$23bn in bonuses is NOT God's work!

$23bn in bonuses is NOT God's work!

Protesters gathered outside the Washington DC headquarters of Goldman Sachs on Monday.

They were there to protest the giant bank's plans to pay out more than $20bn in bonuses to executives in 2009.

They were also angry Goldman's spending millions of dollars lobbying Congress against so called "too big to fail" legislation that would give authorities power to break up complicated companies if they show signs of getting into trouble.

"Goldman Sachs is at the cutting edge of the most abusive practices that are taking place on Wall Street and in Washington DC," Robert Weissman, president of the Public Citizen consumer advocacy group, told Al Jazeera.

"This year alone they're planning to pay themselves more than $20bn in bonuses and executive compensation payments, the same year that Wall Street has received trillions of dollars in public support just to stay in business."

Last week CEO Lloyd Blankfein defended his company's record in a British newspaper but let slip that he thinks he's doing "God's work".

The Reverend Tony Pierce of Illinois, an official speaker at Monday's demo said: "When they're paying themselves $23bn - with a "B" - in bonuses, that's not God's work."

Union chief Andy Stern of Service Employees International said that far from Goldman Sachs telling Congress what to do, it should be the other way round.

"After America did so much to help these companies the way they pay us back is to rig the system again and put themselves in great shape and leave America to fend for itself - that's not the America we need."

Goldman Sachs paid back the basic $10bn in US government money it received to keep afloat and therefore is free to spend as it sees fit ... but the protesters argue the firm's still being supported by the US taxpayer and therefore any bonus money should be returned directly to the Treasury.

One of them, Barb Kalbach, a farmer from the Midwest state of Iowa, said: "They're also borrowing as much as they want from the Federal Reserve for zero per cent interest. How much do you pay on your credit card? Probably 29 per cent interest. Are they? No. Zero per cent. It isn't right and they should step up to the plate."

Goldman's offices were under lock down while the rally took place outside.

An executive came to the front door, surrounded by body guards, to take a letter from the protesters.

No word on whether he received a bonus for taking it inside the building!

-John Terrett, Washington DC. November 16th 2009