Goldman’s Gain, America’s Risk


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Published in The New York Time July 14, 2009 ”Room for Debate” by The Editors

Jeffrey A. Miron, an economist at Harvard, says this situation shows why governments should not be in the bailout business.

Having earned $3.44 billion in the second quarter, Goldman Sachs announced that it would be setting aside a compensation pool of $11.36 billion for the first half of 2009, or nearly $400,000 each, on average, for its roughly 29,400 employees and temporary workers. That level of per-worker compensation is close to what it was in mid-2007, when Wall Street was booming.

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