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The report says Goldman Sachs chief executive Lloyd Blankfein"proudly pays himself more in a year than most of us could ever dream of — $68m in 2007 alone, a record for any Wall Street CEO, to add to the more than $500m of Goldman stock he owns" .
Goldman Sachs looks set to pay about $20 billion in bonuses for its top traders this year, at a time when the fallout from last year's financial crisis is still being felt and the United States unemployment rate has hit 10.2 percent, a 26-1/2-year high.
In his defence, Blankfein said in the interview: "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle ... We have a social purpose."
Pope Benedict issued an ambitious call to reform the way the world works on Tuesday shortly before its most powerful leaders meet at the G8 summit in Italy. His latest encyclical, entitled "Charity in Truth," presents a long list of steps he thinks are needed to overcome the financial crisis and shift economic activity from the profit motive to a goal of solidarity of all people.
Following are some of his proposals. The italics are from the original text. Do you think they are realistic food for thought or idealistic notions with no hope of being put into practice?
For Federal Reserve Chairman Ben Bernanke, 2009 may be a tough year as political battles pile on top of tough economic challenges.
Bernanke must juggle a host of problems as he tries to revive the economy. With the U.S. unemployment rate at 9.4 percent and still climbing, he faces the challenge of recovering from an 18-month-old recession with unconventional policies that some worry will ignite inflation.
Finance ministers and central bankers from the G20 meet this weekend in the English countryside to discuss the world's financial and economic crisis. With this in mind, MacroScope asked a number of economists what they want to see from the meeting and the G20 summit to follow later and what they expect to see.
The answer, in short, appears to be that much is needed but not much expected.
Paul Mortimer-Lee, head of market economics, BNP Paribas:
"There will be progress on agreeing that regulation needs to be more effective and more effectively co-ordinated on a global scale but I am unconvinced we are going to go a long way further. Some populist posturing on bank bonuses etc should be expected. The less is achieved in other areas the more this will get played up. On bank recapitalisation, they will all agree strong capital is a good thing, but in no way do I expect a concerted plan -- it's driven by events and the exigencies of the local banking system.
Have you decided to postpone retirement because of investment losses? How much longer will you have to work to afford retirement? Is the concept of retirement a thing of the past?
U.S. lawmakers neared agreement on a massive Wall Street bailout plan on Thursday with more protections for taxpayers, giving world stock prices a boost even as data showed the U.S. economy slowing.
Lawmakers hope to reach a bipartisan consensus on a proposed $700 billion rescue for U.S. financial firms in time for a meeting at the White House Thursday afternoon.