Thursday, December 10, 2009
Goldman Sachs’s Top Managers to Get All-Stock Bonuses
Goldman Sachs’s top 30 executives will receive year-end bonuses in stock they cannot sell for five years. I wish that every company followed Goldman Sachs’s salary policy this year. However, GS is not known for paying reasonable salaries to its employees. GS was criticized a lot at the beginning of this year for paying excessively high salaries to its top executives after benefiting from government support. On the other hand, many state that Goldman had a right to do so, because it was the first one to repay bailout and generate a positive profit when most of the businesses were running out of business. In 2007, there was a lot of discontent around Goldman too, because they paid out $20.2 billion in salaries to its 31,700 employees. CEO was awarded a $67.9 million bonus that year.
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This is definitely a controversial topic in America right now. On the one hand, the government had to support GS so they should be spending their money on repaying the government and getting their business back to safety. On the other hand, they have shown profit recently and maybe their employee's deserve this raise. As long as the employee's cannot sell these stocks for 5 years then it seems to be a safe and beneficial raise.
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