The only way you're getting this money is through me.
Last week, Goldman Sachs announced that the experiment wherein upper management acted like it cared what shareholders think, validated their feelings, took out the trash without having to be asked and so on and so forth was over. Not sure if The International Brotherhood of Electric Workers missed it in the 10-K or if they saw it and thought Lloyd and Co were just JK’ing (we assure you: they were not!) but here we are.
The fund has filed a 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.Goldman spokesman Ed Canaday said: “We believe the lawsuit is completely without merit.”
Goldman Sachs Sued By Big Pension Fund Over Pay [Reuters]
Earlier: Goldman Sachs Sued By Shareholder Over Bonuses, Again
Here Are Some Thoughts On Men And Wall Street
Jerk Running Ferry To Fire Island Not Up On The Celebs Of Financial Reform
Goldman Sachs anagram = Damn Cash Slog
Are they affiliated with the League of Extraordinary Gentlemen?
Is the Delaware Chancery Court on Electric Avenue? If so, I’m pretty sure I know who’s going to rock down there.
bess, horrible tech issues aside, I am loving what you’re doing with the new caption function.
Bessar! Yer bick!! I mist yeh, luv. Anyway, ‘ow big ‘er yeh brists now?
-AD
new caption function?
I can’t wait for LVP’s response to this clearly baseless suit…
@analy_st- i see what you did there…
I, for one, am a member of an international brotherhood. But please, pray tell, what is an “electric worker”?
http://blogs.forbes.com/streettalk/2010/03/09/pranking-goldmans-lucas-van-praag/
LB took a massive paycut ($9MM in restricted stock down from $68MM in 2007) and the IBEW thinks he’s massively overcompensated. They need to look in the mirror. When was the last time a union member took an 87% paycut?!
@Tax Chick: Iron my shirt
@11 since TC makes 10X your annual take-home, I think you should be picking up her laundry right about now.
@Tax Chick: Make me a delicious sandwich!
Can’t spell Goldman Sachs without mad cash.
serious question: are TC and Erin Callan the same person?
European union won’t let Goldman Sachs do bond offerings now….they really need to learn to lay low for awhile
@15 TC is zoe cruz
Girlfriends barfed on boyfriends. Kids barfed on their parents. Meredith Whitney barfed in her purse. The Najarian brothers barfed on each other, and the Delaware Chancery Court barfed all over The International Brotherhood of Electric Workers. And Lloyd just sat back and enjoyed what he’d created-a complete and total barf-o-rama!
jesus that photo!!!! i’ll never be able to look at naked girls again without… stupid… bastard…
@19 – and all I saw were the dollar bills and the grin. Could be used as a Rorschach test, I guess.
Tax chick, “Let them eat cake.”
Workin’ so hard like a soldier / Can’t afford a thing on TV
tc = cluzo
Not Cruz ….