"Goldman Sachs Group Inc. [GSG] Chairman and Chief Executive
Lloyd Blankfein [LB] called for broad changes to how Wall Street pays employees
and is regulated, saying 'the loss of public confidence from failing to live up
to the expectations that we created will take years to rebuild.' ... Blankfein
also recommended that stock awards be held for at least three years
before they could be collected, a move that would rein in excessive
risk-taking. ... 'We have a higher responsibility ... to act like an
owner responsible for the integrity of the system.' ... Many of the
recommendations made by Mr. Blankfein are being adopted or at least considered
by some Wall Street firms as they react to public ire over their culpability for
the financial crisis and bonus payments that to many Americans seem out of touch
with reality. ... Blankfein didn't concede that Goldman has done
anything wrong in how it pays employees. Indeed, some …
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