Goldman Sachs Might Require Execs to Donate

In a move likely intended to quell outrage over the latest reports of sky-high bonuses, Goldman Sachs is supposedly mulling the idea of charity requirements for executives. The company, which is expected to post a profit of around $12 billion in the midst of the recession, is looking at requiring 1,000 of its highest paid executives and managers to donate 4 percent of their salaries to charity. Bear Stearns had a similar program, and reportedly checked tax returns to verify that its employers were following the policy. Goldman has already donated $200 million to Goldman Sachs Gives, and Warren Buffett has been tapped to oversee a $500 million lending fund to small businesses. With the company expected to pay an average of $595,000 to each employee, it’s easy to see the need for this kind of PR parry.