DIVERSION

Goldman Sachs CEO Doesn't Want Your Money

Could be preemptive move to dodge Congress.

He could just be doing a quickstep to avoid legislation, but the current CEO of Goldman Sachs is now loudly backing executive compensation limits. Lloyd Blankfein, who earned $43 million last year, called for a "renewal of common sense" and that the government should institute pay standards to "discourage selfish behavior, including excessive risk-taking." Some of his proposals include doling out compensation in stock rather than cash, making it mandatory for employees to hold their shares for longer periods, and having firms "claw back" previously paid bonuses if the actions of employees lead to losses. The Los Angeles Times reports that median pay at financial companies plunged 38.3 percent this year because of the lack of bonuses. Meanwhile, the Senate has stalled on two bills regarding executive compensation that were passed by the House.