Pressured by an almost-unprecedented financial meltdown and a gathering outcry over executive pay on Main Street, Goldman Sachs Group Inc. reportedly will pay no bonuses in 2008 to its top management — a move that may set the precedent across a troubled Wall Street.
The executives will only receive their base salaries of $600,000 each. A company spokesman said the executives felt the move was “the right thing” to do, according to the report.
Goldman Sachs, at the request of the executives themselves, were the first to make the move. So what do you think? Noble or downright necessary?