Goldman Sachs faces contentious AGM

[KeepItReal]

Source: Guardian UK

Goldman Sachs is bracing itself for what may be the most contentious annual meeting in the embattled investment bank's 142-year history.
On Friday, angry shareholders, including a coalition of religious groups, are planning to call on Goldman's executives to justify the combined $69.6m (£42.4m) payday its top five executives received in 2010 and to answer questions about allegations that the bank misled clients and lied to Congress.

In July the bank paid $500m to settle charges brought by financial regulator the Securities and Exchange Commission (SEC) that it misled customers over complex sub-prime mortgage products it sold in 2007.

In an interview with the Guardian last month Sister Nora Nash, a member of the ICCR, said St Francis, founding saint of her order, would be "spinning in his grave" if he knew how much the Goldman elite were paying themselves.

The bank's top five executives received cash and stock last year that was 13 times greater than the year before. Goldman's 2010 net revenues fell 13% and profits fell 37%. Goldman paid Blankfein close to $19m in compensation for 2010, almost double his award for the previous year. The bank increased Blankfein's 2011 annual pay by $2m.


Read more: http://www.guardian.co.uk/business/2011/may/06/goldman-sachs-set-contentious-agm