Goldman Sachs’s Board Rejects Shareholder Demands To Cut Excessive Pay, Bonuses
STEVENSON JACOBS | 03/ 1/10 12:49 PM | AP
NEW YORK – Goldman Sachs Group Inc. said Monday it has rejected demands by shareholders to investigate the Wall Street bank’s compensation practices.
Shareholder lawsuits filed recently in New York and Delaware charge that Goldman’s compensation levels in 2009 were too high, Goldman said in a Securities and Exchange Commission filing. The lawsuits seek to recover some of the pay and force the bank to adopt pay reforms. Goldman said shareholders have made similar demands in letters to its board.
Lawmakers and shareholders sharply criticized Wall Street pay after the biggest banks lost billions of dollars on bad mortgage bets, helped cause the recession and then had to be bailed out by the government.