2008-11-17housingwire.com

Senior executives at Goldman Sachs Group have decided to forego their 2008 bonuses, according to various media reports Monday morning, in an effort to to what many industry observers have said was needed in the face of a historic crisis — preserve capital. The Wall Street Journal reported on the decision, which was verified by a company spokesman without further comment; the executives asked the board’s compensation committee to grant them no bonuses, and the request was approved on Sunday, the Journal said.

HousingWire has been hearing of the so-called “Goldman effect” in chatter for the past few weeks — meaning that if execs at Goldman nixed bonus payouts for themselves, pretty much every other investment and large commercial banking operation would need to do the same. The reason: Goldman has been, well, golden.

How big of them!



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