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Lawsuit: Goldman Sachs bonuses bigger than its earnings
Posted: Jan 8, 2010
Thursday, January 7th, 2010 -- 9:30 pm
A lawsuit filed against investment bank Goldman Sachs by a shareholder alleges that the company spent more money on corporate bonuses than it earned in 2008.
Shareholder Ken Brown's lawsuit is one of two suits filed against the company this week over its controversial decision to hand out billions of dollars in bonuses even after it was accused of playing a central role in the financial collapse of 2008 and receiving $10 billion in direct aid from the US government.
In his lawsuit (PDF), Brown states that Goldman Sachs gave out $4.82 billion in bonuses in 2008, despite earnings of only $2.32 billion that year. The lawsuit alleges that the company spent 259 percent of its income in the first quarter of 2009 on compensation.
Goldman Sachs handed out $16.7 billion in compensation in the first nine months of 2009, according to Bloomberg news service, and that figure may reach $22 billion for the entire year. Brown's suit says the company typically sets aside 44 percent of its net revenue for employees.
“Payment of this exorbitant amount of compensation, which has little to do with Goldman Sachs’s performance, and was financed in large part with government bailout and taxpayer money, is a waste of the company’s assets and a breach of duty and loyalty," Brown asserts in the suit.
The remainder of the article can be found at:
http://rawstory.com/2010/01/lawsuit-goldman-bonuses-bigger-earnings/
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