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Ex-Goldman Sachs Trader Still Hoping To Convince Judge Promise To Mom Of $13 Million Bonus = Legally Binding Contract

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In 2010, Deeb Salem was employed as a mortgage trader at Goldman Sachs, despite numerous attempts by rivals to poach him and his self-described Michael Jordan-esque skills. He told his mother, who was living with him at the time, that he expected to be paid a $13 million bonus. So when it turned out he only received $8.25 million, you can imagine how incensed Deeb must have been. Not only had GS management made him look like a liar, it failed to keep up its end of the unspoken agreement re: not disappointing the mothers of Goldman Sachs employees. Refusing to let Goldman get away with such an unspeakable act, Salem sued the bank, demanding it cough up the extra $5 million he believed he was owed. Sadly, last September, a judge dealt Salem a bit of a setback in his quest to recover the money but if anyone thought that was going to stop him from ultimately making good on his promise to the woman who gave him life, he/she thought wrong!

Former Goldman Sachs Group Inc. trader Deeb Salem appealed a ruling by a New York state judge rejecting his bid for almost $5 million in bonus money on top of $8.25 million he got in a 2010. In September, Justice Eileen Bransten denied Salem’s request to set aside a Financial Industry Regulatory Authority panel decision to dismiss his claim, and granted Goldman Sachs’s request to seal portions of the dispute with the former trader. Salem told a state appeals court in Manhattan today that the judge erred in her decision, according to a filing. Salem claimed he helped the bank earn more than $7 billion, and told the arbitration panel Feb. 25 that he was one of the most sought-after investment professionals in the mortgage industry. The panel, described by Salem’s lawyer as a “kangaroo court,” didn’t let Salem call some of Goldman Sachs (GS)’ top trading executives as witnesses, resulting in a miscarriage of justice, according to his original petition.

Ex-Goldman Sachs Trader Salem Renews Fight For $5 Million [Bloomerg]


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