Newspaper critical of Goldman Sachs bonus mentality

Ireland News.Net
Monday 23rd November, 2009

The New York Times has damned Goldman Sachs for its role in the financial crisis and has told it to pay the government rather than its big bonus employees.

In an editorial, the Times said the bank should stop giving extra money to its employees and instead make a multibillion-dollar gift to help reduce the US national debt.

The editorial, published on Sunday November 22, attacked Goldman for its failure to issue an apology for the investment bank's part in creating the financial crisis.

It was highly critical of Goldman's awarding of bonuses related to profits, which the paper said had only been possible because of the government bailout.

The paper also cited the company's ability to set aside $16.7 billion for bonuses this year after receiving a $10 billion government bailout plus payments and collateral in relation to the government bailout of American International Group

It said Goldman Sachs should do much more to help small businesses and the taxpayers which helped it out in its time of need.

The Times suggested that the Federal Bureau of Public Debt accepts tax-deductible donations to reduce the national debt and urged Goldman to participate.

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