Goldman Sachs cuts bonuses, sort of...


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Goldman Sachs took a lot of heat a while ago when they gave their executives huge multi-million dollar bonuses despite receiving bail-out money from the government. They apparently are changing the bonuses for the top 30 people and instead of giving them out right cash, they are instead receiving stock. The catch is that they will be letting the stockholders vote on there bonuses, so in theory the shareholders could vote to give the Exec's nothing. which would be very embarrassing for the company.
Whether Goldman’s shareholders will contest its pay practices is uncertain. Goldman insists that it must pay its employees well to keep them from defecting to rivals. So far, it has set aside $16.7 billion to pay its workers this year, a figure that translates into roughly $700,000 an employee. Top producers will earn millions.
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