The News: Goldmanites Receive More Shares, Courtesy of Obama
While Goldman Sachs employees might be feeling less than flush after the firm allocated no additional funds for compensation last quarter, their stock-laced bonus payouts did get a bump last week from an unexpected source: President Obama's plan to overhaul banking.
Goldman shares awarded to staff and executives alike were priced 8 percent cheaper as the U.S. stock market sold off Thursday and Friday largely in response to the White House announcement, Bloomberg News reports. The shares were priced at Friday's closing level of $154.12 - meaning recipients will get more shares as part of their bonus than they would have earlier last week.
"In the process of trying to score political points, they (the Obama administration) have taken the target, in this case the so-called fat-cat bankers, and provided them with a reward," fund manager Michael Holland told Bloomberg.
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