Under fire, Goldman Sachs scraps cash bonuses for executives

By GottaLaff

How do you speall Goldman Sachs? $$$$$$$$:

Bowing to intense public pressure, Goldman Sachs on Thursday scaled back plans to distribute at least $16 billion in year-end bonuses, stripping cash awards from members of its 30-person management committee in favor of restricted stock.

Those executives will be unable to sell the "at-risk" stock for five years and could be forced to relinquish it if they engage in improper risk analysis or fail to "sufficiently raise concerns about risks," the company said. Bonuses, which are based on the firm's overall performance, represent the bulk of compensation to members of the committee of global divisional and regional leaders.

Why do I always feel a "but" coming on when it involves G.S.?

Goldman didn't say that it would alter bonuses for most of the more than 31,000 employees on its payroll. The employees were poised to receive an average of about $700,000 in bonus payments.

And Paddy has no heat.