Goldman: "Must pay to retain talent to insure continued success" … say, what?

Excerpted from IBD, “Bailing Out Bonuses”, December 22, 2008

Amid coast-to-coast cutbacks and layoffs by the thousands, bankers at the center of the financial crisis pay themselves $1.6 billion in taxpayer-funded bonuses .  In addition to the bonuses, they got club dues, financial planners, corporate jet travel, daily limousines and home security systems, courtesy of the taxpayers.

It’s obvious these banker bonuses had no correlation to productivity or performance. In the real world, enterprises provide such benefits only when executives produce results — that is, profits.

Goldman Sachs said it needed to retain and motivate its talent to ensure its “continued success,” not mentioning where this talent is threatening to migrate in a global and industry downturn.

Full article: 

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