Stimulus working? Ask Goldman Sachs

Even though their stock has doubled this year, Goldman Sachs really believes the first part of its name—GOLD—as the company is just about to give out bonuses to 31,000 employees after having one of its most profitable years in its 140 year history.

Wasn’t it just one year ago that this company had to be bailed out by billions of taxpayer stimulus money? Now each employee will get an equivalent of a $700,000 dollar bonus according to The Wall Street Journal.

Because of outrage from investors, the company now will pay out the bonuses in special stock instead of cash. “We have to give bonuses to keep our top executives,” said CEO, Lloyd Blankfein. It will be fully vested after 3 years and can’t be sold for 5 years.

Now President Obama can say that the Stimulus is working.