Goldman Sachs had its annual shareholders meeting in New Jersey on Friday. So Lloyd Blankfein had the chance to sit in front of a room full of investors and explain why he got a $5.4 million bonus last year even though stocks were down 38 percent. Seriously, this guy must have cajones as big as his bald head. At this point, there are no plans for the CEO to step down.
Somehow, shareholder compensation proposals that would restrict pay didn’t pass and the directors got re-elected. A Catholic nun, Sister Nora Nash who is part of one of the religious orders that was in attendance, told Fox Business prior to the meeting that the pay “is totally outlandish because of the fact that we live a world where millions are going to bed hungry, they don’t know where their next meal will come from, especially in our inner cities and in the third world.”
“Never in the history of capitalism has anybody convinced people that a cabal, if you will, of bankers earning obscene amounts of money is good for everybody,” Dezenhall Resources’ Eric Dezenhall told WNYC.
Some including The New York Times and the people behind the Oscar-winning documentary The Inside Job think what Goldman and other large firms like it did to cause the 2008 financial meltdown was criminal. But besides the questioning from Sister Nora, The Wall Street Journal described the meeting as “dull.” That’s probably the best outcome Goldman could’ve asked for.