Goldman Sachs CEO, six leaders give up 2008 bonuses

TheLancinator · 11-17-2008, 01:37 PM

Goldman Sachs CEO, six leaders give up 2008 bonuses
Agence France Presse

WASHINGTON (AFP) – Goldman Sachs CEO Lloyd Blankfein and six company leaders have renounced their 2008 bonuses, a company spokesman said Sunday.

Blankfein and the other company directors requested the company's central committee in charge of bonuses not to make the payments due to the company's poor performance in 2008. Their request was accepted, the spokesman told AFP.

"This decision applies to seven top executives," he said.

"The fiscal year is not ended. For other executives, the compensation will be determined by what the company earns," the spokesman added.

The investment bank's 2008 cycle ends in November.

In 2007, despite a looming subprime mortgage crisis, Blankfein received a Wall Street record-setting 68 million dollar bonys payment. His annual salary is 600,000 dollars.

In September, after third-quarter profits (845 million dollars) dipped 70 percent from one year earlier, Goldman Sachs converted to a bank-holding company allowing it to dip into the Federal Reserve's bailout plan for commercial banks.

At Monday's New York Stock Exchange closing, Goldman Sachs closed at 66.73. It has lost 70 percent of its value since the start of the year.

At the end of October, Goldman received 10 billion dollars from US government in return for a part of its capital, as part of the bailout plan of Treasury Secretary Henry Paulson, a former Goldman CEO.

The plan called for restrictions to bonus payments to CEO.

**Nemowork** · 11-17-2008, 01:45 PM

Nice to see some of them have the sense to keep their heads down and go with the new tide, then again Goldman Sachs always seemed to have less of that wideboy goldrush fever compared to the others

**Harpoon** · 11-17-2008, 02:51 PM

Good boys...

11-17-2008, 01:37 PM	#1
TheLancinator I love Post Icons Join Date: Jul 2006 Tournaments Won: 2 Location: Colorado, USA Posts: 119,462 Thanks: 83 Thanked 875 Times in 613 Posts	Goldman Sachs CEO, six leaders give up 2008 bonuses Goldman Sachs CEO, six leaders give up 2008 bonuses Agence France Presse WASHINGTON (AFP) – Goldman Sachs CEO Lloyd Blankfein and six company leaders have renounced their 2008 bonuses, a company spokesman said Sunday. Blankfein and the other company directors requested the company's central committee in charge of bonuses not to make the payments due to the company's poor performance in 2008. Their request was accepted, the spokesman told AFP. "This decision applies to seven top executives," he said. "The fiscal year is not ended. For other executives, the compensation will be determined by what the company earns," the spokesman added. The investment bank's 2008 cycle ends in November. In 2007, despite a looming subprime mortgage crisis, Blankfein received a Wall Street record-setting 68 million dollar bonys payment. His annual salary is 600,000 dollars. In September, after third-quarter profits (845 million dollars) dipped 70 percent from one year earlier, Goldman Sachs converted to a bank-holding company allowing it to dip into the Federal Reserve's bailout plan for commercial banks. At Monday's New York Stock Exchange closing, Goldman Sachs closed at 66.73. It has lost 70 percent of its value since the start of the year. At the end of October, Goldman received 10 billion dollars from US government in return for a part of its capital, as part of the bailout plan of Treasury Secretary Henry Paulson, a former Goldman CEO. The plan called for restrictions to bonus payments to CEO. __________________

11-17-2008, 01:45 PM	#2
Nemowork Klompendance? Join Date: Jun 2006 Location: Mobilis in Mobilii Posts: 25,341 Thanks: 6 Thanked 16 Times in 7 Posts	Nice to see some of them have the sense to keep their heads down and go with the new tide, then again Goldman Sachs always seemed to have less of that wideboy goldrush fever compared to the others __________________ “A wise man is superior to any insults which can be put upon him, and the best reply to unseemly behavior is patience and moderation.” Moliere "You do the unseemly behavior, I'll handle the moderation" - Nemo

11-17-2008, 02:51 PM	#3
Harpoon Sailing the seas of Cheese Join Date: Jun 2005 Location: Down by the river Posts: 36,485 Thanks: 46 Thanked 3 Times in 2 Posts	Good boys... __________________ .

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