Won’t Someone Think Of The Hundred-Thousandaires?
On Wall Street, becoming a partner at Goldman Sachs is considered the equivalent of winning the lottery.
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What few outside Goldman know is that this ticket can also be taken away.
As many as 60 Goldman executives could be stripped of their partnerships this year to make way for new blood, people with firsthand knowledge of the process say. Inside the firm, the process is known as “de-partnering.” Goldman does not disclose who is no longer a partner, and many move on to jobs elsewhere; some stay, telling few of their fate.
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“Being partner at Goldman is the pinnacle of Wall Street; if you make it, you are considered set for life,” said Michael Driscoll, a visiting professor at Adelphi University and a senior managing director at Bear Stearns before that firm collapsed in 2008. “To have it taken away would just be devastating to an individual. There is just no other word for it.”
The financial blow can be substantial as well. Executives stripped of partnership would retain their base salary, roughly $200,000, but their bonuses could be diminished, potentially costing them millions of dollars in a good year.
I think their definition of “devastating” might be just a teensy bit different from mine. I would consider losing your job and healthcare, worrying about how to feed your kids and keep your house, to be a lot more “devastating” than having to downsize from filthy rich to comfortably well off. I’d take a blow to my ego over the prospect of being out on the street any day.
1 comment September 13th, 2010 at 07:57pm Posted by Eli
Entry Filed under: Economy,Media,Unemployment,Wankers
