10.31.11 (Providence, Rhode Island) One can learn a lot simply by looking at the signs and placards held high at the many Occupy Wall Street protests happening across the country.
One such sign, thrust defiantly high was held by a protester from Occupy Providence in Burnside Park, Rhode Island which read, "Minimum Wage - $16,000 a Year, CEO Goldman Sachs $16,000 an hour."
That CEO is Lloyd Blankfein, the same head honcho who was in charge when the 2008 financial meltdown occurred--where Goldman Sachs was a major player in what President Obama called "the irresponsible, immoral and inappropriate," and I would add "fraudulent" behavior that plunged The U.S. and the rest of the globe into a financial free-fall.
Blankfein is still presiding over the company raking in obscenely large salaries and bonuses after pocketing $10 billion of tax-payers money in bailouts.
The anger of protesters is understandable, isn't it? But is the sign true of false?
The good people over at PolitiFact crunched the numbers and came up with these results:
A minimum wage worker does earn close to $16,000 a year--at $7.25 per hour in some States--in Rhode Island it's $7:40-- with a 40 hour week, the exact figure is $15,392.
Now on to Mr. Goldman Sachs--it get complicated for his earnings encompass a myriad compensatory avenues-like stock options, bonuses, company expense accounts that includes luxurious cars, private jets etc., so after taking all this into account, the smart folks at PolitFact calculated his hourly pay at $9,165. Not quite $16,000 per hr but impressive nonetheless.
Below is the staggering amounts Blankfein rakes in:
His total earnings in 2010 is a reported $19.06 million.
$185,000 for car company bought him.
$464,067 in 401K earnings.
$12.6 million in restricted stock.
$5.4 million bonus.
Read it all here:
PolitiFact Rhode Island | Occupy Providence sign says Goldman Sachs CEO earns in an hour what minimum wage worker earns in a year