The five-star generals at Goldman Sachs are taking a hit for the rank and file investment bankers and traders. Their sacrifice — in their own words, annotated by Dennis Berman of the WSJ:
PRESS RELEASE: Goldman Sachs Announces Changes to 2009 Compensation Program
Management Committee To Receive No Cash Bonus for 2009
[Our stock is up 96% year-to-date, and the 30 of us on the management committee have made plenty over the years. Still, we’d be insane to take big cash numbers in this year of Goldman hatred.]
All Discretionary Compensation Awarded As Equity “Shares At Risk”
[We’ve embellished an old term for the new era of bank-hatred. We’re not quite sure how a “Share At Risk” is different than a “Share.” Wait, does this mean that we have to describe IPOs and all that underwriting we do for clients as “shares at risk” too? That doesn’t sound so good.]
Now, please everyone, move along. No need to stare at the carnage.