Comments on: Goldman Sachs Execs Turn Down Bonuses http://donklephant.com/2008/11/17/goldman-sachs-execs-turn-down-bonuses/ Big Teeth. Huge Ass. Surprisingly Reasonable. Sun, 08 Nov 2009 23:59:03 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: gerryf http://donklephant.com/2008/11/17/goldman-sachs-execs-turn-down-bonuses/comment-page-1/#comment-425050 gerryf Mon, 17 Nov 2008 21:27:12 +0000 http://donklephant.com/?p=11055#comment-425050 outrageous...next thing you know you'll be saying it's ok to tax these people little extra just because they've benefitted more from the system they have bought and manipulated for the past 3 decades outrageous…next thing you know you’ll be saying it’s ok to tax these people little extra just because they’ve benefitted more from the system they have bought and manipulated for the past 3 decades

]]> By: wj http://donklephant.com/2008/11/17/goldman-sachs-execs-turn-down-bonuses/comment-page-1/#comment-425032 wj Mon, 17 Nov 2008 16:13:12 +0000 http://donklephant.com/?p=11055#comment-425032 No doubt his employment agreement has a formula for "annual bonuses" which are really no such thing. Actually, they are just another part of his regular pay -- except for coming in a lump sum, rather than monthly bi-weekly. Likely you would have to to go back a couple of years to find the statement in the Board minutes (if they are available) where they set up the "bonus" program for the senior executives. But I'd bet that performance of the stock price is not one of the major variables in the formula. Of course these guys don't need the money. For anybody making more than $1 million a year, the only relevance of their compensation is scoring status points with others in the same situation. It's not like they can spend that much, after all. No doubt his employment agreement has a formula for “annual bonuses” which are really no such thing. Actually, they are just another part of his regular pay — except for coming in a lump sum, rather than monthly bi-weekly. Likely you would have to to go back a couple of years to find the statement in the Board minutes (if they are available) where they set up the “bonus” program for the senior executives. But I’d bet that performance of the stock price is not one of the major variables in the formula.

Of course these guys don’t need the money. For anybody making more than $1 million a year, the only relevance of their compensation is scoring status points with others in the same situation. It’s not like they can spend that much, after all.

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