Word: billion
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Dates: during 2010-2019
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...more people have come to view Goldman's outsized profits as a product of backdoor dealings and market manipulation. AIG's former CEO Hank Greenberg recently blamed Goldman for bankrupting the insurance company. (Goldman, not surprisingly, does not concur with Greenberg's version of events.) Goldman received $12.9 billion when the government bailed out the insurer. Goldman has also been accused by critics of making large profits by betting against mortgage bonds the investment bank put together. (See more about Goldman Sachs...
...assumed goal: reversing a slide in Goldman's public image. That's because the amount the program is likely to generate in donations will be dwarfed by bank bonus payouts. In the next week or so, Goldman and other large financial firms will hand out an estimated $140 billion in 2009 bonuses. Goldman alone is expected to enrich its employees by $18 billion. The large bonuses have drawn scrutiny because they are being paid at a time when the unemployment rate is 10% and many Americans are suffering financially. What's more, many Americas believe Goldman and others only survived...
...donate 4% of their bonuses to charity. For Goldman, that would mean a charitable donation of just over $700 million. And that's if every employee is forced to participate, which is not likely to be the case. Still, even $700 million would be far less than the $12.9 billion Goldman received when AIG was bailed out by the Federal Government. And it's a fraction of what Goldman has been making in the market at a time when the government is spending trillions to support asset prices. In the third quarter alone, Goldman raked in nearly $100 million...
According to the IRS website, the probe will include an inspection of executive compensation. Harvard has come under fire in recent years for compensation practices at Harvard Management Company, the organization that manages the University's $26 billion endowment...
...What automakers have found in India is a country just entering the age of motorization, where still only 1% of the 1 billion-plus population owns a car. Although India trails the world's largest emerging car market - China - its sheer size gives it untapped potential that carmakers can't ignore. A decade ago, Mercedes-Benz was the only luxury-car brand in India. In 2006, BMW opened up shop, and it was soon joined by Audi. Though high-end business still only constitutes 0.5% of the overall Indian car market, the brands are already selling more cars than...