Recent reports that some large Goldman Sachs (GS) shareholders are angry about the bank’s plan to pay huge bonuses are clearly true, as the bank is now holding meetings with said shareholders, begging them to let the bank pay fat checks.
WSJ: The private discussions are a first for Goldman, several shareholders said, as the Wall Street firm finds its self on the defensive over its pay, where employees are on track to earn an average of more than $700,000 apiece this year. The meetings are expected to last several more weeks and come as shareholders are filing proposals aimed at restricting pay.
This is obviously an amazingly awkward spot for Goldman, which, in its existence, never had to beg the rabble for the right to pay its employees. Surely the old timers in these meetings are wondering why the hell they ever gave up the partnership model.