Sunday, January 24, 2010
Keeping it real
Goldman Sachs to put £1m cap on bonuses
Although only a few hundred of Goldman’s 5,000 London employees are likely to be affected, the move could alienate staff and risk a rash of resignations at the bank.
Posted by devo @ 11:01 PM (1308 views)
6 thoughts on “Keeping it real”
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devo says:
Goldman Sachs has already announced that senior managers will get their entire bonus package in shares that they will not be allowed to sell for five years or until 2015
better keep the tyres pumped up then
paul says:
You know what, we’ve been hearing constant stories of how these banks’ staff will run off for the hills (or the far east, Switzerland, Swaziland etc) for years now.
And guess what?
They’re still here, drinking in nasty wine bars, their wives snorting and braying in well-heeled boutiques and clogging up the streets taking Tarquin and Jocasta to school in their Porsche Cheyenne 4x4s.
And do you know what? After some of their bonuses are clipped to under £1m, they’ll still be here because they work for investment banks so they are already used to taking it over a barrel wearing a ping-pong ball leather gag.
fallingbuzzard says:
I bet the cap is on the cash non-pension element. Everything above will be shares with a side of cash from a non-interest bearing loan secured against the shares.
sneaker says:
Waaaahhhh …. only a million quid in a year
NOW AIN’T THAT JUST TOO BAD
freemanphil says:
Absent the bailout, free market economics would have limited bonuses. Currently, the rationing of bailout money will mean more for the directors. They are just doling out loot from we the people. It is the fact that they are in position to make decisions about money they haven’t earned that is the issue, the specific decisions they make is not the issue.
Crunchy says:
I’m not interested in (what I think is) a super slippery corrupt company, only in what is happening to Timothy.
The achilles’ heel of an all too powerful collective too big to fail, now even bigger giant.