U.S. government queries Goldman about compensation
• ForbesGovernment also asks about credit derivative instruments * Firm says it is cooperating with requests Goldman set aside $6.65 billion in the quarter for compensation expenses, setting off a firestorm of criticism about pay practices. According to the filing, Goldman's board has received several letters from shareholders regarding compensation. It said shareholders have demanded the board investigate compensation in recent years, begin recouping so-called excessive compensation, and consider reforming its pay practices.
US Government: how much exactly did you pay your executives in bonus?
Goldman Sachs: huh... like... duh... gazillions? We think
US Government: already then. In that case, carry on!
I feel soooo much better now, so protected, so safe, so fuzzy, so warm all over...