Goldman Execs Bid Bonuses Adieu

2009

NOVEMBER 2009

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Today's Cheat Sheet

UBS execs also forgo bonuses.

Goldman Execs Bid Bonuses Adieu

The long road of investment banker repentance and rehabilitation begins: Goldman Sachs’ seven top executives have announced that they will forgo their 2008 bonuses, giving up potentially tens of millions of dollars. Some see the move as a precedent that other large firms, like Morgan Stanley and Merrill Lynch, will follow. Goldman is expected to post its first quarterly loss as a public company ever in December. Lloyd Blankfein collected $68.5 million in cash and stock last year, but he and Goldman’s other board members will have to scrape by on their base salaries of $600,000.

Read it at The Wall Street Journal (subscription required)

Posted at 11:20 AM, Nov 17, 2008

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