Friday, January 22, 2010

Things That Make Me Say Good Gravy!!!! $1.04 Edition

You have to hand it to the guys at Goldman Sachs - they've got their shit figured out. People can moan and complain all they want about fatcat bankers and Main Street vs. Wall Street and class divisions and all the other stuff - but you at least have to agree they've got their shit figured out.

A few years ago Sparks was a fatcat oil man literally swimming in the liquid gold Exxon treasury kept in an Olympic size pool underneath the Belt Parkway in Dallas. As you'll recall Exxon had some monster paydays because they had their shit figured out (or speculators drove the price of oil to irrational levels). Anyway, at the time, I did a little math - breaking profits down in a way that makes them easier to understand. So who wins? The Exxon of the oil bubble, or the Goldman Sachs of right now?
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Well, Goldman had 4Q profits of $4,790,000,000.00. Exxon had 2008 4Q profits of 11,680,000,000.00. Exxon wins? Not so fast.

Exxon is HUGE. They have a kabillion employees. They employ all of Texas, most of the middle East, some of Africa, and my little brother from the Delta-Pi chapter of Kappa Sigma. Goldman employs a comparative handful - most of whom are of dubious character (ahem, Shoulders? Le Trois?).

When viewed this way, Goldman wins - earning profits of $134,929.58 per employee for the quarter. Exxon, a paltry $111,556.83.

Now, $134K over a quarter is a little abstract.
So how about $1,499.22 per day?
Or $62.47 per hour?

Or $1.04 per minute? Every minute. Of Every hour, day and night. For every employee. GOOD GRAVY!!!!