Goldman top executives to take bonuses in stock

[OhioChick]

Source: Reuters

11 Dec 2009, 0315 hrs IST, REUTERS

NEW YORK: Goldman Sachs Group Inc plans to pay top managers their 2009 bonuses in stock, rather than cash, as it seeks to deflect outrage over a near-record pay haul months after it repaid billions of dollars in taxpayer aid.

The decision to pay top managers in stock that cannot be sold for five years puts Goldman at the forefront of the push to align Wall Street pay with long-term performance. Still, the firm's total compensation is on pace to top $20 billion this year.

That figure has put Goldman in the crosshairs of an international debate on pay. "I think Wall Street is well aware of the broad direction they need to move," said Douglas Elliott, a former JPMorgan investment banker now with the Brookings Institution. "The devil's in the details."

Goldman's plan, announced Thursday, applies to its 30-person management committee, an elite group that includes Chief Executive Lloyd Blankfein as well as some of the firm's most senior risk-takers and managers, including the heads of sales and trading operations.



Read more: http://economictimes.indiatimes.com/news/international-business/Goldman-top-executives-to-take-bonuses-in-stock/articleshow/5324864.cms

[Deja Q]

1. Cool. How soon before they sell the stock?

5 minutes after telling everyone else it's safe to invest in their stock?

:yoiks:

[rurallib]

3. I heard 5 years on a radio report. I think it was NPR.

[Rosa Luxemburg]

2. If there is a hell then that is the place for them

I've never seen such greedy individuals

[Bozita]

4. France and Germany are joining England in setting up a special Bankster Bonus tax.

It's in another thread here in LBN.

This one:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4179649

[ozone_man]

5. OK, but no more bailouts.

Next time we let them go to the wall and wipe out shareholder equity, and nationalize the fvckers.

[Canuckistanian]

6. Goldman stocks?

They're as good as cash. So good, in fact, that they could use it as solid backing for cash loans.

Am I wrong?

[tomm2thumbs]

7. rape and pillage, rape and pillage.... stir well... repeat

anyone else think they are scooping up their cash before a second drop in the economy hits?

[marasinghe]

8. love that frame: "... most senior risk takers ..."

risking life, limb, or even personal wealth, are they? poor dears; and it being the holiday season an' all.

[bluesmail]

9. So many loopholes. Too many loopholes. EOM

[Lasher]

10. Oh look, deferred compensation with interest.

What a sacrifice.

:sarcasm:

[maxsolomon]

11. the very least they could do to give the appearance of humility

they must have noticed the freshly tarred torches & sharpened pitchforks being stockpiled.