Skip to comments.Goldman Sachs Sued By (IBEW Union) Big Pension Fund Over (Exec) Pay
Posted on 03/09/2010 5:39:00 PM PST by tcrlaf
Goldman Sachs Group Inc (GS.N) was sued on Monday by a large union pension fund that accused the Wall Street investment bank of overpaying its executives.
The International Brotherhood of Electric Workers fund filed the lawsuit in Delaware Chancery Court, seeking to recover money for the company on behalf of other shareholders.
It seeks to stop Goldman from allocating roughly 47 percent of 2009 net revenue as compensation, saying such allocations "vastly overcompensate management and constitute corporate waste."
The lawsuit also wants Chief Executive Lloyd Blankfein and others in management, rather than shareholders, to be responsible for charitable contributions that Goldman is making as a an apology for its activities.
(Excerpt) Read more at reuters.com ...
Democrat-Supporting Goldman-Sach's insane, TARP-funded Executive bonus's?
Or the IBEW, which wants Goldman's "Charitable Contributions" redirected to ACORN-type "Charities"?
This is why it is unwise to invest in a financial company.
The people who work there are adept at putting the profits in their own accounts, not those of the stockholders.
Tell me again about how the unions are not a bunch of commie piggies.
Indeed. For whom does one cheer? Of course, one could simply eat some popcorn and enjoy the show.
This is amazing GS supported Obozo and now his minions in their desire to assist in his overthrough the Republic and Capitalism keep taking a bite of the elephant at a time. It is dying a slow death.
Root for a long, drawn-out, blood war of attrition with lots of embarassing public disclosure on both sides.
Wonder which side Obozo will take?
goldman’s bonuses are at a level that could be argued to be designed to bypass the public shareholders. They were private up until the late 90’s.
If "union bosses" are truly worried about the rank and file workers, they wouldn't mind, would they?....heh heh
So how’s that hopey changey working out for everyone?
When you play with fire you’re bound to get burned.
Goldman Sachs should expect more of this. If they’re going to rely on politicians manipulating tax law and regulations to make a profit then they better be ready for the unions and others to use those same politicians to take back much of those same profits.
Communists demanding stock dividends on their invested capital? Yeah, why not...
I’m not a fan of union thugs who are just as corrupt as the CEOs that the government has turned them loose on.
You should be rooting for the principle of being innocent until proven guilty. And Goldman Sachs is declared guilty hundreds of times of day --- including many people on this forum who fancy themselves conservative --- without a shred of evidence or basic understanding of the issues involved.
If a financial adviser or intermediary committed a wrong, go after him by all means. If Goldman happens to be that adviser, sue them to recover damages --- from all assets, be it cash, real estate or whatever. What does compensation have to do with that? Only one thing: in one of the worst witch hunts in American history, people (yes, even "conservatives") will cheer you in the fight against the evil bonuses. It's a pure exploitations of the current sentiment against capitalism, CEOs, bonuses (which are often not bonuses at all), the "rich" (unless they are basketball players or Jay Leno), etc.
Now, really, whom should you be rooting for, the defamer or the defamed? Indeed, a truly difficult choice for a conservative.
And the evidence is... what exactly.
Oh, I see: judging by your name, you just accuse people by proxy.
True. And that's exactly what most Americans are doing for the last few decades while socialists and other America-haters were dismantling the country. They don't realize, of course, that there will be no popcorn to chew at the end.
Couly be argued? By all means, please do argue. And explain also what kind of animal is that --- public shareholder.
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