Business

Religious Groups to Goldman Sachs: How About Paying Your Execs Less?

NEW YORK (AP) — When Goldman Sachs Group Inc. executives and shareholders gather Friday morning for the company’s annual meeting, the room might look a little like a house of worship.

A coalition of religious groups headed by a nun, a priest and the CEO of a Jewish organization will be there to press Goldman Sachs Group Inc. to evaluate whether it’s paying executives too much. Goldman CEO Lloyd Blankfein will have no choice but to listen. The group has won a coveted spot on the annual meeting agenda.

Religious Groups to Goldman Sachs: How About Paying Your Execs Less?

The religious contingent also wants the investment bank to evaluate the pay discrepancy between high-paid workers and those at the bottom. And they’re asking the company to explain something many shareholders want to know: why compensation for Goldman’s top five executives rose to $69.6 million in 2010 even as profits and revenues have declined.

The Nathan Cummings Foundation, which says is rooted in Jewish tradition, along with the Sisters of Saint Joseph of Boston, the Sisters of Notre Dame de Namur, the Sisters of Saint Francis of Philadelphia and the Benedictine Sisters of Mount Angel, have introduced a shareholder resolution that asks the investment bank to evaluate whether its compensation packages for senior executives are excessive and should be modified. The resolution calls on Goldman to publicly report its findings by October 1.

Sister Nora Nash of the Sisters of Saint Francis says the group’s mission is primarily about getting better returns. Her order of nuns and the other religious groups are long-term shareholders of Goldman; their retirement savings are at stake when outsized pay packages limit dividends or growth. (The groups declined to say how many shares of Goldman they owned, but most are held through investments in various funds.)

“When we see CEOs earning over 300 times more than the typical worker, it raises serious questions for shareholders on whether they are really (that) valuable,” says Sister Nash, who has been a nun for 50 years.

As evidence, she and other members of the religious coalition point to a new study from the Council of Institutional Shareholders and a review by Kenneth Feinberg, who served as the White House’s special master on Wall Street pay. The studies show financial services companies have “overpaid” executives and that high compensation damages shareholders because it leaves less money for other investments and dividend payments.

Sister Nash will make a presentation at the annual meeting to try to win shareholder support for the resolution. Shareholders can vote on the measure Friday. Company officials tried to have the proposal removed from the agenda but the Securities and Exchange Commission — which approves such exclusions— rebuffed the effort.

It might be hard to ignore nuns and priests at a shareholder meeting of an investment bank, but what matters to shareholders is the substance of the proposal, experts say.

“If the resolution resonates with other investors, it will pass,” said Charles Elson, director of the Weinberg Center for corporate governance at the University of Delaware.

For the last several years, Goldman has been the target of public outrage over its outsize compensation for top executives. That anger was fueled by a record $68 million bonus for Blankfein in 2007, just before the financial crisis began. Last year, Goldman was unsuccessfully sued by some shareholders who said compensation levels were too high at the firm.

“Everybody deserves to be rewarded for their work,” said Father Seamus Finn of the Missionary Oblates of Mary Immaculate, who plans to attend the meeting. “But our culture has created the star corporate CEO whose work doesn’t deliver the kind of value warranted by that status.”

The group says the significant compensation increases given to Goldman execs weren’t merited. The firm’s profits and revenue declined dramatically and it was forced to pay out $550 million to settle an SEC fraud lawsuit. However, Blankfein’s total 2010 compensation, which includes salary and bonus, rose to $14.1 million after falling to just over $1 million in 2009. Overall, the pay of its top five executives in 2010 rose 12 times from the previous year, to $69.6 million. (In contrast, U.S. workers earn an average of $40,790 annually and average hourly earnings fell 1 percent last year, according to government statistics.)

In 2010, the bank’s net income fell 37 percent to $7.71 billion and its revenue slid 13 percent to $39.16 billion. Earlier this week, U.S. senators led by Democratic Senator Carl Levin of Michigan asked the Justice Department to investigate Goldman and other firms for their role in the financial crisis. Last year, Goldman shelled out the largest penalty ever by a Wall Street firm to settle allegations that the bank had committed fraud.

“The pay issue is even more important when $550 million of shareholder money is used to settle a fraud investigation,” said Lance Lindblom, CEO of the Nathan Cummings Foundation. “All we’re asking for is a study to see whether those levels are excessive and whether they can justify this level of compensation given that performance.”

In a regulatory filing for shareholders, Goldman says that preparation of such a report would be a distraction for the board of directors and be an “unjustified” cost to the firm. The investment bank also argues that documents, like the firm’s annual proxy statement, are already publicly available. Goldman would not comment on the proposal and instead pointed to the regulatory filing.

Goldman faces two other shareholder votes related to executive pay. One is the result of government rules passed last year which require most public companies to give investors a vote on what it pays its executives. Like other pay proposals, the results are not binding, which means the companies can ignore what shareholders say. But wide dissent from shareholders can draw unwanted attention to a CEO’s pay. And companies with negative votes on their pay plans must to disclose how the vote impacted their pay decisions in the statements they file with regulators.

A similar resolution to the one the religious groups have proposed was on the agenda last year. Just 5.48 percent of shareholders voted in support, says Sister Nash, whose group co-filed that resolution. Despite the intense focus on pay, there’s no indication that the new proposal will get a majority of the vote this year. For her part, Sister Nash hopes this year’s effort will win at least some additional support and lead to change at Goldman.

Comments (146)

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  • Rumrunner3
    Posted on May 6, 2011 at 10:29pm

    Yet of all the people that has a problem with it, I ask. Did you fill out a CEO applocation. Why are people so worried or jealous of what someone else does. Take care of your business, you control what they do with your dollar.

    Report Post » Rumrunner3  
  • bikerr
    Posted on May 6, 2011 at 10:23pm

    @concealled9mms– I’ve heard it said one quick way to turn a Democrat into a Conservative. Give them a job.

    Report Post »  
  • ChiefGeorge
    Posted on May 6, 2011 at 10:01pm

    Many companys are pushing work and unreasonable statistics to bog you down so you cannot succeed as you normally had in the past, so no raises. Since employers are in the drivers seat due to the econ they can expect you to pull out all the stops, work off the clock to just keep your job. I know!

    Report Post » ChiefGeorge  
  • JCoolman
    Posted on May 6, 2011 at 9:59pm

    To religious groups:

    Mind your own business. Why don’t you put your energy into helping someone rather than trying to destroy someone. There are people from Texas to North Carolina that could surely use some help right now.

    Report Post »  
    • Showtime
      Posted on May 6, 2011 at 11:28pm

      You’ve got THAT right! Two firemen killed and 400+ homes lost just in the Texas fire, and Obama turns his nose up at Texas!

      Fifteen people were killed in Georgia’s tornadoes, and the tornadoes have killed HUNDREDS in six states.

      Report Post » Showtime  
    • KENTUCKYREDBONE
      Posted on May 8, 2011 at 9:25pm

      Cause moral values is Religious bussiness! On a side note every AMERICAN should be concerned about this cause of these Bank’s getting tax money!

      Report Post » KENTUCKYREDBONE  
  • threecats407
    Posted on May 6, 2011 at 9:51pm

    Fat cats, Every one of them. These freeloaders make sums that are beyond the average persons comprehension!

    Report Post »  
  • eat-more-bacon-USA
    Posted on May 6, 2011 at 9:37pm

    Huh?

    Report Post » eat-more-bacon-USA  
  • welovetheUSA
    Posted on May 6, 2011 at 9:34pm

    How about giving the stimulus money back……….and stay the heck out of things that are none of your business. period.

    Report Post » welovetheUSA  
  • DemocracyisTyranny
    Posted on May 6, 2011 at 9:30pm

    Want to boost the economy? Limit interest on loans to 10%. These banks cannot be trusted to give high interest loans to the poor people because they all fail and need to be bailed out when the economy goes bad.

    Report Post » DemocracyisTyranny  
    • Bear
      Posted on May 7, 2011 at 12:51am

      Some of you people make me sick! The Government created an enemy for you to hate,,,the private sector,,,,and you swallowed the bait! Why not get mad at the Government,,,,taking all our money and they do not need to perform well at all,,,,,,they can spend the world out of the United States being the reserve currency,,,replaced!How would you rate the Governments performance,,,If the Banks are so evil,,why have there been no arrests and the Government bails them out??????You have been brain washed to hate Capitalism,,its the only way you will give them your freedom and your dignity!

      Report Post » Bear  
    • The Gooch
      Posted on May 7, 2011 at 1:31am

      To the Bear:
      Brother (or sister?), you can’t lay this down without earning this rebuke: One of the commodities corporatism (not capitalism) values is political influence peddling. It’s naive to assert the “idea men” (be they bankers, traders or executives) don‘t know it’s good to be king… or to at least have him in your pocket. Your post insinuates that law differentiates between good and bad/evil, moral and immoral. Any student of law will tell you the law is amoral… it is not geared towards making such high-minded objective judgements. Frankly, the law is what is put forth by the state as to what you can and can’t do per the state at any given time.
      Hmm, in a political climate heavily influenced by money, who do you think has the means to make what you and I might consider evil to be legal?
      I’m not anti-capitalist. I do, however, have a BIG problem with corporatism and different rules for different people and/or entities.
      If something is legal, does that make it right? A lot of the posts on this topic explain why an opportunistic tool such as Donald Trump is seriously being considered a candidate for POTUS. I’ve done my homework on Trump. He’s not necessarily good at business… but he sure knows how to game the system and dupe other people into propping him up. Trump‘s skill doesn’t reside in real estate… his habitual bankruptcies prove as much. Trump is an impressario who believes screwing people is the American way. Maybe he’s right..

      Report Post »  
    • The Gooch
      Posted on May 7, 2011 at 1:51am

      My apologies to The Bear… your picture didn’t come up earlier. I wasn’t being cute in my address to you… I simply didn’t know if you were male or female.

      Report Post »  
  • DemocracyisTyranny
    Posted on May 6, 2011 at 9:26pm

    These people should be hanged for the interest rates they charge the poor.

    Report Post » DemocracyisTyranny  
    • Quagaar Warrior
      Posted on May 6, 2011 at 11:15pm

      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Who’s forcing the poor to take a loan? If you’re poor, rent. If you don’t like being poor, get up off your lazy Democrat and change your life instead of blaming someone else for your pathetic existence and sucking off of your neighbors tax dollars just to survive at the whim of your beloved govt.
      .
      P.S. I agree that Democracy is Tyranny. THANK GOD WE’RE A REPUBLIC!!!
      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

      Report Post »  
  • Veritas
    Posted on May 6, 2011 at 9:23pm

    How is it anyone’s business what they pay to whomever unless that person is a stockholder?? MIND YOUR BUSINESS!! If they make bad business decisions, they need to go out of business. It is called the free market. Can we all please get back to that REAL moral principle??

    Report Post » Veritas  
    • The Gooch
      Posted on May 7, 2011 at 12:39am

      Yeah, like holding executives criminally accountable for dead workers when greed and negligence trumps human life and “cringe” (God forgive me for typing this) govt. regulation.
      You find corporate welfare very moral? I’d like to hear you explain that away. What about bail outs? You cool with the suits being propped up for being greed heads? When is the last time you or a neighbor got “bailed out” (i.e., saved from the consequences of your decisions)?

      Report Post »  
    • Veritas
      Posted on May 7, 2011 at 7:46pm

      @ The Gooch, I don’t know how you got I was in favor of bailouts from reading my post. I specifically said that if a business makes bad decisions they should go out of business. That would imply I do not think government should involve itself in business in any way, either to help or to hurt.

      Report Post » Veritas  
    • The Gooch
      Posted on May 7, 2011 at 10:39pm

      Fair enough… my oversight and I stand corrected.

      Report Post »  
  • mossbrain
    Posted on May 6, 2011 at 9:21pm

    You wonder why there are no jobs while the companies make record profits? How’s this for paying the execs for performance; The managers of big box stores similar to Target get big bonuses, ( well minuscule bonuses compared to bankers, but let’s say $50,000 bonus for cutting payroll 10% on top of a $150,00 base pay) for laying off workers and working the peons left even harder. Now that’s performance! Getting paid for having the underlings work even harder, of course without any pay increase for the peons.

    Report Post » mossbrain  
  • ARIZONA VETERAN
    Posted on May 6, 2011 at 9:20pm

    i KNOW, HOW ABOUT RELIGIOUS GROUPS PAYING PROPERTY TAX AND INCOME TAX???

    Report Post » ARIZONA VETERAN  
    • chips1
      Posted on May 6, 2011 at 10:53pm

      Wait till he finds out it’s Obama money and gas is over $4.00 a gallon.

      Report Post »  
  • Quagaar Warrior
    Posted on May 6, 2011 at 9:18pm

    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    If it’s a private company, it’s nobodys business how much anyone gets paid inside that business. If you don’t like it, get off of your lazy butt and find employment elsewhere!
    .
    Side note: Americans hire, “EMPLOYEES”, while Communists and Govt. UNIONS hire, “WORKERS”, who are actually worthless, over-paid DRONES to begin with.
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

    Report Post »  
  • fedlibertarian
    Posted on May 6, 2011 at 9:14pm

    Irony: Private companies acting just like our government; ignoring the will of their bosses/constituents (shareholders put up the money, shareholders run the companies) regarding how their own entity should be governed. This is an epidemic in our society.

    America, divest. Leave the market, which is a scam, a roulette wheel. They have robbed us blind multiple times, they can’t wait to do it again.

    Report Post » fedlibertarian  
  • caprica
    Posted on May 6, 2011 at 8:51pm

    stand up all shareholders and reevalueate all the bans and company,,,,,there is a lot of fraud going on in USA and it is out of hand ! USA is a very corrupt country ….no one can be trusted any longer ! the president and everyone else ! everyone is crook ! as long a they pay they will sell their sould to the devil !

    Report Post »  
  • Redistributor
    Posted on May 6, 2011 at 8:46pm

    If they don’t like the salary/bonuses then pull your cash and go somewhere else if you think you can get a better return. Otherwise, leave them alone.

    Report Post »  
  • BHAMCONSERVATIVE
    Posted on May 6, 2011 at 8:41pm

    I don’t care how much these guys are payed. What my neighbors paycheck says is none of my business. It doesn’t affect me in the slightest bit! But I do believe shareholders in a company should have a say in management decisions, that is kinda the point in owning shares in the company.

    Report Post »  
  • randy
    Posted on May 6, 2011 at 8:37pm

    I’m sorry, but who the hell do these religious leaders think they are?. They have no business telling this company anything.

    Report Post » randy  
    • gapch68
      Posted on May 6, 2011 at 8:54pm

      Sorry Randy, but they are shareholders and have every right to have their voice heard. Unlike the Union thugs who disrupt and protest in the lobby of banks they don’t even do business with.

      Report Post »  
  • Micmac
    Posted on May 6, 2011 at 8:37pm

    A publicly traded company is not a private company like a ma and pa operation and the shareholders have the power to vote about compensation packages and if they want compensation to be tied to profits that sounds reasonable. The twist presented here is that the “religious” investors are creating the questions, but as shareholders it appears they are only watching their investments. If there is validity then it will rise to the surface.

    Report Post »  
  • drphil69
    Posted on May 6, 2011 at 8:29pm

    This is the EXACT way exec pay should be modified – due to shareholders speaking out! Not the “smartest man in the world” (who has never made a payroll) deciding by government fiat!

    Report Post »  
    • Exrepublisheep
      Posted on May 6, 2011 at 8:35pm

      I agree, but what if the company execs ARE the majority shareholders?

      Report Post » Exrepublisheep  
    • gapch68
      Posted on May 6, 2011 at 8:51pm

      @exreepublisheep – then the rest of the stockholders have the right to sell off their shares and invest in a company they approve of. If the top execs own the majority of the shares and continue to eat into the profits that should be reinvested, w/out outside investors, they will go bankrupt. Free Market is a beautiful thing or a curse depending on if you are honest or sleezy. Sleezy will lose everytime.

      Report Post »  
    • Non-sequitur
      Posted on May 6, 2011 at 9:40pm

      “Sleezy will lose everytime.”

      Actually, it’ll win most of the time. These people pack their own golden parachutes (because they can), crash the company into a ditch and get a nice cushy job at the company of a buddy or just live out their lives in luxury while all their former employees get to stand in the unemployment line. Happens quite often. Nepotism at work here.

      Report Post »  
  • RightPolitically
    Posted on May 6, 2011 at 8:27pm

    What executives get paid is up to the Board of Directors of Goldman Sachs, as well as any other corporation. If shareholders find that compensation to be excessive, they and only they have a right to do something about it. This is a great example of the free market in action. If enough shareholders agree, they win. Government has no business in the business of regulating corporate pay and ought to stay the hell out of it. If a business fails, government shouldn’t be bailing them out like they did two years ago.

    Report Post » RightPolitically  
    • NOTYERHUCKLEBERRY
      Posted on May 6, 2011 at 9:14pm

      Perfect comment!! Private company–private business. You don’t like it, don’t do business. Government has no say. If someone is stupid enough to go there–it’s as your own risk!

      Report Post »  
    • Baberaham Lincoln
      Posted on May 6, 2011 at 10:22pm

      You should note that the only reason the shareholders are being heard here is *because* of the government. Goldman has no interest in the “free market” if it gives its shareholders any decision-making power. The SEC had to step in just to allow these owners to be heard. No government, no shareholder influence, plain and simple. The government *does* have a place in the market, and to think otherwise is foolish.

      Report Post »  
    • The Gooch
      Posted on May 7, 2011 at 12:34am

      The reality of our times is the line is not drawn so neatly as to fit your black and white description. The problem with much of these goons is that they can do whatever the hell they want and still come out on top. I firmly believe this is the result of having a system of govt. so entrenched in influence peddling. It’s good to be king… or own him. How else do you explain this no criminal charges being filed against BP for negligence and then having executives celebrate their company’s safety record after 11 rig workers were killed in the Gulf? I guaran-damn-tee you if 11 execs. were killed in a workplace accident, heads would be rolling, laws would be made and no amount of hush money would quiet the self-righteous indignation fueling the “better than you” class. As a citizen of WV, we measure our contribution to America’s energy needs in coal and bodies. Think about that the next time you turn on your lights or microwave some popcorn. Who might die because I want my life to be easier? It sure as hell appears the govt. doesn’t care… time and again men die due to known and accepted dismissal of govt. regulation and yet the suits still walk. This why I say govt. regulation and unions are both a joke: Dead workers don’t seem to matter.
      I’m not anti-business, anti-capitalist or anti-wealth. I do sure as hell have a problem with differnt rules for different people. And I‘ll call BS on anyone who says these pigs don’t pay for a system that encourages such

      Report Post »  
  • heavyduty
    Posted on May 6, 2011 at 8:14pm

    All in all while I don‘t like the business’s paying out all this money to CEO’s. I still have to believe that a business is free to pay whatever they want to whomever they want. If they want to give all their money to one man then so be it. When we get into telling business‘s how to run their company and how much to pay their employee’s then what’s the use in being in business.

    Report Post »  
    • Dale
      Posted on May 6, 2011 at 8:27pm

      Agree Cheese, however I would add that regardless of payroll; no gov’ment funds should rescue bad business decisions.

      Report Post » Dale  
    • Dale
      Posted on May 6, 2011 at 8:27pm

      Oops, Heavy – sorry.

      Report Post » Dale  
    • heavyduty
      Posted on May 6, 2011 at 8:32pm

      I agree Dale we shouldn’t have to bail any business out. No matter what the reason.

      Report Post »  
    • POdVet
      Posted on May 6, 2011 at 9:07pm

      I agree IF it is a private company. But if it is a publicly traded company, then it should be set by the stockholders. These guys are literally stealing from the stockholders. Their pay comes before the dividends are paid. They in fact could give themselves raises to the point where no dividends would be paid at all. Just because these executives donated almost $1 million to Obama is no reason to let them get away with this crap! You can bet, if they had donated to a Republican or Independent candidate. They would have been raked over the coals by the SEC years ago.

      Report Post »  
    • doubletap
      Posted on May 6, 2011 at 9:44pm

      Heavyduty, Shareholders are investors in a Company. They have the right to hold people that run the company accountable. We’re not talking about someone with no stake in it trying to tell them how to run their business.

      Report Post » doubletap  
    • LAM2
      Posted on May 7, 2011 at 1:02am

      Executive pay is set by the Board of Directors, and the Board of Directors are elected by the shareholders (owners). If shareholders aren’t happy, one recourse is for shareholders to elect different members to the board.

      The real marxist “social justice” agenda is revealed by the nun who trotted out that tired, old pay disparity argument (”When we see CEOs earning over 300 times more than the typical worker…”)
      If the CEO brings more than 300 times the value to a company as a result of his/her unique skill set than the typical worker, then the pay disparity is warranted. My preference would have been to allow those companies, like GS, who made bad financial decisions to fail — no bailout — in which case the CEO would have lost 300 times more than the typical worker (presumably making the nun happy?).

      Report Post »  
  • I.Gaspar
    Posted on May 6, 2011 at 8:10pm

    As long as they pay their fair share of taxes, they can make $700 million for all I care.
    No taxes…that’s an entirely different matter.

    Report Post »  
  • trooper
    Posted on May 6, 2011 at 8:07pm

    It’ hard to get around that minimum wage these days.

    Report Post »  
  • Darmok and Jalad at Tanagra
    Posted on May 6, 2011 at 8:05pm

    CEO pay should be based on how well the company is doing. These guys are getting to be like 1st round draft picks. Gauranteed money, despite performance.
    Although a private company can pay what they want, the shareholders need to speak up.

    Report Post » Darmok and Jalad at Tanagra  
    • Darmok and Jalad at Tanagra
      Posted on May 6, 2011 at 8:17pm

      By the way, I wonder if these CEO’s participated in the Slut Walk?

      Report Post » Darmok and Jalad at Tanagra  
    • SavingtheRepublic.com
      Posted on May 6, 2011 at 8:25pm

      10000% agreement. Many of these CEOs run companies with a sales force on 100% commission. If the reps dont hit their numbers they get grilled even canned. They get “bullied” by mgmt to hit production numbers WORKING FOR FREE where many are footing the daily costs of the job out of their own pocket. Dont tell me otherwise I HAVE BEEN THERE! CEOs should be payed in the same manner. How many companies do bad where employees (support staff, sales, warehouse workers, janitorial etc) get let go while the CEO gets paid the big bucks with out a beat?!

      Anyone running a small business you know this is how it works you cover all your expenses and liabilities before you write yourself a check. Yet these guys get paid no matter what! BS!!!!

      Report Post » SavingtheRepublic.com  
    • republitarian
      Posted on May 6, 2011 at 8:29pm

      Agreed. If the shareholders don’t like it, it’s up to them to say something.

      Report Post » republitarian  
    • JohnBirch
      Posted on May 6, 2011 at 8:32pm

      Myob

      Report Post » JohnBirch  
    • heavyduty
      Posted on May 6, 2011 at 8:34pm

      Darmok and Jalad at Tanagra: If they didn’t then they sure missed a good chance.

      Report Post »  
    • Sinista MACE
      Posted on May 6, 2011 at 8:35pm

      Agreed.

      They are able to privatize their earnings while publicizing their losses.

      Report Post » V-MAN MACE  
    • jeffyfreezone
      Posted on May 6, 2011 at 8:37pm

      Want to raise your blood pressure? Read Charlie Gasparino’s book bought and paid for. Obama and the Fed have these guys living large!

      Report Post »  
    • Snowleopard {gallery of cat folks}
      Posted on May 6, 2011 at 8:38pm

      That is something I can absolutely agree on DARMOK; the fact is they should be paid on a basis of performance, and having set goals of success achieved within their contracts, and approved of by the shareholders before the contract is established.

      Report Post » Snowleopard {gallery of cat folks}  
    • CatB
      Posted on May 6, 2011 at 8:41pm

      This is how PRIVATE businesses should be held accountable … NOT the Government but the SHAREHOLDERS! Time for the shareholders to STAND UP! Good for them.

      Report Post »  
    • drattastic
      Posted on May 6, 2011 at 8:44pm

      How about paying network anchors less. The paperboy barley makes minimum wage .

      Report Post » drattastic  
    • cheezwhiz
      Posted on May 6, 2011 at 8:52pm

      a nun, a priest and the CEO of a Jewish organization will be there to press Goldman Sachs Group Inc. to evaluate whether it’s paying executives too much.
      —————-
      A nun , a priest and a rabbi walk into Goldmansux…..

      Report Post » cheezwhiz  
    • cheezwhiz
      Posted on May 6, 2011 at 8:58pm

      “But our culture has created the star corporate CEO whose work doesn’t deliver the kind of value warranted by that status.”
      ————-
      Does this logic applies to POTUS and Congress too ?

      Report Post » cheezwhiz  
    • Bible Quotin' Science Fearin' Conservative American
      Posted on May 6, 2011 at 8:59pm

      This has been going on long before you ever even heard of Obama, moron.

      Report Post » Bible Quotin' Science Fearin' Conservative American  
    • Quagaar Warrior
      Posted on May 6, 2011 at 9:10pm

      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
      If it’s a private company, it’s nobodys business how much anyone gets paid inside that business. If you don’t like it, find work elsewhere!
      Side note: Americans hire, “EMPLOYEES”. Communists/UNIONS hire, “WORKERS”, who are actually worthless, over-paid, “DRONES”.
      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

      Report Post »  
    • DemocracyisTyranny
      Posted on May 6, 2011 at 9:24pm

      Why own slaves when you can loan the poor money. Go Banks

      Report Post » DemocracyisTyranny  
    • seeker9
      Posted on May 6, 2011 at 9:34pm

      If I am not mistaken, they could easily sell their shares and invest in a different company, Morgan Stanley (MS), Blackstone (BX), or any of the others. What they are doing is perfectly legal, but expecting improved investment return using these tactics is senseless. I smell progressive rats at work here. No one should get wealthy. Ironic since the wealthy are the ones that pay most of the taxes.

      Report Post » seeker9  
    • seeker9
      Posted on May 6, 2011 at 10:02pm

      These “investors” have far more to fear from Elizabeth Warren than executive pay.

      Report Post » seeker9  
    • BSdetector
      Posted on May 6, 2011 at 10:02pm

      It sounds like they’re being “put up” by someone but hey, they’re doing it the way it should be done in a free market.

      Report Post » BSdetector  
    • tower7femacamp
      Posted on May 6, 2011 at 10:03pm

      how about we say no body is worth more than 3 million a yr ???
      http://www.youtube.com/watch?v=XJs1H7UJKcI

      Report Post » tower7femacamp  
    • Professional Infidel
      Posted on May 6, 2011 at 10:16pm

      tower7femacamp I’m worth 3,000,000 just sitting here!!

      Report Post »  
    • banjarmon
      Posted on May 6, 2011 at 10:23pm

      cutives and shareholders should determine how much is payed and to whom. No one out side of the business should have any say, and that means Government, religious leaders, unions and any other punk that might be jealous of the monies payed.

      Report Post » banjarmon  
    • jedi.kep
      Posted on May 6, 2011 at 10:27pm

      Shareholder strike!

      Oh wait….

      Report Post » jedi.kep  
    • Showtime
      Posted on May 6, 2011 at 10:30pm

      @CHEEZ ~
      Send My Sacred Honor an email at Sevenators7@gmail.com or to me at showtime1313@gmail.com. I’ll forward it to him. It’s important.

      Report Post » Showtime  
    • shotzie
      Posted on May 6, 2011 at 10:33pm

      Now this is a perfect example of how problems like the overpaid CEO’s at Goldman Sachs should be handled – NOT through government intervention – but by pressure from the stockholders. If the stockholders feel the pay is not warranted, and it appears the nuns that are shareholders certainly feel that way, they speak up at the annual meeting and try to get stockholder support behind them. This is how problems are handled in America.

      Report Post » shotzie  
    • jzs
      Posted on May 6, 2011 at 10:47pm

      The posts here are departing from Tea Party and Ayn Rand philosophy. On this subject at least, you’re beginning to think like liberals. Shame on you.

      The Ayn Rand view is that a strong man, a superman, demand not only a salary 300 times that of the average worker, but also a “Golden parachute” for an amount of money that will maintain their extravagant lifestyles even they are fired and even if they never work again the rest of their lives.

      Friends that is the unrestrained capitalism you love so much, and the philosophy of individualism you cherish. You’re objecting to that? And what do employee wages have to do with anything? So what if the CEO makes 300 times or 1000 times more than you? He’s the job creator. You’re a worker, you have no say. This is America. You have no right to be appalled by the extravagant salaries of the management, the extravagant bonuses even when the company is performing poorly, the extravagant severance pay even when the CEO has crashed the company. Stockholders: tough luck.

      If you have the un-American view that CEOs make too much money, then go live in a Communist country. Cretins.

      Report Post » jzs  
    • Nick84
      Posted on May 6, 2011 at 10:54pm

      You’re all socialists LOL.

      Report Post »  
    • Red Meat
      Posted on May 6, 2011 at 11:00pm

      People seriously need to question their church leaders regarding their positions on Social and Financial Justice. If they answer in support of either, they need to be cast aside.

      Report Post » Red Meat  
    • jzs
      Posted on May 6, 2011 at 11:04pm

      I’m still confused. Would you have agreed with the sentiment expressed by these people if President Obama expressed them instead? The answer is simple: NO.

      It seems to me you guys have no interally held values. If you like the person that makes a statement, you support it totally and can marshal 100 arguments in favor of the statement, if you dislike the person you can bring 100 arguments against. Is there anyone out in Blaze Land that has thoughts of their own?

      If you agree with everything Rush, Sean, Glenn, Palin etc. say, and disagree with anything a Democrat says, then I’ve made my point. You’re political robots, very useful for the right.

      Report Post » jzs  
    • seeker9
      Posted on May 6, 2011 at 11:21pm

      @JZS

      Now, now. I am well aware of the confused state you live in. My condolences.

      Report Post » seeker9  
    • ramburner
      Posted on May 6, 2011 at 11:46pm

      How about leaving the Executive pay to the companies paying it? If we support that company, then realize we are also ultimately paying the CEO paycheck. I think religion has no place in the business world. Instead, the clergy needs to concentrate on teaching its following the Word of God and NOT all the other books they produce in their respective religion. If people knew about what the koran teaches, they would NEVER think that it allows Muslims to be a peaceful people. Instead, it is a violent cult that inspires death to the infidel! If we, as God fearing Americans knew our Bible, we would not be sucked into having a heart for those who want to kill us! Let us learn to take care of our own FIRST, and as the Bible says, then go to Jerusalem and the world at large. Become a Christian today; read Romans 10:9-13. ONLY YOU will stand to answer God at the judgement. DO NOT be swayed by what other people think or do, follow the Bible. If your church does NOT teach it, find one that does.

      @theBlaze; Get rid of the banner at bottom; we know how to go to the next article! If you agree, then please make the same comments until this banner is eliminated. Please contact contact@theblaze.com and request removal of Banner.

      Report Post »  
    • jzs
      Posted on May 7, 2011 at 12:15am

      RAMBUMMER, one thing is for sure, you didn’t have stock in ENRON.

      Report Post » jzs  
    • seeker9
      Posted on May 7, 2011 at 12:29am

      @JZS

      Okay, if the government has absolute power, and find that their greed is uncontrollable, ala. ENRON, who suffers? The entire population?

      Report Post » seeker9  
    • Bear
      Posted on May 7, 2011 at 12:37am

      Religion and money!! A business has the legal right to pay what they wish,,,,The Company as a whole did no t make money but these CEO’S where in a contract,,,that if their department got the Job done and showed profit,,,they got their bonus!!!!! How about instead of attacking the private sector we hold the Politicians on a pay/performance standard????I think they have done just a little more Damage then anyone else on the planet,,,well,,,,,except for Religion!

      Report Post » Bear  
    • AOL_REFUGEE
      Posted on May 7, 2011 at 1:38am

      Ya know, I’m “all” for capitalism, but this sh*t is obscene, frickin’ insanity. Not to mention that it’s going to be the reason for the demise of capitalism if these overpaid bast*rds don’t get their heads out of their bums.

      Report Post » AOL_REFUGEE  
    • thepatriotdave
      Posted on May 7, 2011 at 1:42am

      If they are shareholders they have every right to question economic practices of the company, but if for those that are not shareholders, it’s none of your dam business!

      Help draft Colonel West…
      http://www.americasteapartynews.com/draft-allen-west.php

      Report Post » thepatriotdave  
    • restorehope
      Posted on May 7, 2011 at 1:57am

      If the shareholders want to complain and rein in the higher salaries of the CEO’s, that is their right to do so, as they are part-owners of the company. However, if this administration or anyone else in the govt tries to control their wages, that is definitely wrong. Government interference in a company’s business (salary control or where they open new plants) seems to be a real threat right now. The fat cats in government have no moral or legal right to do so. We have a free enterprise system, not a totalitarian state.

      Report Post »  
    • Okie from Muskogee
      Posted on May 7, 2011 at 4:53am

      A Nun, A priest, and a Jewish CEO…

      I can’t stop laughing….

      Ok, first A nun, A priest, and a Jewish CEO invested in Goldman Sachs….Did they research their investment before hand? If not, they aren’t good with money…If they did know, why the up roar now? 

      “Sister Nora Nash of the Sisters of Saint Francis says the group’s mission is primarily about getting better returns.”

      So the Sister is wanting to take CEO pay and give to herself and group? 

      Later, “they question why lower workers are paid so much less” but paying lower workers more wouldn’t bring in better returns or dividends, would it? 

      So which is it, greed for herself as said above, or was she lying and wanting to take CEO pay to give to lower workers? 

      Being shareholders they have this right, I suppose…But being a CEO I‘d ask why they invested to begin with if the business practices weren’t Kosher…

      Why would a Nun, a Priest and Jewish CEO invest in a business that’s not in accordance to their faith? Shouldn’t they practice what they preach? 

      How about the Nun, the Priest, and the Jew stop getting tax breaks from Government for not talking in the Church morals Government violates so the Government has more money! 

      This is greed by a Nun, a priest and a Jewish CEO using their Religion for power… How shameful in so many ways!

      Report Post » Okie from Muskogee  
    • Okie from Muskogee
      Posted on May 7, 2011 at 5:09am

      These companies that pay CEO’s “too much” wouldn‘t have the money to pay these CEO’s if Americans didn’t invest in them, would they? 

      If a business doesn’t practice in accordance to your principles and values one should not give power to these companies with $’s……That is called common sense…

      If a business, with zero values and zero principles, takes it money and makes money and pays it’s employees how they want, with employees knowledgeable and ok with this and not forced to work for the business, what gives anyone else the right to say they shouldn’t? 

      A shareholder can complain and a CEO can say sale your shares…

      Americans have forgotten the power of choice…Choice to work for the company, choice to invest in company, and choice not to…WAKE UP! 

      Report Post » Okie from Muskogee  
    • GETLIFE
      Posted on May 7, 2011 at 5:21am

      JZS, you ask the questions… AND you give the answers.
      You ask us what we think…and then you tell us what we think.
      According to you, we are all “cretins,“ ”bigots,“ and ”haters”….

      Positively dripping with arrogance. The interesting questions are: “Why are you here? Why do you bother? Why do you even feel the need to reason with us “cretins?” Keep it up though– it’s good to be reminded of the haughty superiority of the left and what they feel we need to be “taught.”

      Report Post » GETLIFE  
    • EP46
      Posted on May 7, 2011 at 6:54am

      Agree, it’s their company money….let them do with it as they choose. Who knows, maybe a great many of these CEO’s use their personal wealth for humanitarian reasons, instead of giving it to the government to waste.

      Report Post »  
    • Itchee Dryback
      Posted on May 7, 2011 at 2:14pm

      Sinista MACE
      Posted on May 6, 2011 at 8:35pm

      Agreed.

      They are able to privatize their earnings while publicizing their losses.
      Sinista MACE
      __________________________________________

      Right. Its called business…look it up.
      That said, what do you mean by “publicize” their losses presumably in some way other than simply doing business ?
      Sounds like some kind of super secret code word in the way you use it.

      Report Post »  
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