Daily Outrage: Company to pay biggest bonuses while stock earnings drop

WHO: Goldman Sachs Group Inc.

WHAT: Large investors holding tens of millions of Goldman Sachs shares are objecting to the Wall Street firm paying its biggest-ever employee bonuses — about $717,000 apiece. The irate stockholders are upset because the 2009 earnings per share are expected to be 22 percent lower than in 2007 and roughly equal to the 2006 earnings — despite record net income as the markets rebound.

WHY: Goldman’s stock-earnings decline was caused by issuing more than 100 million shares in the past year to beef up its capital position. Shareholders also dispute a financial statement change that added temporary workers and consultants to the company’s total head count, making it look as if Goldman employees earn less than they actually do.

OpinionOther Opinion

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Breed declares local emergency to counter threat of coronavirus

City officials warn against discrimination while they prepare for the possibility of an outbreak.

Educators warn of possible strike after district calls for budget cuts, layoffs

SFUSD faces up to $31.8 million shortfall in current school year

Tumlin apologizes after Muni subway suffers five breakdowns in three hours

Agency working on fixes for aging train control system and cars

SF approves facility for homeless youth in Lower Nob Hill

Approval of navigation center latest expansion in city portfolio of shelter beds

Man suing SFPD alleging officers beat him with batons

Cop attorney fires back: police were ‘interrupting a dangerous domestic violence incident’

Most Read