While Republican corruption scandals are becoming somewhat mainstream, this one seems so transparent I'm having a hard time believing no one has posted about this but a small search has indicated no diaries in the past week that I could find. Please correct me and I will delete this.
Here is the link: http://today.reuters.com/...
Incoming U.S. Treasury Secretary Henry Paulson was awarded an $18.7 million cash bonus for a half year of work as Goldman Sachs Group Inc.'s chief executive, the investment bank said on Monday.
That's really a good bonus. $3.125 million per month approximately. But that really is just the tip of the iceberg.
More incredible shit below.
Goldman also agreed to buy, for an undisclosed price, stakes owned by Paulson and his wife in private investment funds it manages. A spokesman for the investment bank declined to elaborate on the filing.
Which of course could be way over share value. This is the new model of corporate control over the government. Of course, all this money looks like a drop in the bucket compared to the amount of shares this guy 'owned' for seven years of work.
Goldman last Thursday filed with regulators for a sale of Paulson's 3.23 million common shares, worth $491.6 million based on that day's closing price.
He's worth about $700,000 million. More than 2/3 coming from the last seven years of his job, with at least $20 million in the last week or so just for being nominated as treasury secretary.
Why is this legal?