Okay, this is really interesting. In the good old days, the captains of finance fought bonus wars behind closed doors. We called them “ax fights.” But in the wake of 2008, Wall Street’s compensation is public policy. The Wall Street Journal reports that Goldman is taking the PR battle over pay to shareholders:
Wall Street firm Goldman Sachs Group Inc.—known for its outsize profits and unapologetically handsome pay packages to go with them—has begun meeting with major investors in an effort to ward off an investor backlash over its record compensation pool.
As a way to further the discussion, Acrimoney presents Part 1 of Max Keiser’s clear and unambiguous take on Goldman Sachs. Keiser’s rant may lack Matt Taibbi’s eloquence. The post about a “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money” is a tough act to follow. But Keiser wields an intensity all his own.
How do you feel about Goldman’s pay?
Do you believe the organization is justified in taking the offensive on pay? Or is the pay just offensive? Did Taibbi get it all wrong with the “vampire squid” thing? Is Goldman more of a gluttonous and voracious pig that’s been whipped into a feeding frenzy—wallowing at the table of bacchanalian greed, gorging on an unintended trough from bailout billions, and stuffing its face on a one-way ride toward a massive case of gout?
You make the call.