After an abysmal year, Goldman Sachs' top seven executives—including CEO Lloyd Blankfein—will give up their 2008 bonuses, totaling tens of million of dollars, reports the Wall Street Journal. The decision could force other execs on Wall Street to follow suit, reducing some of the pressure on investment banks that have been pilloried for their role in the Wall Street meltdown. The execs will be paid their base salary of $600,000.
In 2007, Blankfein collected $68.5 million in cash and stock from the investment bank, a record payout. One senior executive at another firm joked about what he calls the “Lloyd watch,” adding "If Lloyd doesn't take home a bonus no one will." Goldman fared better than other investment banks, but its stock is down more than 60% and it's expected to post its first-ever quarterly loss in December.