Did Wall Street bonuses spark the economic collapse?
The profits on Wall Street are long gone. This week, Goldman Sachs, a longtime top performer, reported a quarterly loss of more than $2 BILLION, which is its first quarterly loss since going public nine years ago. While you would expect there would be no bonuses to executives at Goldman and other banks, that is not the case. Executives at banks that ran into the ground took home hundreds of millions. Now there are questions about what role those lavish bonuses played in the banks’, and the economy’s, collapse. Louise Story is covering this story for our partner the New York Times.
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