Friday, October 23, 2020

"Goldman Board Wants Execs to Pay Up Over 1MDB Scandal" (GS)

 From Institutional Investor, October 22:

The board is seeking $174 million in clawbacks and salary forfeitures.

The board of directors at Goldman Sachs is clawing back executive pay from former and current employees in relation to the 1MDB scandal.  

The board announced Thursday that it aims to recover $174 million in full, including clawbacks, forfeitures, and compensation reductions. The announcement came after the Securities and Exchange Commission charged the bank with violating the Foreign Corrupt Practices Act.  

In connection with the charges and “coordinated resolutions,” Goldman has agreed to pay more than $2.9 billion, the SEC said on Thursday.

“While it is abundantly clear that certain former employees broke the law, lied to our colleagues, and circumvented firm controls, this fact does not relieve me or anyone else at the firm of our responsibility,” Solomon said in a letter to Goldman employees published on the firm’s site. Solomon called the board’s decision “entirely appropriate.”...


Hey! Sort of like the old partnership days where the money you were responsible for was your own and not some public investor's.