Socialist Worker

Goldman Sachs does god’s work

Issue No. 2246

The boss of Goldman Sachs bank pocketed £12 million this year—almost double what he received last year.

Lloyd Blankfein, chair and chief executive of the bank, is one of the highest paid executives in the world.

He got a £3.4 million cash bonus, as well as shares and perks worth more than £8 million.

When challenged on his pay previously, Blankfein replied, “I’m doing god’s work.”

Fight for your right to a bonus

Deutsche Bank has declared it will fight for its “right” to avoid paying tax on any of its £92 million of bonuses.

The firm, which is part of the government’s “inner circle” of financial advisers, set up a complex offshore tax avoidance scheme in the Cayman Islands in 2004.

At a tax tribunal, Judge David Williams found the scheme was “created and co-ordinated purely for tax avoidance purposes”.

The company is appealing against the ruling.

New bailouts for bankers’ homes

Royal Bank of Scotland banker Paul Geddes’ cash is safe as houses—as the state-owned bank has pledged to buy his £3 million mansion if he fails to sell it.

The bailed-out bank gave the executive the “golden guarantee” on his Edinburgh pad as he moves south for a new job with the firm.

His seven-bedroom Victorian pile is believed to be one of the most expensive in the city.

And he is in line for another £2 million in shares.

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Article information

Tue 5 Apr 2011, 18:23 BST
Issue No. 2246
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