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A former Goldman Sachs trader is suing his former employer because, as he says, they shortchanged him on his annual bonus.
In 2010 Deeb Amin Salem told his mom not to worry about her house that burned down as he expected a $13m bonus that year. The mortgage trader claims he helped Goldman rake in over $7 billion in 2010. When Salem received the $8m bonus, he was upset, because it was $5m less than he expected.
"Let's be very clear: I was one of the most sought-after investment professionals in the mortgage industry," Salem said during the court hearing.
During the subprime mortgage crisis, Salem worked to sell crappy mortgage securities to investors while his company was betting against those securities to make a profit.
Salem received a $16m bonus in 2009, earning more than the CEO, Lloyd Blankfein, at the time. When Goldman's profits slumped in 2010, so did employees' bonuses,
"These claims are utterly ridiculous," said a spokesperson for Goldman, "... and unworthy of any further response."
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