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Bonuses Put Goldman in Public Relations Bind
A celebrated Goldman Sachs partner, Gus Levy, coined the maxim that long defined the bank, the savviest and most influential firm on Wall Street: “Greedy, but long-term greedy.”
But these days that old dictum is being truncated to just “greedy” by some Goldman critics. While many ordinary Americans are still waiting for an economic recovery, Goldman and its employees are enjoying one of the richest periods in the bank’s 140-year history.
Goldman executives are perplexed by the resentment directed at their bank and contend the criticism is unjustified. But they find themselves in the uncomfortable position of defending Goldman’s blowout profits and the outsize paydays that are the hallmark of its success.
For Goldman employees, it is almost as if the financial crisis never happened.
...
Goldman is no different from most Wall Street firms: it rewards bankers and traders who make lots of money.
“They do it because they can,” Michael Useem, professor of management at the Wharton School at the University of Pennsylvania, said of the bonuses. “But strategic thinking requires that you think not only about trading but also about reputation and where the bank stands in the court of public opinion.”
This much is indisputable: Goldman Sachs is minting money. Its third-quarter profits were powered in large part by aggressive trading in the fixed income and equity markets.
http://finance.yahoo.com/career-wor...-relations-bind?mod=career-salary_negotiation
doesn't obama want to cap salaries? it is clear from this article that not doing so creates incentive and that incentive has turned into wealth....
A celebrated Goldman Sachs partner, Gus Levy, coined the maxim that long defined the bank, the savviest and most influential firm on Wall Street: “Greedy, but long-term greedy.”
But these days that old dictum is being truncated to just “greedy” by some Goldman critics. While many ordinary Americans are still waiting for an economic recovery, Goldman and its employees are enjoying one of the richest periods in the bank’s 140-year history.
Goldman executives are perplexed by the resentment directed at their bank and contend the criticism is unjustified. But they find themselves in the uncomfortable position of defending Goldman’s blowout profits and the outsize paydays that are the hallmark of its success.
For Goldman employees, it is almost as if the financial crisis never happened.
...
Goldman is no different from most Wall Street firms: it rewards bankers and traders who make lots of money.
“They do it because they can,” Michael Useem, professor of management at the Wharton School at the University of Pennsylvania, said of the bonuses. “But strategic thinking requires that you think not only about trading but also about reputation and where the bank stands in the court of public opinion.”
This much is indisputable: Goldman Sachs is minting money. Its third-quarter profits were powered in large part by aggressive trading in the fixed income and equity markets.
http://finance.yahoo.com/career-wor...-relations-bind?mod=career-salary_negotiation
doesn't obama want to cap salaries? it is clear from this article that not doing so creates incentive and that incentive has turned into wealth....