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Goldman Sachs Exec Tries Interesting New Tactic Re: Bonuses

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Goldman Sachs has done a lot to try and stem the rage over some people's belief that the Masters of the Universe did not deserve their nicely-sized bonuses this year. They've taken away the cash portion of Lloyd and Co's, they've made senior management fork over a bunch of their money to charity (including a special fund set up specifically to "help Matt Taibbi get the help he needs"), they canceled plans for the annual DuckTails-esque money pit for the distribution of the young employees' comp, and so on and so forth. And yet. People still won't get off their asses. So. It was time try something different. A new approach. One that would perhaps appeal to the plebes, where most of the ridiculous bitching is coming from. Everybody agreed this was a great idea, and last night at a fundraiser for Harry Reid held by Goldman co-President Gary Cohn, it was put to the test.

Charlie Gasparino, not on hand but working the phones as soon as he heard there was a party going down that contained four of mankind's most nefarious elements, to him (Goldman employees, Democrats, "those Hymen Roth-types," and passed hors d'oeuvres), reports:

A press official for Reid confirmed there was some acrimony at the meeting and said Reid took it all in stride. At one point, one of the Goldman executives complained about being attacked by politicians for receiving large bonuses by saying, "You don't know how expensive it is to live in New York City."

While some might doubt the genius of this move, pump the brakes 'til you hear the rationale from the c-suite. Most of the people giving GS shit are peasants, right? Given. And peasants don't live in the big city, they live in places far far way where they don't know what the cost of rent or an apartment at 15CPW is like. But if they did, they'd probably realize they're judging GS a bit too harshly and that really, what may seem like "huge ass bonuses" to them are essentially minimum wages because it costs a lot more to send your kids to private schools and install auto-fellatio room in your penthouse in NYC than it does in other parts of the country. And they'd probably have no problem with all this at all.


Bonus Watch '08: Goldman Sachs

Bonuses paid in '08 that were of the look-but-don't-touch variety were turned into real live ones that you can buy things with last year. Two billion dollars worth of live ones.