Well, this is upsetting. We’re now getting word that the annual ritual of Goldman employees stripping down naked and rolling around in the cash-money portion of their bonuses will not be going down as planned this year, at least for top brass, who really deserve it. CNBC reports that the 30-person Goldman Sachs Management Committee (which includes Blankfein, Gary Cohn, David Viniar) will be receiving no cash for 2009. Instead, they’ll get what’s been dubbed “shares at risk,” which can’t be sold for five years, and include clawback provisions as well, in case anyone tries to be a hero.
Here Are Some Thoughts On Men And Wall Street
Jerk Running Ferry To Fire Island Not Up On The Celebs Of Financial Reform
my heart bleeds for them!!
Treasure?!!?
Bathtub?!!?
Im going to take a treasure bath !!!!
Treasure Bath!!!
Lloyd will have to console himself with the $40MM from last year.
How on earth will they retain the talent!!???
Think of the children!
you are killing me: “in case anyone tries to be a hero” LOL!
you are killing me: “in case anyone tries to be a hero” LOL!
So it appears as though the only golden showers this year will be at SAC.
LB will trick the stupid politicians, the pay czars, and @1 with semantics. God’s firm will let the unbelievers think they have won.
Ha.
so they’re still getting the bonus, they’re just getting it in stock, that will more than likely go up, with the news that they “aren’t paying bonuses”. brilliant.
will morgan stanley do the same?
@8 yup
-LB
What happened to Duck Tales? No longer approp?
@8
and let´s not forget: the shares may not be sold on the *open market* for 5 years, but don´t put it past LBeezy to allow for them to be sold to a GS LP/pool of some sort, perhaps for less than market value. we´ve seen something similar before with, who was it, Winkle-sticks?
@12/LBizzle- Why would they sell stock internally for less than market value? Good for the company, I suppose, but bad for employees.
@13 restricted units are worth less than the underlying. you sell them for cash flow & tax purposes. the price is further depressed by friction and considerations of appearances.
It sounds like Tiger Woods PR people wrote the “shares at risk’ deal.
“shares @ risk” so GS will be paid in BAC & C shares?
Why do Jews hate black people so much?
Does Hermes extend credit?
“include clawback provisions as well, in case anyone tries to be a hero. ”
Made my day
Why sell internally when you can sell in a private placement? “Think how cool YOULL be, rich person/bank from 3rd world/Hedge fund, youll own GOLDMAN SACS stock. That is like practically owning a proportion of Fort Knox!”
Resistance is futile.
@9 I actually doubt it, Mack said bonuses would be “controversial”
at least 1/3 of the top mgrs will leave the firm next year. will they (the 30)be able to cash out if they leave the firm before the 5 year period?
@23, why would 1/3 of top mgmt leave?
I think this is for the good.
call me,
zero cost collar specialist, equity sales.
@25 gets it
@ 24
The “problems” @ GS happened on the “watch” of the top 30.
It matters not who is responsible for the situation getting out of hand. It is the worst PR disaster to hit the firm in its history.
“Off with their heads!” is the Wall Street way.
Off with all appendages is the GS way.
too bald, didn’t read
So f*cking sick of this bonus talk. The general public will just never f*cking understand….If your final all in comp at the end of the year is lets say 1MM….half that shit is in stock which you have to vest into over the next five years (good luck with that)….down to 500K….lop off another half to old Uncle Sam…..down to 250K that you actually see, which Im sorry, may sound like a lot, but in NYC doesnt get you a shit hole in Harlem. AND that is if you actually are one of the very very few lucky ones who even make it to that level. 95% of Wall Street are not these PLAYERS. They are just a tiny cog in the works (but still working themselves to death)..ie ops guys, secretaries, accoutants, HR, Corp…and they aint pulling down anything remotely near that level, not.even.close. This is the media sensationalizing Wall Street, and it is just crap.
@29 – There, there! Let it out. It’s only a matter of time before the locusts come back and reduce us naked, cold husks standing in our barren fields.
@27:
You’re wrong! Its not off with “all” the appendages at GS, just the foreskin.
@29 come on dude, it’s obviously all Wall Streets fault, and you don’t deserve a bonus that big. Don’t you remember holding that gun to my head and forcing me to buy a $1mm house with my 80k a year combined household income? You can’t be allowed to make money anymore.
@29/32
By the same token, @29 should be able to move out of Harlem, finally. Lock down a nice little i/o, negative amortizing $5mm note and you’re livin the dream, baby.
C’mon, next years bonus will be bigger anyway. I guarantee it.
-Your Local Countrywide Rep
Wow, only 250k in nyc. Harsh. Woe is me. Woe is me. Whabebber will I do?
@29: Hopefully, you will lose your job and get cancer. Then you will realize how lucky you were. Until then, stop whining.
@29 if you dont like paying such high taxes why did you vote for obama? and in NYC at 1M you pay actually 53% in taxes over all. So i hope you make good use of the public schools and all those wonderful city services cause you are paying for them!
Woe is me. Woe is me. Whabebber will I do?
Admit it, the only reason you work in this industry is for a bonus. The rest of the time you spend whinging. And likely you will never make that 1MM gift, but still you are worked until you are near death. You dumb bastards are working on the fucking Amistad, don’t you realize that? You must hate yourselves. No wonder you who are not quite thirty seek refuge in beer after beer at the end of your day, talking up cooze you will never bed, and have forty inch waistlines and turkey necks. Yeah, I’m talking to you, Sparky. I’ve seen you. Seen you all. Jesus fuck, you must hate yourselves.
First, I never said that I make that. Simply stating that those who do, and there are very very few of them to begin with, are not retiring and buying super yachts and plotting further ruin on the economy. Most on the Street are just putting in the daily grind, and getting punished for the extreme actions of a few.
@25 bingo well said sir
@38, that’s just a little too honest.
Wall street doesn’t work without the pyrimad scheme / dream. Stop messing with the cogs
@39 You’re correct, of course. No argument. Whoever you are, you seem like one of the few on this board with some fucking humility. It’s just fucking heartbreaking, the place we’ve been brought to. This entire fucking social order has fallen into the reality trap of an obsessive-compulsive. Essentially, criminal behavior, that most can only just barely comprehend as a problem in the economic scheme, underlies every goddamn facet of our affairs. Good luck to you. To all of us.
I guess you can always strip down naked and roll around in your pile of risk-contingent shares.
I am setting up a fund to buy these restricted shares.
I am seeking investors. Return is annualized at 6%. As managing partner, I will pay myself all the equity gains. That is all.
Will strippers accept “shares at risk”? How will I make it rain now?
@ 39- Well said