“Happy days are here again,” at least at Goldman Sachs, said Henry Blodget in The Business Insider. Goldman announced a much-better-than-expected $1.7 billion profit last quarter and a “brilliantly timed” $5 billion stock offering to help it pay back the Treasury. Freed from the government’s “TARP shackles,” Goldman will be able to snap up talent and clients, and leave its competitors in “the disgraced Wall Street mud.”
Goldman should have no trouble retaining employees, said Heidi N. Moore in The Wall Street Journal, since it set aside $4.7 billion for salaries and bonuses—half of its quarterly revenue and an increase over a year ago. The pay hikes, spread among fewer employees, and the company's increasing risk-taking are “a sure way to tick off the government.”
If you’re furious at the bonus-happy banks, you can hurt them—and help yourself—by paying off debt and saving more, said David Weidner in MarketWatch. Becoming “less enslaved” to the banks cuts down on those fees they collect, and “they feel it.” If banks want to “pay off bailout cash,” fine. But there’s no need to help them “more than you already have."
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Why the West should let Russia have eastern Ukraine
- What would a U.S.-Russia war look like?
- Why you should stop believing in evolution
- The amazing resurrection of Mitt Romney
- The dangers of our passionless American life
- The real reason conservatives should be outraged that police killed a white youth
- 4 strategies for organizing your money, based on your personality
- The essential techniques that every home cook should know
- 7 grammar rules you really should pay attention to
- How America's broken immigration system is failing the military
Subscribe to the Week