Apparently, some banking execs do have a sense of shame. Goldman Sachs CEO Lloyd Blankfein and six other top executives have renounced their 2008 bonuses, saying they do not deserve them due to the companyâ€™s poor performance.
My question is, why were these executives ever slated to receive bonuses? I mean, Goldman Sachs shares have lost 70% of their value and the company had to go begging to the U.S. government for a bailout. Maybe I used to work at the wrong companies but, back in my corporate days, a bad year meant no bonuses. For anyone.
Donâ€™t worry about how Blankfein will get by without his yearly bonus. Last year he pulled in a $68 million bonus.