Navigation Links
'King Size Combo:' New Report Reveals Broad Toll on Taxpayers by Bailed-Out Bank Goldman Sachs and Its Holdings in Burger King

**Goldman paid nearly double the average bonus on Wall St; **Burger King costs taxpayers estimated $273 million a year

Service workers demonstrate today at Burger King Miami headquarters; public outreach set at Burger King restaurants in other cities this week

WASHINGTON, Feb. 17 /PRNewswire-USNewswire/ -- As Congress and the Obama administration look to hold major banks that have received billions in federal bailout funds better accountable for their corporate practices, a report released today by the Service Employees International Union (SEIU) on Goldman Sachs and its holdings in Burger King finds that the true total of taxpayer subsidies some of the banks are enjoying extends well beyond the monies they've taken through the Troubled Assets Relief Program (TARP).

The report finds that one of Goldman Sachs' major investments, Burger King, costs taxpayers more than a quarter billion dollars a year as Burger King employees are forced to rely on public health and income support programs as a result of the lack of affordable employer health coverage and sub-poverty wage levels at Burger King.

Meanwhile, Burger King chief executive John Chidsey took home $5.4 million in 2008 and Goldman Sachs accepted $10 billion in taxpayer bailout money -- then paid out $6.5 billion in bonuses. Goldman paid the highest per employee bonus average among top banks reporting so far, and the firm's bonuses were nearly double the average bonus on Wall Street. If Goldman Sachs had used the $6.5 billion it paid in corporate bonuses to help Burger King's 360,000 workers instead, each worker would have received $18,000.

"The misuse of tax dollars we're seeing now by some of the bailed-out banks is no one-shot deal," said SEIU President Andy Stern. "Year in and year out companies that can easily afford to improve health care and wages for workers simply aren't doing so and are making taxpayers pick up the public assistance tab instead. It's a drain on our economy we can't afford to ignore any longer."

A previous SEIU report on another bailout recipient, Bank of America, found similar evidence of employment costs being shifted to taxpayers -- up to $50 million a year because Bank of America workers lack affordable employer health benefits.

Service workers held a protest today outside Burger King headquarters in Miami to call on Burger King and Goldman Sachs to stop opposing efforts to rebuild the economy through improvements for workers while taking billions of dollars from taxpayers and rewarding CEOs and corporate staff. Additional public outreach on the issue will take place throughout the week this week at Burger King restaurants in other cities around the country.

While costing taxpayers billions, both Burger King and Goldman Sachs are fighting legislation in the U.S. Congress that could help all workers and the overall economy by broadly increasing consumer purchasing power. Between 2006 and 2008 Burger King spent $319,648 on lobbying, including lobbying against the Employee Free Choice Act, a measure that would ensure workers the freedom to form a union for a voice for improved wages, benefits, and working conditions. Burger King also spent $180,000 to hire lobbyists to fight pro-worker legislation, including an increase in the minimum wage in 2006 and 2007.

Goldman Sachs is involved in lobbying against workers' interests as a member of the Business Roundtable, which spent $15,849,000 on lobbying in 2008 according to the Center for Responsive Politics, including lobbying against the Employee Free Choice Act in the third and fourth quarters last year.

With the food service industry, including fast food, expected to add one million new jobs to the economy between 2006 and 2016, the SEIU report "King Size Combo: What Burger King and Goldman Sachs Are Costing Our Country" looks at a wide range of worker and consumer issues at Burger King to gain perspective on the potential import of the growing fast food sector for the broader U.S. economy.

The SEIU report concludes that in addition to assuring sound banking practices on Wall St., Goldman Sachs must take responsibility for its important economic holdings on Main St., such as Burger King. The report recommends that regulators should demand that bailout recipients stimulate the economy by increasing lending and by committing to living wages, affordable health benefits, freedom for workers to choose to form unions (the Employee Free Choice Act), and other consumer and worker protections.

For a copy of the report, please visit To see Brave New Films' newly released video about business practices at Burger King and the Goldman Sachs connection, please visit

With 2 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare, and more secure jobs for our communities, while uniting their strength with their counterparts around the world to help ensure that workers, not just corporations and CEOs, benefit from today's global economy.

SOURCE Service Employees International Union
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Investigating a community where smoking rates are double the national average
2. Blocking protein leads to fewer, smaller skin cancer tumors
3. Statewide Anti-Smoking Campaign Takes New Approach in Curbing Teen Smoking
4. Coffee Drinking Lowers Womens Stroke Risk
5. Drug Rehab Mountainside Treatment Center is an Effective and Quality Option for Those Seeking Drug Treatment - Located Close to NY MA
6. Following peanut product recall, six in ten Americans taking steps to reduce risk of sickness
7. Passive smoking link to dementia
8. Skin Cells Turned Into Working Heart Muscle
9. Linking Up the Cold Chain is Focus of The JoC Conferences First Cool Cargoes Conference, May 12-13, in Portland, Oregon
10. U and CDC find startling numbers of active-military personnel engaging in frequent binge drinking
11. Biking for Fun, Sport, and Brain Tumor Awareness
Post Your Comments:
(Date:11/26/2015)... ... November 26, 2015 , ... Inevitably when people think Thanksgiving, they also think ... during the Black Friday and Cyber Monday massage chair sales to receive ... high and low to find the best massage chair deals, they can see all ...
(Date:11/26/2015)... ... 2015 , ... Somu Sivaramakrishnan announced today that he joined ... offers travelers, value and care based Travel Services, including exclusive pricing on a ... cabin upgrades and special amenities such as, shore excursions, discounted fares, travel gifts ...
(Date:11/26/2015)... NE (PRWEB) , ... November 26, 2015 , ... Jobs ... searched by healthcare professionals and offered by healthcare staffing agency Aureus Medical Group ... during the month of October 2015 among those searching for healthcare jobs through the ...
(Date:11/26/2015)... ... November 26, 2015 , ... WorldCare International, Inc., the first ... annual Employee Benefits Conference. The Employee Benefits Conference was hosted by the International ... November 11th, 2015. The conference was held at the Hawaii Convention Center in ...
(Date:11/26/2015)... ... November 26, 2015 , ... ... for mental health and wellness consultation, has collaborated with Women’s Web – ... their reader’s queries on topics on mental and emotional well-being relationship, life ...
Breaking Medicine News(10 mins):
(Date:11/26/2015)... 26 november 2015 AAIPharma Services ... geplande investering aan van ten minste $15,8 ... en het mondiale hoofdkantoor in ... resulteren in extra kantoorruimte en extra capaciteit ... groeiende behoeften van de farmaceutische en biotechnologische ...
(Date:11/26/2015)... Research and Markets ( ) has announced ... Outlook to 2019 - Rise in Cardiac Disorders and Growing ... to their offering. Boston ... scientific and others. --> The market ... Boston scientific and others. ...
(Date:11/26/2015)... DUBLIN , November 26, 2015 ... has announced the addition of the  ... in the Global Cell Surface Testing ... Opportunities" report to their offering.  ... the addition of the  "2016 Future ...
Breaking Medicine Technology: