Home TENAC, The Election & Current Crisis TENAC, the Election & Current Crisis A LEAD WE SHOULD ALL FOLLOW: VICTIMS OF BIG BANKS SEEK REDRESS FROM EXCESS EXEC PAY!

A LEAD WE SHOULD ALL FOLLOW: VICTIMS OF BIG BANKS SEEK REDRESS FROM EXCESS EXEC PAY!

Written by Jim McGrath Friday, 08 January 2010 15:29

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Pension Fund Sues Goldman Sachs Over Employee Pay

 

Here is good old American free enterprise philosophy at its best: fail or stand according to performance, and when you cause financial ruin, you are sued to recoup losses.  The average consumer whose finances fail must face debtors, collections and bankruptcy court; why not the same for the average behemoth bank whose reckless failures got us all into this, all our savings, investments, and pension funds?  The AP article below points to a lead we should all follow, to show to the world that we will not stomach the wholesale fleecing of our resources for the private profit of a few, then support these reckless giants under the excuse that they are too big to fail. Break them up so we can escape their tentacles and further ruin!

 

The Associated Press,

Thursday, January 7, 2010

 

NEW YORK - An Illinois pension fund that bought shares of Goldman Sachs in January of last year is suing to recover "billions in compensation" that the investment firm paid its employees in 2009.

 

The Central Laborers' Pension Fund filed the suit in the Supreme Court of New York on Thursday, saying that Goldman continued to pay out lavish bonuses even though a government bailout was crucial to its survival.

 

"Defendants' conduct shows that, even though Goldman is supposedly owned by public shareholders, defendants have scant regard for the interests of those shareholders," the plaintiff said in the suit.  Goldman Sachs spokesman Ed Canaday said in a statement that "the suit is completely without merit."

 

Named as defendants are Goldman CEO Lloyd Blankfein, Chief Operating Officer Gary Cohn, and others.  The suit said the company was on track to pay employees $22 billion in 2009, despite previously requiring a $10 billion injection from the federal government's Troubled Asset Relief Program and receiving $13 billion from insurer AIG after the government bailed it
 
Peace Now is the mission of this blog.  Political action is the medium.  With the war in Iraq still raging and 2008 an election year, the possibility for dramatic political change exists if the opportunity is seized.  Bush's bungling on the war is breathtaking.  His failures on everything else, from Kyoto to Katrina, are catastrophic.  He is afflicted with reverse Midas.  Administration fiascos have become so commonplace, Calamity George has replaced Calamith Jane.  Peace Now is a sleeping giant in this country.  This blog will attempt to wake him up.  The anti-war movement has been anemic and ineffective, and that needs to change.  This blog hopes to do just that.

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