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'King Size Combo:' New Report Reveals Broad Toll on Taxpayers by Bailed-Out Bank Goldman Sachs and Its Holdings in Burger King
Date:2/17/2009

**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
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SOURCE Service Employees International Union
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