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Here's an interesting one.

When Goldman Sachs Group Inc. employees cash their year-end checks, they'll have enough money to buy Bear Stearns Cos.

Goldman, the biggest and most profitable U.S. securities firm, set aside $16.9 billion to pay salaries, benefits and bonuses in the first nine months of 2007, according to the company's third-quarter earnings report. The stock market values Bear Stearns Cos., the fifth-biggest firm, at $14.7 billion. Bonuses, the majority of Wall Street compensation, are typically paid after the fiscal year ends this month.

The figures demonstrate how the fortunes of U.S. investment banks have diverged this year during the collapse of the subprime mortgage market and a credit-market contraction that has saddled the biggest lenders and brokerages with at least $40 billion of writedowns. While analysts expect Goldman to top last year's profit record, they estimate that Bear Stearns's earnings will drop 27 percent. Goldman's shares have added 12 percent this year while Bear Stearns's are down 37 percent.

 

Submitted: Nov 28, 2007    Views: 530    Comments: 0    Likes: 3   


View Article: http://www.bloomberg.com/apps/news?pid=20601109&sid=aMnkUX5lQN8k&re...


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