Washington pours money into the bank, the cash will immediately be channeled to Goldman's already well-heeled employees. The same bankers who have brought the global economy to its knees seem to pocketing the same kind of rewards they got during the boom years.
[The Daily Mail]