Goldman Sachs, the investment bank that you helped rescue back in the fall of 2008, is getting ready to hand out billions in bonuses. But it's a little concerned that you might be annoyed when you hear how much money the firm is shelling out:
As Goldman Sachs' employees await word on the size of their bonuses, the gold-plated bank is hoping to tamp down some of the expected public rage by delaying details of the payments for at least another week — after the bank reports earnings tomorrow and after rivals reveal their compensation plans.
However, some sources told The Post they suspect Goldman CEO Lloyd Blankfein is delaying when he tells his employees about compensation to deflect attention from the firm, especially since other firms, including rival Morgan Stanley, will report earlier than Goldman.
Goldman officials refuted the claim that Goldman was delaying the bonus information in order to avoid a p.r. flap, saying the delay was more the result of the bank changing the timeframe of its discussions with employees.
Added a Goldman spokesman: "It's important to have context of earnings before we start communicating compensation."
Context is important, yes. So if the Goldman bonus press release that eventually goes out mentions a few totally unrelated figures—did you know the wars in Iraq and Afghanistan have cost the U.S. $1.05 trillon since 2001? They have!—now you'll understand why.
Goldman delays its bonus announcement [NYP]