The economy, explained, with stories and surprises. Imagine you could call up a friend and say, "Meet me at the bar and tell me what's going on with the economy." Now imagine that's actually a fun evening. That's what we're going for at <em>Planet Money</em>. People seem to like it.
July 25th, 2009
Episode 164 of 922 episodes
Goldman Sachs carries a certain mystique on Wall Street. The firm is known for hiring the brainiest people and paying them well. A number of its former executive have gone into politics, including former CEO Henry Paulson, who became President Bush's Treasury secretary, and former CEO Robert Rubin, an adviser to Presidents Clinton and Obama. This week, Goldman finished paying back its $10 billion federal TARP loan — with taxpayers pocketing a return of 23 percent. The firm also just released a fantastic report on its earnings, totaling $23 billion for the first half of 2009. Goldman is setting aside almost half of that money for paying its 30,000 employees. In rough terms, that amounts to almost $400,000 for each worker. Lucas Van Praag, a Goldman spokesperson, answers questions about other ways Goldman received government help and why it's rewarding the staff so richly after getting a hand from Uncle Sam. Plus: The stunning results from our Economic Radio Story Showdown.