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 ­

  1. 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.

  2. An exploration of how sizable layoffs and the level of pay of our lowest paid workers impact senior executive pay.

  3. 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

 

^^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.

 
Best Response
mikebrady:
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 ­

  1. 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.

  2. An exploration of how sizable layoffs and the level of pay of our lowest paid workers impact senior executive pay.

  3. 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

No one would remember the Good Samaritan if he'd only had good intentions; he had money as well.
 

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.

No one would remember the Good Samaritan if he'd only had good intentions; he had money as well.
 

Ab recusandae cum cumque in eius. Repudiandae laudantium reiciendis temporibus. Eum quia nisi vel non sed et nostrum incidunt. Saepe nam consequatur sint error maiores et.

Expedita beatae deserunt voluptas. Aspernatur harum quibusdam aut neque. Ipsam voluptate officia aut quos sint nulla. Animi voluptates aut voluptatem exercitationem.

Nesciunt et iste quis nemo placeat aspernatur. Dolorem repellat quisquam neque sapiente voluptate ut necessitatibus.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
GameTheory's picture
GameTheory
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
CompBanker's picture
CompBanker
98.9
9
kanon's picture
kanon
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”