Wall Street Rulers See Their Earnings Soar Up the Sky
Goldman Sachs Group Inc. paid its chairman and chief executive, Lloyd Blankfein, about $54 million for 2006, a record for Wall Street bosses who are harvesting their share of bull-market bounty....
An article on wall street journal roared yesterday. With more competition to get the talented and intelligent CEO, wall street is moving towards a hyper-inflation in its paychecks given to the top officials. It is not just Lloyd Blankfein whose pay saw a surprising rise this year, John Mack of Morgan Stanley also accumulated US$41 million in 2006.
Holy cow!!!
How do they pay such a sum to a single person? How much profits do these firms make? How much do other workers get? Definitely these questions are natural...
However, a closer look at what these people have accomplished during their time in the company will probably clear some of these questions. Wall Street reports:
Mr. Blankfein's pay package reflects the firm's performance atop the Wall Street heap over the past year, when its profits rose 70% to $9.54 billion and its stock price surged 59%, increasing its stock-market value by $31 billion.
So, does he deserve such an amount? It is all upto you to decide and I have no absolute answer. There are several other factors which I would consider to say "Yes" or "No"
An article on wall street journal roared yesterday. With more competition to get the talented and intelligent CEO, wall street is moving towards a hyper-inflation in its paychecks given to the top officials. It is not just Lloyd Blankfein whose pay saw a surprising rise this year, John Mack of Morgan Stanley also accumulated US$41 million in 2006.
Holy cow!!!
How do they pay such a sum to a single person? How much profits do these firms make? How much do other workers get? Definitely these questions are natural...
However, a closer look at what these people have accomplished during their time in the company will probably clear some of these questions. Wall Street reports:
Mr. Blankfein's pay package reflects the firm's performance atop the Wall Street heap over the past year, when its profits rose 70% to $9.54 billion and its stock price surged 59%, increasing its stock-market value by $31 billion.
So, does he deserve such an amount? It is all upto you to decide and I have no absolute answer. There are several other factors which I would consider to say "Yes" or "No"
