December 10, 2009

Goldman Execs & Bonuses: Not This Year!

As the major banks and Wall Street moguls stay under fire for their big money salaries and bonuses, Goldman Sachs is trying to deflect the hate by eschewing their usual cash bonuses for this year.

Many of the major bankng institutions that received TARP money have been paying it back so that they'd be free of the pay restrictions that came with the money, and could return to their old gluttonous ways. Which makes the public and financial experts wonder how these banks didn't learn anything and don't see a need for moderation.

Goldman Sachs is one of those companies, having receved $10 billion which it put into aggressive trading, and then paid it back so they could escape those pay restrictions. But now the negative reaction is making them reconsider. It's a shame these financial institutions only do the right thing when they are publicly shamed into it.

Goldman Execs & Bonuses: Not This Year!

Goldman Sachs Group Inc.'s top executives will not receive cash bonuses this year, as the Wall Street giant bows to sharp criticism over its pay practices. The 30 high-ranking executives will instead receive stock that cannot be sold for at least five years, the New York-based bank said Thursday...

Goldman Execs & Bonuses: Not This Year!

Posted at December 10, 2009 5:06 PM

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