Junior Tele

Goldman Sachs bankers on course

Goldman Sachs will ignite a storm of controversy in the new yearGoldman Sachs will ignite a storm of controversy in the new year when it reveals that its bankers are on course to collect pay and bonuses worth $19bn (£11.4bn), despite 2009 being the worst year for the US economy in 30 years. The news comes as banks in Britain find themselves in the firing line after it emerged that 5,000 bankers stand to collect more than £1m each, sparking criticism from ministers who accused financiers of being out of touch as millions are thrown out of work amid recession.

City sources say that the pay and bonus pot at Goldman is based on projected figures from Thomson Financial, published on Friday, which show that the investment bank is expected to generate net income of around $45bn. Analysts predict that 43% of that figure will be set aside for compensation to be distributed to the bank's 31,700 employees, 6,000 of whom are in London. Remuneration as a proportion of net income is expected to be lower than the average of 46.7% in the 10 years to 2008, partly as a sop to US public opinion.

Brad Hintz, investment banking analyst at Sanford Bernstein, says: "Everyone inside the firm is aware there is more than enough money available to make everyone happy." Goldman has enjoyed a bumper year thanks to booming debt markets, a recovery in the oil price and a rise in the value of equities since January, with some indices up by 20%. The bank trades off its own account as well as on behalf of clients.

Goldman's three leading executives, chairman Lloyd Blankfein, president Gary Cohn and chief financial officer David Viniar, will receive multi-million dollar payouts after forgoing their bonuses last year when the bank made a loss in the fourth quarter. Average compensation for the rest of the workforce will come in at about $743,000. The bonus culture is under attack on both sides of the Atlantic as it is blamed for having encouraged bankers to make reckless decisions during the credit boom that contributed to the near collapse of the financial system in 2008.

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Fighting Against Black Markets

ACCES is a government program designed to protect the integrity of the tax systemACCES is a government program designed to protect the integrity of the tax system, collect money owed to the government, intensify the battle against alcohol smuggling and reduce supply and demand for contraband alcohol. In response to a government request, in April 1996 the ACCES Committee launched a war against the black market in alcohol and tobacco, and illegal gambling machines.

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