$8.25M Bonus Was Too Small: Ex-Goldman Trader
Deeb Salem told his mom to expect $13M
By Kevin Spak, Newser User
Posted Jun 20, 2014 11:14 AM CDT
In this Thursday, March 15, 2012, file photo, traders work at the Goldman Sachs posts on the floor of the New York Stock Exchange.   (AP Photo/Richard Drew, File)

(Newser) – That sound you hear is the world's tiniest adding machine crunching out a sad song for Deeb Salem. The former Goldman Sachs trader is taking the firm to court, arguing that it didn't give him a big enough bonus in 2010, when it awarded him a mere $8.25 million instead of the $13 million he told his mom he expected to make, Bloomberg reports. Salem had gotten a $15 million bonus in 2009, which was more than Goldman CEO Lloyd Blankfein got.

Goldman told Salem he was getting a smaller bonus—despite making the firm more than $7 billion—because he'd shown "extremely poor judgment" in discussing a short squeeze in a self-evaluation. But Salem thinks he was worth more, and notes that one exec at a cocktail party told him he was a "steal" at $15 million. Arbitrators ruled against him after a Feb. 25 hearing, but he's arguing in a petition filed in New York State Supreme Court last week that the arbitration panel was biased—one member allegedly dubbed the case BS during the hearing.

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Showing 3 of 30 comments
Barney_Vincelette
Jun 22, 2014 4:51 AM CDT
Such speculators produce no wealth so he did not earn his millions. Therefore some poverty elsewhere had to be generated in order for him to be overpaid. How many innocent people had to be made homeless and how many legitimate businesses had to be harmed by what he sucked out of the economy that otherwise these legitimate businesses could have made? No economic theory or system such as free market or socialism or combination of the two can possibly work so long as people refuse to practice restraint and admit it if they are overpaid. So long as people keep thinking "I don't have enough, I deserve more" no matter how much they get, the system will rot away from the inside out and destroy the lives of all but those who are most ruthless in renouncing all conscience. Foe example, look at the tobacco industry and the commercial food industry.
Arthur Vandelay
Jun 22, 2014 1:45 AM CDT
we need a new Stalin to appear and kill all the bankers and capitalists.
Naked_Emperor
Jun 20, 2014 5:45 PM CDT
I'm a commenter calling his case BS