God's people VS Goldman Sachs
From Yahoo Finance
Religious groups question Goldman on pay:
A coalition of religious groups headed by a nun, a priest and the CEO of a Jewish organization will be there to press Goldman Sachs Group Inc. to evaluate whether it's paying executives too much. Goldman CEO Lloyd Blankfein will have no choice but to listen. The group has won a coveted spot on the annual meeting agenda.
The religious contingent also wants the investment bank to evaluate the pay discrepancy between high-paid workers and those at the bottom. And they're asking the company to explain something many shareholders want to know: why compensation for Goldman's top five executives rose to $69.6 million in 2010 even as profits and revenues have declined.
In all fairness, Yahoo finance might be the worst, so let me give you the real news that you requested.
Source: SEC .gov
Link for further reading:
http://www.sec.gov/divisions/corpfin/cf-noaction/…...
Proposal submitted to Goldman Sachs by the Nathan Cumings Foundation;
Danel Altschuler; the Sisters of St. Joseph of Boston; the Sisters of Notre Dame de
Namur; the Sisters ofSt. Francis of Philadelphia; and the Benedictine Sisters ofMt.
Angel.
T. The Proposal
The resolution included in the Proposal reads as follows:
"RESOL VED: Shareholders request that the Board's Compensation Committee initiate a review of our Company's senior execL;tive compensation policies and make available a summary report of that review by October 1, 2011 (omitting confdential information and processed at a reasonable cost). We request that the report include
-
An evalLiation of whether our senior executive compensation packages (including, but not limited to, options, benefits, perks, loans and retirement agreements) are "excessive" and should be modifed.
-
An exploration of how sizable layoffs and the level of pay of our lowest paid workers impact senior executive pay.
-
An analysis of the way in which fluctuations in revenues impact: a) the Company's compensation pool; b) the compensation of the Company's top 25 senior executives; and c) the Company's shareholders."
The numbered paragraphs are referred to herein as "Part 1", "Part 2" or "Part 3" of the Proposal, as applìcable. The supporting statement included in the Proposal is set forth in Exhibit A.
Quoted directly from the SEC:
March 2, 2011
Response of the Office of Chief Counsel
Division of Corporation Finance
Re: The Goldman Sachs Group, Inc.
Incoming letter dated Januar 6,2011
The proposal requests that the compensation committee initiate a review of the company's senior executive compensation policies and make available a report of that review that includes items specified in the proposal
...
Accordingly, we do not believe that Goldman Sachs may omit the proposal from its proxy matenals in reliance on rule 14a..8(i)(3).
We are unable to concur in your view that Goldman Sachs may exclude the proposal under rule 14a-8(i)(7). In arving at this position, we note that the proposal focuses on the significant policy issue of senior executive compensation. Accordingly, we do not believe that Goldman Sachs may omit the proposal from its proxy matenals in reliance on rule 14a-8(i)(7).
Bryan J. Pitko
Attorney-Advisor
Religious assholes, real shocker there, what is with Catholics and their love of social justice. Blankfein's comp isn't that high compared to top HF/PE/VC guys.
^^I totally agree, fucking tepper made 4 billion last year!
And they are pissed at blankfein for like the 14 million he made.
This is bullshit, I dont think father seamus fucking finn has any business pushing his way into the goldman board meeting.
There should be a new amendment: the separation of church and corporation- oh wait that might undermine the th fundraising factory that is the damn corrupt catholic church. Why dont they look in the mirror.
...not to mention the for-profit evangelical mega-churches all over the midwest.
Everyone should stay out of each others goddamnbusiness.
Become a pastor at a mega church http://video.google.com/videoplay?docid=3327073856673430950# you can write off travel, go around in a Learjet and be considered a wonderful person. Romans 13:1 "Let every soul be subject unto the higher powers. For there is no power but of God: the powers that be are ordained of God." I call Blankfein a power that be.
What's the diff between them?
But srsly - if shareholders (or a board that represents the shareholders) don't believe that Lloyd deserves his pay, wouldn't they just cut it?
This is no different than anyone else protesting a Goldman meeting. It just so happens this is a priest. So be it. This article is just another example of someone trying to write something "newsworthy". It's not a big deal. No need to get all pissy about it. No need to take everything so personal.
I just realized that this is a Yahoo Finance article. Enough said. They are the worst. Show me a real news story.
In all fairness, Yahoo finance might be the worst, so let me give you the real news that you requested.
Source: SEC .gov
Link for further reading:
http://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2011/nathancummi…
This letter, including Exhibit A hereto, is being submitted electronically to the Staff at
shareholdeiproposalsØJsec.gov. Pursuant to Rule l4a-80), we have filed this letter with the
Commission no later than 80 calendar days before the Company intends to file its definitive 201 i Proxy Materials with the Commission. A copy of this letter is being sent simultane-ously to the Proponents (and their representatives) as notification of the Companis intention to omit the Proposal from the 2011 Proxy Materials.
T. The Proposal
The resolution included in the Proposal reads as follows:
"RESOL VED: Shareholders request that the Board's Compensation Committee initiate a review of our Company's senior execL;tive compensation policies and make available a summary report of that review by October 1, 2011 (omitting confdential information and processed at a reasonable cost). We request that the report include
An evalLiation of whether our senior executive compensation packages (including, but not limited to, options, benefits, perks, loans and retirement agreements) are "excessive" and should be modifed.
An exploration of how sizable layoffs and the level of pay of our lowest paid workers impact senior executive pay.
An analysis of the way in which fluctuations in revenues impact: a) the Company's compensation pool; b) the compensation of the Company's top 25 senior executives; and c) the Company's shareholders."
The numbered paragraphs are referred to herein as "Part 1", "Part 2" or "Part 3" of the Proposal, as applìcable. The supporting statement included in the Proposal is set forth in Exhibit A.
Quoted directly from the SEC:
March 2, 2011 Response of the Office of Chief Counsel
Division of Corporation Finance
Re: The Goldman Sachs Group, Inc.
Incoming letter dated Januar 6,2011
The proposal requests that the compensation committee initiate a review of the company's senior executive compensation policies and make available a report of that review that includes items specified in the proposal ... Accordingly, we do not believe that Goldman Sachs may omit the proposal from its proxy matenals in reliance on rule 14a..8(i)(3).
We are unable to concur in your view that Goldman Sachs may exclude the proposal under rule 14a-8(i)(7). In arving at this position, we note that the proposal focuses on the significant policy issue of senior executive compensation. Accordingly, we do not believe that Goldman Sachs may omit the proposal from its proxy matenals in reliance on rule 14a-8(i)(7).
Bryan J. Pitko
Attorney-Advisor
GS must be doing God's work if it is managing the ca$h and investments of so many religious groups that are ho·li·er-than-thou.
I have a close friend who is a none from one of these groups. I should give her my résumé.
The pope is living on a minimum wage right?
The pope doesn't earn a salary. However, the catholic church covers his expenses. At the end of the day it's not like he has some sort of 401K.
Additionally, all possessions of the pope go back to the church upon his death. Does all the money go back to Goldman upon a CEOs death?
CEO of Goldman actually did something other than covering for child molesters.. so no it doesnt go back. I'm sure the Pope can do without a 401k since the Vatican is his playground till death... much added value for the shareholders?
Stick to the issue. If you have a problem with the Catholic church, no big deal. What does child molestation have to do with this article? But as a GS shareholder, the stock sucks and the salaries are going higher. Yeah, I would complain too. They are not claiming to be holier than thou.
This is the issue in this thread btw. IB is people, lose the rainmakers, traders and there's no more firm. I'd give them a year or two more to show what they're worth only because they are the goldman sachs and have historically had a tendency to succeed.
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