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Goldman's Hypocrisy Never Ends
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"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 compensation experts noted that much of what Mr. Blankfein advocated is already in practice at Goldman. ... When deciding on pay for traders, bankers and other employees, Wall Street firms should take into account not only the contribution the employee made to profit or loss, but also the risks taken and the overall contribution to the better functioning of markets", my emphasis, Aaron Luchetti at the WSJ, 8 April 2009.

"A former chairman of Tajikistan's Central bank diverted more than $850 million to a company run by himself and his family, according to an independent audit posted on the bank's Web site on Monday", WSJ, 14 April 2009.

GSG and LB make me sick. GSG's shareholders should run LB out and tar and feather him. He admits he did not do his job properly. Stock awards be held for at least three years? Hmm. LB oesn't ead IA, oes he? See my 13 January 2009 post: http://skepticaltexascpa.blogspot.com/2009/01/incentives-count-for-bankers-too-3.html. Compensation experts? Where were these "experts" ten years ago? Act "like an owner"? What were you doing all along LB? 

How much did former GSGer Hank Paulson "divert" to the members of his adopted family? We live in Tajikistan.

Source >  Skeptical CPA | Apr 25

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