Goldman Sachs announced its 2009 earnings today, and the news is bleak: While the firm took in a record $13 billion profit, it's only paying out a lousy $16 billion in bonuses, the stingiest year-end bump in the firm's history.
The bonuses constitute roughly 36% of Goldman's total revenues, down from 48% in 2008. We can't imagine what could have motivated Goldman to stiff its hardworking employees so blatantly—if you average it out over the total payroll, it's only half a million!—especially in this tough economic environment when people are hurting. We'll be taking a close look at some of Goldman's top earners, and the lifestyles they have to support on such a substantially diminished income, this afternoon. Please take some time out of your prayers for the people of Haiti today to think of the good folks at Goldman.