I wrote an article previously about the ethics and moral surrounding Goldman Sachs and they're business. I read and blogged about a former employee who saw changes within the company from a once consumer oriented business to one revolved around greed and maximizing profit at the expense of the consumer. It was released earlier this week that the Chief Executive Officer, Lloyd Blankfein, received a 15% pay increase since last year. This increase came in the form of 1.4 million in salary, and 3 million dollars in stock shares, including a 3 million dollar bonus. This is compared to the average american's annual pay increase of 3%. This pay package goes to show that greed and personal progress is the only thing on Goldman Sach's agenda. This is all occurring during a time of uncertainty; Goldman Sachs has shown weak performance, a loss of 1.1 billion dollars in revenue since 2011, and a share price decline of 46%. This also happens to coincide with the firing of thousands of traders, bankers, and staff in the previous years. This pay increase just widens the gap from employee and the top of command. Personally it is acts of greed and ignorance like this that make me question the idea of big banking firms. It is hard to trust a company with your money when the customer is of little concern to them. I find it particularly frustrating that during a time of economic crisis and banking crisis that the executive officers are only concerned of their own well-being.
More information can be found here: http://marketday.msnbc.msn.com/_news/2012/04/13/11183121-goldmans-ceo-gets-a-15-percent-pay-raise?lite
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