Immoral? Goldman Execs To Pocket GBP3M Each Christmas Bonus

Goldman Sachs (nicknamed Golden Sacks because of the bumper bonuses it pay its top bankers) is on course to pay its top City bankers multi-million-pound bonuses - despite asking the US government for an emergency bail-out. The struggling Wall Street bank has set aside £7bn for salaries and 2008 year-end bonuses, it emerged yesterday.

Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3m. The size of the pay pool comfortably dwarfs the £6.1bn lifeline which the US government is throwing to Goldman as part of its £430bn bail-out.

As Washington pours money into the bank, the cash will immediately be channelled to Goldman's already well-heeled employees. News of the firm's largesse will revive the anger over the 'rewards for failure' culture endemic in the world of high finance.

The same bankers who have brought the global economy to its knees seem to pocketing the same kind of rewards they got during the boom years.

Gordon Brown has vowed to crack down on the culture of greed in the City as part of his £500bn bail-out of the UK banking industry. But that won't affect the estimated 100 London partners working at Goldman Sachs's London headquarters.