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Goldman Chiefs Give Up Bonuses

November 17th, 2008

This is unfortunately a necessary political gesture. There is going to be increasing political pressure unless we clarify that it is a bailout OF some institutions, not FOR the institutions. People want to know that tax payer money is being used to support the economy, not bonuses. So despite the fact that Goldman Sachs has honestly earned its money, doubtlessly through many hours of hard work, in the current climate it is an appropriate leadership action to be showing that we are not lining our pockets when many are suffering financial hardship and additionally having their tax dollars used to support market liquidity. If politions or regulators received bonuses we should be asking the same of them. Of course they don’t receive bonuses even in the good years.

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