The chairman and chief executive of Goldman Sachs said today that mass anger over exorbitant compensation structures was “understandable and appropriate,” according to the Wall Street Journal. Speaking before a banking conference in Frankfurt, Lloyd Blankfein said that the global backlash against large bonuses and contracts was a sentiment shared by himself. “There is little justification for the payment of outsized discretionary compensation when a financial institution lost money for the year,” said Blankfein. The Goldman head said that he thought that multi-year guaranteed employment contracts were problematic and “bad for the long-term interests of our industry and the financial system.”
Goldman CEO Says Pay Anger Justified
Lloyd Blankfein says he agrees with the anger felt around the globe at exorbitant pay packages in the face of the recession.
September 9, 2009