The Great Recession: Goldman Sachs Backs Down (sort of)

Goldman Sachs, one of the two remaining major investment banks in the country and a major architect in causing the recent collapse of the American economy*, was planning on rewarding its top executives and traders with a total of $17 - $20 Billion in year-end bonuses for 2009 (link1; link2).

But apparently the public outcry over this conspicuous level of greed, combined with the threat that substantial windfall taxes might be levied against these bonuses, convinced Goldman to award company stock, instead of cash, to their top 30 executives this year (more). What a hardship - just how will they manage to scrape by without that cash! But of course, the stock will most likely end up being worth far more, in just a few years, than the canceled cash bonus.


* or as Lloyd Blankfein, Goldman Sachs Chairman and CEO, put it in November in a rare display of contrition: "We participated in things that were clearly wrong and have reason to regret" (apology).


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