The big Wall Street firms taking bailout money from the taxpayers don't like the restrictions the federal government wants to put on them to limit employee compensation. For Goldman Sachs, it's a very big deal. The Wall Street Journal reported that 953 Goldman employees were paid more than $1 million each in bonuses last year. That works out to one in 30 employees getting the seven-figure bonus pay.
Now Goldman wants to pay back the bailout money, which is a good thing. But the reason is to keep paying bonuses to employees who took the company into the tank. I don't get it. I'm all for incentives. You help your company do well, and you get a bonus. But if you help your company lose money, why should you get a bonus for performing poorly?
Click here for The Fresno Bee editorial board's take on the latest Goldman Sachs news.
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