Whole Network Most Recent TOP10 Accounting Compliance Ethics SOX

 

Spreading the loot at Goldman Sachs

Filed in archive executive pay by leon on February 23, 2007

Spreading the loot at Goldman Sachs
Late last year, I talked about a study that looked at the knock-on effects of CEO pay.

The study found that largesse of overpaying the boss flowed through the organisation. If the boss was overpaid, there was a good chance his henchmen were cleaning up too.

Now that theory is borne out by the latest developments at Goldman Sachs. The firm's two co- presidents, Gary Cohn and Jon Winkelried, got bonuses of about $52.5 million each for the 2006 fiscal year, and that was in addition to their $600,000 salaries, reports the International Herald Tribune.

Just over $27,00 an hour, close to obscene.

True, Wall streetlinks firms like Goldman Sachs have been cleaning up in the boom market. But it's a reminder about the enormous gap between Wall Street and the ordinary world of subways and supermarket queues. In the end, it creates corporate leaders who have no idea about the resentment ordinary people have for those soaring pay levels. And that is a problem for business.


Advertisement


Permalink: Spreading the loot at Goldman Sachs
Tags: Goldman  Sachs  remuneration    corporate  business  goldman  goldman+sachs  loot+goldman  spreading+loot 

Trackback: http://www.creative-weblogging.com/cgi-bin/mt-tb.pl/54866



Advertisement


Advertisement


CW ToolbarInstall
RSSrss   | See all blog subscribe options
Googlegoogle   |   What is RSS?
Yahoo!yahoo
AddthisAddThis Feed Button
BloglinesBloglines
Newsletter

Use our search feature to look for other interesting posts

Just this blog Whole network
 
Advertisement
Book yours here.



  • Other blogs in the same channel in the Creative Weblogging Network

Advertisement -
Book yours here..






Advertisement - Book yours here..
 
Tagcloud: Accounting boards of directors Compliance corporate crime corporate governance corporate reputation Ethics events executive pay litigation markets regulators risk shareholder activism SOX Sponsored Blog strategy