26 October 2006

It is easier for a rich man to get into heaven than for a cleaner to make a living working for Goldman Sachs

It is a good time to become a partner at Goldman Sachs. They have named a hundred new partners who are stand to "earn" around £5.3 million a year. The cleaners in their London offices make a little more than the minimum wage or approximately 1/500th of the wages of a partner. That of course assumes that they work full time, which they rarely do as then they would be able qualify for sick pay and paid holidays. They are usually restricted to fifteen hours per week or less which makes their pay about 1/1250th that of a partner.

It is good to see the market working so effectively, innit?

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