Say It Ain't So Already

“Job Creators” Care More About Bonuses Than Jobs

September 27, 2011 at 6:13 PM Leave a comment

Memo to the GOP:

Don’t talk to me about how the so-called “job creators” need fewer regulations and tax cuts in order to create those jobs we’ve been waiting for for the last ten years.

Far from creating jobs, the big boys are even downsizing their drinking cups for God’s sake to save money — not to create jobs — but to give bigger bonuses to their already filthy rich CEOs:

Wall Street is planning to lay off thousands of workers in a supposedly underperforming quarter, and Goldman Sachs is no exception, saying that it plans to cut $1.2 billion in costs by laying off 1,000 people, roughly 3 percent of its workforce. The mega-bank is also going after small savings by downsizing its drinking cups.

Even plants aren’t safe from the bank’s tightened budget. The London office removed potted plants, reportedly causing “disquiet” among employees and led “to a stand-off between the plant pickers and staff.” Morgan Stanley has also cut back on office foliage, while Bank of America skipped an annual field day.

However, the real measure of whether Wall Street is serious about cutting costs will be if bonuses go down during lean times. And so far, the chances do not look good. The New York Times’ Dealbook reports that banks, including Goldman, have set aside $65.69 billion for bonuses at the end year, an 8 percent increase over last year.

When was the last time you got an 8 percent raise?

Entry filed under: Corporatocracy, Don't Get Ripped Off, Fascist America, Fear, Financial Crisis, Obama -- Don't Count on My Vote, Repression, Republicans, Including Wingers & "Moderates". Tags: .