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[omnislayer]

Poor guy, what will he ever do with that awful bonus.

I would be consider myself successful if I made a fraction that in my lifetime. Jesus Christ.

 

[Messypandas]

Wheres the Kickstarter? I'll pitch in what I can

 

[Vicetrailia]

He's highly talented so maybe he should start his own gig, Wolf of Wall Street style.

 

[War Peaceman]

Nobody needs this much money. Nothing he does is of remotely equivalent to the salary he earns (let alone the bonus).

 

[Neffarias_Bredd]

I wonder how much of those billions 'he made' would have been made by anyone else in that job.

I'm not saying everyone involved in the financial services industry is a parasite leaching from humanity... but I don't know how to finish that sentence.

You do realize that there are hundreds of jobs in the financial industry that don't involve ripping people off, right?

 

[entremet]

Nobody needs this much money. Nothing he does is of remotely equivalent to the salary he earns (let alone the bonus).

You can say the same thing about pro athletes and movie stars. But dem the breaks.

 

[Hasphat'sAnts]

He was underpaid, but he shouldn't cry about it because there's nothing stopping him from working at a hedge fund where he will be compensated exclusively on his contributions

 

[Septy]

I'm a bit surprised at all the Fuck you comments honestly. He generated $7 billion dollars, I would be pretty disappointed if my bonus ended up being much lower than previously communicated to me.

It's Goldman Sachs, a company up to its ears in causing the financial crisis of the last few years. This guy was heavily involved in mortgages, the entire thing that caused the problem. He was most likely heavily involved in creating packages involving junk mortgages, and selling them as safe investments, in order to swindle investors.

 

[clav]

You can say the same thing about pro athletes and movie stars. But dem the breaks.

Sadly, GAF gives them all free passes.

 

[Zoe]

He was underpaid, but he shouldn't cry about it because there's nothing stopping him from working at a hedge fund where he will be compensated exclusively on his contributions

His argument is the promise of the bonus kept him from seeking employment elsewhere.

 

[Omegasquash]

Excuse me while I pity the rich that aren't as rich as they want to be.

 

[E92 M3]

He's high up at Goldman. He's probably a mega douche.

But yeah, he's probably entitled to a bigger bonus.
Although much of what he did was probably heavily involved with the shit that went down in 2008.

What a Deebag.

All of these judgements about a person we DON'T know? I've noticed a lot of hate towards wealthy or successful people. We don't know what he did; we don't know his life; we don't know his wife; we don't know the hardships in his life.

Is it jealousy that fuels this hate?

Nobody needs this much money. Nothing he does is of remotely equivalent to the salary he earns (let alone the bonus).

Are you the authority on who needs what? He earned it so he gets it. Do you own Goldman Sachs and determine how much he needs to earn? How can you determine what is deserved? He is a wealthy guy, GOOD for him. He is smarter than the majority of people and managed to leverage his skills properly.

We should strive to be better, more successful than these type of people. Not hate on them. At least that's how I see it.

 

[Hitokage]

http://www.reuters.com/article/2014/03/21/us-goldman-finra-idUSBREA2K00Y20140321

Goldman Sachs wins pay dispute with former trader: filing

NEW YORK Thu Mar 20, 2014 8:12pm EDT

(Reuters) - Goldman Sachs Group Inc has won a pay dispute with a former employee known for his role in shorting the U.S. housing market in the run-up to the financial crisis, according to a arbitration ruling this week.

Deeb Salem, who worked on Goldman's mortgage trading desk, had been seeking more than $21 million in compensation as well as legal costs and other penalties, according to the ruling by a Financial Industry Regulatory Authority arbitration panel.

Salem filed the claim last April, and Goldman sought to dismiss it in June. The panel granted Goldman's request on March 17. The document was posted to a Finra database on Thursday.

Salem gained some notoriety after the financial crisis because a U.S. Senate panel included his own performance review for 2007. In the review, he detailed what he described as Goldman's plan to put a "short squeeze" on the mortgage market. He also described himself as an expert trader and said he deserved to be promoted to managing director.

"I am as competitive as Michael Jordan," Salem wrote, according to Senate documents. "I don't just want to win - I want to win every time and I want to steamroll the opposition."

In his Finra claim against Goldman, Salem said he deserved higher bonuses for 2010 and 2011, and a bonus and deferred compensation that he did not receive for 2012. He left the Wall Street bank that year to take a job at GoldenTree Asset Management.

Goldman declined to comment on the Finra dispute. Jonathan Sack, the lawyer representing Salem, said his client plans to file an appeal but declined further comment.

It's too easy to assume that "generate billions of dollars" actually means anything was really generated.

 

[DJwest]

Nobody needs this much money.

You guys need to think bigger. I can think of a million things I would do with all that money.

 

[War Peaceman]

You can say the same thing about pro athletes and movie stars. But dem the breaks.

Yes, and I would say the same applies to them. Though producing entertainment/art is of much higher value to society than what Goldman Sachs does.

You guys need to think bigger. I can think of a million things I would do with all that money.

Well, of course, but it would be better for society if the money was more spread out.

 

[entremet]

Yes, and I would say the same applies to them. Though producing entertainment/art is of much higher value to society than what Goldman Sachs does.

Very much incorrect. The financial industry allows new companies to get funding to solve huge huge problems. Not just entertaining you.

 

[Trojita]

“Let’s be very clear: I was one of the most sought-after investment professionals in the mortgage industry,”

Salem said his group put on a large short bet against the housing market, reaping billions of dollars for Goldman Sachs and helping it weather the financial crisis better than peers.

“In 2011, the U.S. Senate Permanent Subcommittee on Investigations said Salem and other Goldman Sachs traders tried to manipulate prices of derivatives linked to subprime home loans in 2007 for their own benefit. The subcommittee’s assertions were based in part on Salem’s self-evaluation, in which he wrote “we began to encourage the squeeze with plans of getting very short again after the short squeeze caused capitulation of these shorts.”

“The translation of that sentence is, you know -- is very different than it was, at times, made out to be,” Salem said at the hearing. “There’s no wrongdoing in that sentence.” Goldman Sachs denied any attempted manipulation. Traders “shorting” the mortgage market were betting that securities tied to homeowners’ ability to repay loans would decline. A “squeeze” describes efforts to move the price against short investors, driving them out of their positions.

Salem said the bank raised no objection to his discussion of trading at the time of his self-evaluation. He said he was told to be “a little bit more professional” in future evaluations after writing, “I am as competitive as Michael Jordan. I don’t just want to win; I want to win every time and I want to steamroll the opposition.”

This guy is basically the poster boy for poisonous trading and short betting the economy.

 

[Meier]

Mortgages. 2009 and 2010. This is the kind of guy who has fucked America.

 

[War Peaceman]

Very much incorrect. The financial industry allows new companies to get funding to solve huge huge problems. Not just entertaining you.

I said Goldman Sachs, not the financial industry. Also, people get very snooty about the value of entertainment to society, but what would life be like without it? (This is not to say that film stars, sportsmen etc. aren't excessively paid)

 

[Hitokage]

Very much incorrect. The financial industry allows new companies to get funding to solve huge huge problems. Not just entertaining you.

Actually, even this is wrong. For example, the stock market is supposed to be a way to properly allocate capital, a means to an end, but now it's entirely used as an end in itself with bullshit like microtrading. The financial industry has had its head up its own ass since the 80's ever since such companies became public corporations and began seeing their own clients as targets of exploitation.

 

[postcyberpunk]

I am Jack's complete lack of sympathy.

Wait...mortgage broker?

I am Jack's boiling rage.

 

[Vicetrailia]

I said Goldman Sachs, not the financial industry. Also, people get very snooty about the value of entertainment to society, but what would life be like without it? (This is not to say that film stars, sportsmen etc. aren't excessively paid)

Just ask the Romans who didn't go without by any means, but didn't have as much respect compensation wise. Point is entertainment brings in the money, is highly soughtafter in our society, and is priceless to human nature.

 

[War Peaceman]

Just ask the Romans =P.

Hehe they still had chariot races, gladiatorial matches, festivals, theatre, etc.

EDIT: Saw your edit, yes I don't think we are disagreeing at all, got you mixed up

 

[kitch9]

I know, right? These guys are clearly being rewarded in proportion to their contribution to societal good

Can we be clear on this. People tend to get paid bonuses based on their own personal performance, not from the performance of others.

There will be traders who took a bath in the whole crash thing as they contributed to it and are probably now scraping the barrel, and there will be others who gained from the whole thing.

That's how it works.

 

[Zelias]

Sure wish I could get a $8m bonus.

 

[MJLord]

Sure wish I could get a $8m bonus.

I just want a house I'm not going to be paying off for the rest of my life.

 

[.GqueB.]

If I were in his shoes I'd likely feel the same way if I earned a company that much money and expected a certain amount as a result. 7 billion is a lot of scratch baybay.

 

[Dosia]

Boohoo. That guy can go fuck himself.

 

[jet1911]

All of these judgements about a person we DON'T know? I've noticed a lot of hate towards wealthy or successful people. We don't know what he did; we don't know his life; we don't know his wife; we don't know the hardships in his life.

Is it jealousy that fuels this hate?



Are you the authority on who needs what? He earned it so he gets it. Do you own Goldman Sachs and determine how much he needs to earn? How can you determine what is deserved? He is a wealthy guy, GOOD for him. He is smarter than the majority of people and managed to leverage his skills properly.

We should strive to be better, more successful than these type of people. Not hate on them. At least that's how I see it.

It's extremely hard for people who earn a "normal" salary to feel sorry for people like this guy. It's hard to feel empathy towards a guy who probably had a lot to do with the fucked up economy we are right now too.

 

[E92 M3]

It's extremely hard for people who earn a "normal" salary to feel sorry for people like this guy. It's hard to feel empathy towards a guy who probably had a lot to do with the fucked up economy we are right now too.

I never said we should feel sorry for him, but hating a man we don't know is judgmental and blind to the facts. On this site we are accepting of all type of people except the wealthy, apparently. It all comes down to some kind of internalized jealousy. Like I said, we don't know his life story and struggles.

GAF has a double-standard when it comes down to wealthy people.

 

[Neo C.]

He got bonuses in good times and won't take responsibility in bad times. Gotcha!

 

[Flying Toaster]

Deeb Salem, a former Goldman Sachs trader who said he helped the bank earn more than $7 billion, wants to be paid the almost $5 million difference between his 2010 bonus and what he told his mother to expect.

Salem said in an arbitration hearing that he was led to believe that his 2010 bonus would be $13 million, down from a $15 million award for 2009 when he was paid more than Chief Executive Officer Lloyd C. Blankfein. Instead, Salem said his bonus was unfairly docked because of a written warning he received about his 2007 self-evaluation.

Salem, 35, said the $8.25 million bonus for 2010 didn’t reflect his contributions, while Goldman Sachs argued he was aware that the firm could pay him whatever it wished and that the company considered his conduct in determining compensation. Salem said promises from executives kept him around for another year before a $3 million bonus led him to jump to a hedge fund.

“Let’s be very clear: I was one of the most sought-after investment professionals in the mortgage industry,” Salem said during the Feb. 25 hearing. “I had the opportunity throughout the course of my career and throughout -- from that day, from almost every month that I was at Goldman, to leave for other opportunities.”

http://www.bloomberg.com/news/2014-...er-says-bonus-cut-to-8-25-million-unfair.html

Trader with his wife.


What do you think GAF ? I'm kinda torn. On one hand, if he really did generate USD 7 Billion for his firm, then he's eaarned the right to be generously compensated. On the other hand, isn't USD 8.25 million generous enough ? What say you GAF ? And goddamn, I need to join Goldman Sachs lol

But how will he feed his starving wife and children?

Beat me to the comment. Clearly starving.

But I will say this... you make a company 7 billion dollars 8.25 million seems like crap bonus.

 

[Neffarias_Bredd]

Correct me if I'm wrong, but it sounds like he just shorted the mortgage market? How does that contribute to the 2008 financial crisis? Sounds like he just took advantage of it

 

[Branson]

With that bonus I could live like a king and not work for the rest of my life.

 

[cartoon_soldier]

If he can generate 1 billion for me, I will give him 50 million.

Deal Mr. Salem?

 

[Hitokage]

Correct me if I'm wrong, but it sounds like he just shorted the mortgage market? How does that contribute to the 2008 financial crisis? Sounds like he just took advantage of it

War profiteers just take advantage of the situation too. This man wasn't responsible for creating any meaningful goods or services.

 

[AlexMogil]

As a person who is close to bringing in 7 figures a year; I can understand the frustration. He is owed the amount he should get. People can make their jokes about living a hard life with that much money but the truth is for many of us, we live cheque to cheque just like the rest of you. We're really no different; I mean sure we can afford to take WAY more vacations, and drive nice cars, own yachts, and things like that. But look at the downside; poor people everywhere, ugh. I wish I could like put up spikes for people under $300k can go away.

Jesus christ well played lol.

 

[frankie_baby]

The whole banking industry would be far better if a global cap at say a million bucks a year for any bank employee was introduced

 

[jet1911]

I never said we should feel sorry for him, but hating a man we don't know is judgmental and blind to the facts. On this site we are accepting of all type of people except the wealthy, apparently. It all comes down to some kind of internalized jealousy. Like I said, we don't know his life story and struggles.

GAF has a double-standard when it comes down to wealthy people.

I get your point. Personally I have nop problems with wealthy people, hell I'd love to have that much money! Wealthy people who complain about not have/receiving enough money though? I have a problem with that.

 

[Halcyon]

The whole banking industry would be far better if a global cap at say a million bucks a year for any bank employee was introduced

I'm going to become a teller tomorrow.

Spoiler

this is the dumbest idea i've ever heard

 

[Neffarias_Bredd]

War profiteers just take advantage of the situation too. This man wasn't responsible for creating any meaningful goods or services.

I'm not saying it was the right thing to do

Aren't there thousands and thousands of jobs that don't really create anything?

 

[Dicer]

I don't have 8.25 dollars right now, so kinda hard to feel sorry for the guy, on top of that considering how he got it.

"single tear"

 

[WoodWERD]

Would've added long hair and some make-up if I knew how to photoshop

 

[E92 M3]

I get your point. Personally I have nop problems with wealthy people, hell I'd love to have that much money! Wealthy people who complain about not have/receiving enough money though? I have a problem with that.

Everyone wants to be compensated for their work - wealthy or not. Just because he's wealthy a company should give him half of what he deserves?

 

[Septy]

Everyone wants to be compensated for their work - wealthy or not. Just because he's wealthy a company should give him half of what he deserves?

Deserve? If the bonus is up to the company, and the tribunal rules against him, he deserves nothing extra.

 

[Zissou]

A greedy fuck company screwed over a greedy fuck employee. I weep for his hardships.

You win sir.

 

[Hitokage]

This is such a narrow view and completely irrelevant to the point the person you quoted brought up.

The point was whether the financial industry benefits society. These days, not so much.

 

[AntoneM]

I never said we should feel sorry for him, but hating a man we don't know is judgmental and blind to the facts. On this site we are accepting of all type of people except the wealthy, apparently. It all comes down to some kind of internalized jealousy. Like I said, we don't know his life story and struggles.

GAF has a double-standard when it comes down to wealthy people.

I hate him, not because he's rich, but because he's complaining

Spoiler

(being a whiny little fuckbag)

about getting $8 million on top of his normal salary/commision.

 

[E92 M3]

Deserve? If the bonus is up to the company, and the tribunal rules against him, he deserves nothing extra.

I don't know the details of his contract with Sachs - I was just saying in general.

I hate him, not because he's rich, but because he's complaining

Spoiler

(being a whiny little fuckbag)

about getting $8 million on top of his normal salary/commision.

If he feels he was not given the correct amount, that's his prerogative. Doesn't matter if he thinks he deserves 100 dollars or 10 million. The amount is irrelevant and judging based on the amount is a double-standard.

 

[Stet]

Names her son Deeb, disappointed when he turns out a Dweeb.