Goldman Sachs Employees Get Biggest Bonuses Ever
 Tuesday, June 23rd, 2009  by Connie T.

Image via Dave

Yes, you read that right: while millions of Americans are biting their nails over recent or potential layoffs, New York-based Goldman Sachs (the single largest recipient of AIG's bailout money from the Fed, to the tune of $12.9 billion) advised their London staff that they can look forward to bumper bonuses, and their biggest payouts in the firm's 140-year history.

What about the money owed to the U.S. government? Well, Chief Executive Officer Lloyd Blankfein for Goldman Sachs wrote to Congressional leaders that the company will repay $10 billion to the Treasury Department tomorrow.

That sounds good enough, but why resume - and increase even - the excessive compensation packages for executives that contributed to the financial crisis? And additionally, how did they come upon these sudden profits with the rest of the country still doggy paddling?

Easily, says Karl Denninger of the Market Ticker: "Let's remember that Goldman got roughly $10 billion in AIG-funded money to 'settle' CDS that their CEO said [were already] fully-hedged...and which would have had no material impact if AIG had gone down, mostly because they had collected nearly all of the hedge before AIG got in serious trouble. That is, they got paid twice - once with their hedge...and again by the government fiat, directed by Henry Paulson who coincidentally used to run Goldman."

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