Goldman Sachs Board Rejects Shareholders Demands To Cut Excessive Pay, Bonuses
NEW YORK — Goldman Sachs Group Inc. said Monday it has rejected demands by shareholders to investigate the Wall Street bank's compensation practices.
Shareholder lawsuits filed recently in New York and Delaware charge that Goldman's compensation levels in 2009 were too high, Goldman said in a Securities and Exchange Commission filing. The lawsuits seek to recover some of the pay and force the bank to adopt pay reforms. Goldman said shareholders have made similar demands in letters to its board.
Lawmakers and shareholders sharply criticized Wall Street pay after the biggest banks lost billions of dollars on bad mortgage bets, helped cause the recession and then had to be bailed out by the government.
"The board believes that the firm's compensation policies and practices, which directly align pay with the performance of the company, are appropriate and in the best interests of shareholders broadly," Goldman spokesman Ed Canaday said in a statement. "When the firm does well, our people do well and when the firm does less well, our people do less well."
Goldman employees received $16.2 billion in salaries and bonuses for 2009, up 47 percent from the previous year but lower than expected. That's about $500,000 for each of the bank's 31,700 employees. Many employees, however, earned millions.
In other words...Screw you and Fuck off !!!!!
While I don't feel sorry for any Banks' or Bankers' losses suffered in the Bush era recession, I would like the Republican community to realize that there is no compassion given to Americans by Corporations. Goldman's rejection of their Shareholders wishes attest to that. Shareholders were misled and downright fooled into thinking they had rights and control over what they apparently didn't, no surprise there I think. The Republican line has always been to support the Corporations against the American people and any Democratic Government, a practice which has always caused suffering, injustice, loss of jobs, loss of many benefits including Medical and dental benefits and even loss of life. Such is the lack of compassion exhibited by the Republican party and it's minions, who all support the Corporations.The recent decision by the Supreme Court allowing Corporations to be able to finance elections in various ways is another chapter in the long battle by the Corporations and the Republican party to stifle the will of the American people. It is an insult to intelligence that a Corporation can be afforded the rights of an individual, this being a victory that the Republican Party and it's minions have long trumpeted and supports even now. Had we, the intelligent Dems not been made to suffer the consequences of these laws along with the Corporate lovers, I would be inclined to say nothing and let the Republican Corporate-bought-and-paid-for-zombies suffer the consequences by themselves, but alas, we are joined at the hip, so maybe we are all screwed.
If you think the Republicans are not the party of NO, and are not the obstructionists who pander to the Corporations while not caring for the American people, just take a look at their pathetic new star who is really taking the Evil party line to heart and doing exactly what all Republicans really believe is right, while pretending they do not approve, acting as if they do not support him...he is Jim Bunning, their hero.
If you think the Republicans are not the party of NO, and are not the obstructionists who pander to the Corporations while not caring for the American people, just take a look at their pathetic new star who is really taking the Evil party line to heart and doing exactly what all Republicans really believe is right, while pretending they do not approve, acting as if they do not support him...he is Jim Bunning, their hero.
Since when should shareholders have any say about anything? Haven't you heard, the grand high poobahs of Goldman Sachs are masters of the universe, along with the supreme leaders of all the other big Wall Street crime families . . uh banks, brokerages, hedge funds, etc.
ReplyDeleteTo the exalted malefactors of great wealth shareholders are like taxpayers, workers and consumers — sheep to be shorn at every opportunity.
My only surprise is when people are surprised at all this...
ReplyDeleteDon't sleep on the Democrats, Teeluck. According to Reuters, the donkey party received 57% of the total contributions from the securities and investment industry. And while, no, that alone doesn't necessarily make them as dirty as the Republicans, it certainly does give me pause.
ReplyDeleteMrs D, we are seeing a last bid for fame before he bows out of his post, totally selfish
ReplyDeleteSW, that's exactly right, and it behooves me that anyone thought that a vote to elect a Board Member is "control"
Dinners, Surprising isn't it?
Will, You are right at that, being in the News Industry I see the massive cost to do anything in this field, this also applies to Politics and financing all that it entails, air time, advertising, logistics etc. As a result of these costs I have no problem with both sides acepting money, but the political post must not be used against the well being of the American People, therein lies the difference between the parties.
Enter...Jim Bunning and the Corporate controlled Repuglickers.
Let's see - 5 or 6 guys got hundreds of millions each, 10,000 sellers got a hundred grand each, paper pushers got maybe, if they were lucky, $500 each, and let's face reality, paper pushers (the people who actually keep the money machine churning) probably got zip. I'm not even going to do the math on this one - it's just too sick and twisted to pull out the calculator.
ReplyDeleteBee, yes it is sick, but that's Capitalism...Kinda makes you want to be a socialist doesn't it?
ReplyDeleteMadMike, You are right, there IS nothing we can do, but join them... and the Dems are just the other side of the coin...but at least this time the Pres is trying to do some good things.
Tee, I've always said that capitalism is great...as long as it's heavily tempered with a ginormous dose of socialism :)
ReplyDeleteBee, that is exactly right, "Disciplined Capitalism" is the term I use.
ReplyDelete