Don’t Ask, Don’t Tell: Says Goldman Sachs to Shareholders, Part II

by Jennifer S. Taub, for The Race to the Bottom, January 15, 2010.

According to a January 12th news story, Goldman rejected the proposal due to factual errors. One of those included that the Shareholders’ text treated a paraphrasing of a decision by Judge Richard Posner as if it were a direct quote. Goldman also claimed that reference to a “legislative attempt” to rein in executive pay was misleading because it seemed that the act referred to had passed.  Here is the related paragraph from the language submitted by the Shareholders with the proposed resolution:

“In 2008, Federal Appeals Court Judge Richard Posner stated that, “executive pay is out of control and the marketplace cannot be trusted to rein it in. ” Legislative attempts to address executive compensation include the Excessive Pay Shareholder Approval Act, which mandates that no employee’s compensation may exceed 100 times the average compensation paid to all employees of a given company unless at least 60% of shareholders vote to approve such compensation.”…(continue reading)

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