Nuns Rap Goldman Sachs Fatcats for Pay
After Lloyd Blankfein's compensation almost doubles to $19M
By Kevin Spak, Newser User
Posted Apr 4, 2011 2:53 PM CDT
Mr. Blankfein, the sister would like a word...   (Shutterstock)

(Newser) – Lloyd Blankfein’s salary nearly doubled in 2010 to a total of around $19 million—and the Catholic church isn’t happy about it. Four orders of nuns that invest with Goldman Sachs have all signed on to a proposal demanding the bank review its compensation policy, the Guardian reports. The nuns are pushing the board to review and report on whether compensation is “excessive,” and on how it relates to “sizable layoffs and the level of pay of our lowest paid workers.”

Goldman says it’ll fight the proposal, saying shareholders already have access to plenty of data on the company’s compensation practices. “Our board believes that the preparation of the requested report would be a distraction,” it says. Goldman paid out $69.5 million to its top five executives last year, including Blankfein’s aforementioned $19 million payday. Goldman's shareprice was relatively flat on the year, Bloomberg notes, but pay shot up because executives resumed paying themselves cash bonuses, after a two-year hiatus. Click for more on Goldman bonuses.

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Showing 3 of 7 comments
Riffran
Apr 5, 2011 1:24 AM CDT
at first glance I thought I was going to read about rapping nuns!......*cue the beat box* Honor yo mutha, and yo daddy too, don't go covet homey's shit, he'll bust a cap in you, don't go icin nobody and taking their stuff, no other god comes before me, don't like it thats just tough.....word!
xs10tl
Apr 4, 2011 8:52 PM CDT
What needs to be reported are all the contracts (particularly in Health Care) requiring CEO Compensation to be in the "top 50th percentile"....or 40th, etc. If those at the top are criminals, but their compensation raises the bar so a host of others benefit....are they all not partners in crime? This is part of the reason no one rallies behind an effort to send these guys to jail. The system is so rigged and the media complicit that the only solution will be word-of-mouth through social networking.
zdaydream
Apr 4, 2011 4:37 PM CDT
I don't know that nuns have a haven to go to when they retire, I'm not Catholic. But is it wrong to want to have e few dollars after you retire from the service to God? Or are they supposed to just take hand outs all their life? <:-)