Goldman Sachs is preparing to defy President Obama's tough talk on executive bonuses and award chief executive Lloyd Blankfein a whopping $100 million, according to bankers at the World Economic Forum. "This is Lloyd thumbing his nose at Obama,” a banker at one of Goldman’s rivals tells the Times of London.
Obama has described such massive bonuses as "the height of irresponsibility" and "shameful." A meeting between British officials and execs from the big banks failed to yield an agreement on bonus caps, largely because the banks don't trust each other to stick to any agreement, according to a source who was at the meeting. "These guys have been rivals for years and they just don’t trust each other to do it,” he says.