Wednesday, June 29, 2011

Why Goldman Sachs is Not A Job Creator

Republicans will argue that corporations must get tax breaks and cuts because they are the job creators. The media should ask these same Republicans what they think about Goldman Sachs' upcoming layoffs.

Goldman Sachs (GS: 132.53, +3.27, +2.53%) may lay off as many as 230 employees, according to a filing with the New York State Department of Labor.

The filing dated June 29 cites economic reasons for the potential layoffs, which could begin in late September and extend through March 31, 2012.

State law requires that businesses with 50 or more employees notify the Labor Department when significant layoffs are planned. In the filing, the job losses are described as a “plant layoff.”

Goldman Sachs report 90 percent increase in profits in 2010. The Securities and Exchange Commission charged Goldman Sachs with $1 billion in defrauding investors last year. 953 Goldman Sachs employees received $1 million or more bonuses after receiving bailout money. I am willing to bet those Goldman Sachs employees that received huge bonuses will not get laid off.

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