Goldman Sachs execs to forgo bonuses. Oh boo hoo.

hobo-739428From the Guardian:

Top bankers at Goldman Sachs are not going to take their bonuses this year while rivals at UBS may have to wait up to three years to receive theirs, as major banks respond to the growing backlash over pay.

The move by seven senior executives at Goldman to forgo their annual payouts could put pressure on other US financial firms to ensure their top staff do not receive bonuses this year.

What a bold move. Really principled. I mean, that you would think this must be real hardship for these guys. Er, until you get to the end of the article:

The seven executives from Goldman Sachs who are turning down their bonuses are Lloyd Blankfein, the chairman, who received $68.5m last year, Jon Winkelreid and Gary Cohn, co-presidents who received $67.5m each, David Vinar, the finance director, who received $57.5m, and Michael Sherwood, Michael Evans and John Weinberg, whose pay is not disclosed.

Yeah. Get out the crying towels ….

hobo image from beefheart.com
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6 comments

  1. So these people got bonuses that are more than 100 times their salary – WOW! Wouldn’t that be nice for middle-Americans?

    I am glad that they are NOT going to get them this year.

    If the money goes back into the company, they will be able to keep quite a few people employed. (Hey, other companies! Take note and follow suit!!)

  2. twould not surprise me if a baptismal font is located in their headquarters. With that kind of self-sacrifice, a dip in the font might make one feel reborn into ethical newness. Yeah, right, what would they ever care about ethics? But they hope the public is properly awed by their sacrifice no doubt. Not me, alas, not me, such excess is disgusting in and of itself. How do they sleep at night, I always wonder about that?

  3. My words do not in any way support these bonuses, but simply point to the insidious nature of things.

    With these bonuses cut or eliminated, NY state will face huge budget issues to compound what already exists.

    It just shows how everything is connected and it really just breaks my heart all the way around.

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