Goldman Sachs pay out $111million in bonuses despite taking billions in bailout money

Goldman Sachs Chief Executive Officer Lloyd Blankfein will receive a bonus of $24million this yearDaniel Bates
Daily Mail

Goldman Sachs bosses are to pick up $111million in bonuses in an ‘outrageous’ pay deal that flies in the face of the worst recession for 80 years.

The investment banks’ chief executive Lloyd Blankfein and president Gary Cohn will get $24million each under the bumper agreement that will see thousands of others get huge rewards.

The bonuses were agreed in 2008 months before Goldman took $10billion of U.S. bailout money, but due to technicalities there is no way to stop the bank from paying them out.

Goldman Sachs Chief Executive Lloyd Blankfein (right) and President and COO Gary Cohn will each receive a bonus of $24million this year.

Goldman’s largesse comes as America’s economy struggles to recover from financial meltdown caused by risky bank lending.

Millions of Americans have been forced out of their jobs and federal workers have been told by President Barack Obama to take a pay freeze amid an unprecedented squeeze on public finances.

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