ap Goldman Sachs execs won't get 2009 cash bonus

[MellowOne]

Source: Yahoo news

NEW YORK (AP) -- Goldman Sachs Group Inc.'s top executives will not receive cash bonuses this year, as the Wall Street giant bows to sharp criticism over its pay practices.

The 30 high-ranking executives will instead receive stock that cannot be sold for at least five years, the New York-based bank said Thursday.

But the restrictions won't affect the more than 31,000 other employees at the bank, potentially including some of its top traders who could be rewarded handsomely for helping Goldman turn big profits this year.

Banking bonuses have been a hot-button political issue. Financial markets have recovered much faster than the broader economy, and the nation's unemployment rate sits at 10 percent. Surging financial markets allowed companies like Goldman Sachs to rebound and start posting big quarterly profits, while setting aside billions of dollars to pay out year-end bonuses.

Goldman has also been criticized for using $10 billion in government bailout money to help ramp up its aggressive trading practices. Goldman received the money late last year as part of the $700 billion bank rescue program. Goldman paid back the money this summer, allowing it to escape restrictions on compensation.

Read more: http://finance.yahoo.com/news/Goldman-Sachs-execs-wont-get-apf-1304326123.html?x=0&sec=topStories&pos=main&asset=&ccode=

[Techn0Girl]

1. Instead they are being allowed to receive lucrative STOCK bonuses...

http://www.bloomberg.com/apps/news?pid=20601087&sid=aXKFa5Ml.47s&pos=1


Another switcheroo from Wall Street

[WriteDown]

5. BINGO!

Which will probably end up being worth even more.

[Turbineguy]

2. But they will get

The customers' yachts.

[MellowOne]

3. But it won't affect the 31,000 who do get bonuses

Let's see 31,000 will get approximately 700,00 each, hmmm, that's $21,700,000,000! They could pay off the national debt!

[aquart]

4. If only we'd thought of taxing them. Oh well.

[cutlassmama]

7. Oh no, we can't tax the rich! Heavens no!!! n/t

[Bozita]

6. Aren't these the same guys who've been applying for and receiving CCW permits?

Caution: Banksters could be hazardous to your life.

[RedCloud]

8. If you want to get rich, don't rob the bank. Own it.

I think Al Capone said something like that.