Topic: Maybe we don't....
Lynann's photo
Thu 02/05/09 02:23 PM
Maybe we don't need taxpayer money so much...if umm we can't do whatever we want with it!!

I love it.

Obama calls for responsible compensation and limiting bonuses to executives paid by tax payers and now...they don't need bail-out money??

Looks like Obama just saved us $10 billion?

NEW YORK, Feb 4 (Reuters) - Goldman Sachs Group Inc (GS.N)
Chief Financial Officer David Viniar said the bank is keen to
avoid restrictions it agreed to after receiving funds from the U.S. government late last year and it is looking to pay the money back as soon as possible.

The investment bank, which received a $10 billion capital
injection from the U.S. Treasury's Troubled Asset Relief Program in October, is not happy with the strings that came attached to the money.

Compensation restrictions and certain capital requirements
were part of the original injection, and extra limitations may be in store after U.S. President Barack Obama imposed tough new rules limiting pay for companies receiving government aid.

"We would like to get out from under that," Viniar said,
adding that the bank aims to pay back the $10 billion this
year.

Full article: http://uk.reuters.com/article/bondsNews/idUKN0428223120090204

AndrewAV's photo
Thu 02/05/09 06:28 PM
It's not just the executive pay but other restrictions as well. I believe there is a bonus restriction which would upset the lower levels of management as well as the transparency required and the paperwork that has to be done before any major decision. The restrictions are pretty rough all around. I can't blame them for trying to get out from under them.

Now if they get out and the first thing they do is give a massive payment to the board... I'll shake my head in frustration. I personally feel the bailout was a bad idea for the most part. If this ends up being the result, then we've learned nothing.