Thursday, 1 January 2015

The rewards of ticket clipping

The Daily Mail reports today that 121 UK staff of banker Goldman Sachs have picked up £3m packages – a total £367m pay bonanza for the London staff.
fat cats
The salary packages equate to nearly £60,000 a week – more than 120 times the average wage.
Deborah Hargreaves of the High Pay Centre said: ‘This is a classic case of trying to bury bad news. This behaviour just underlines the breathtaking arrogance of the banking industry which thinks it can get away with anything.’ John Mann, a Labour MP on the Treasury committee in the Commons, said: ‘Goldman Sachs will struggle to find a biblical justification for this greed. They obviously wanted to sneak this out when everyone was celebrating New Year’s Eve, hoping no one would notice. This just reinforces the message that the bankers that caused us so many problems are out of control and out of touch.’
The Goldman Sachs pay and bonuses, which are for 2013, were handed out just in time to beat a cap introduced by the European Union 12 months ago.
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