Charity May Be Goldman's Way Out

Banking, finance, and taxes

Published: January 11, 2010 8:19 am

Last Updated: March 30, 2020 2:09 pm

No matter what Goldman Sachs (NYSE:GS) does to make its huge bonus payments more palatable to taxpayers, shareholders, and the government, the more criticism the company faces about its compensation packages. The bank has decided to force its 30-person management committee to take 2009 bonus money in Goldman shares and has also said it will establish a $500 million fund along with Warren Buffett to help small businesses. Now the bank’s management has come with a new way to try to mollify its critics: It may force its bankers to give a much larger portion of their compensation to charity.

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