- Joined
- Jul 2, 2006
- Messages
- 10,793
- Reaction score
- 1,728
Goldman Spent Millions to Bail Out 2 Executives
By LOUISE STORY
Published: March 27, 2009
The financial giant Goldman Sachs bailed out two senior executives last fall who were tens of millions of dollars short on cash, according to the bank’s preliminary proxy statement filed on Friday.
In an unusual move, Goldman repurchased stakes in some internal investment funds from Jon A. Winkelried, the bank’s co-chief operating officer, and Gregory K. Palm, the bank’s general counsel.
Both executives are among the largest shareholders in the bank, owning more than a million shares each, and bank directors were concerned that a large sale of Goldman shares by the two men would alarm investors during a period of market turmoil, according to a person briefed on the matter.
To avoid the stock sales, Goldman paid Mr. Winkelried, who retired last month, $19.7 million to purchase about 10 percent of his investments in internal hedge funds and private equity investments. The bank paid $38.3 million to Mr. Palm for about a quarter of his investments. . . .
http://www.nytimes.com/2009/03/28/business/28goldman.html?_r=1&partner=rss&emc=rss&src=ig
Isn't it great?? Isn't it just wonderful that the honest investor is played for such a fool??
Change the system, ladies and gents. It starts by "just saying no" to Wall Street. Your money is better served thrown in the gutter.
By LOUISE STORY
Published: March 27, 2009
The financial giant Goldman Sachs bailed out two senior executives last fall who were tens of millions of dollars short on cash, according to the bank’s preliminary proxy statement filed on Friday.
In an unusual move, Goldman repurchased stakes in some internal investment funds from Jon A. Winkelried, the bank’s co-chief operating officer, and Gregory K. Palm, the bank’s general counsel.
Both executives are among the largest shareholders in the bank, owning more than a million shares each, and bank directors were concerned that a large sale of Goldman shares by the two men would alarm investors during a period of market turmoil, according to a person briefed on the matter.
To avoid the stock sales, Goldman paid Mr. Winkelried, who retired last month, $19.7 million to purchase about 10 percent of his investments in internal hedge funds and private equity investments. The bank paid $38.3 million to Mr. Palm for about a quarter of his investments. . . .
http://www.nytimes.com/2009/03/28/business/28goldman.html?_r=1&partner=rss&emc=rss&src=ig
Isn't it great?? Isn't it just wonderful that the honest investor is played for such a fool??
Change the system, ladies and gents. It starts by "just saying no" to Wall Street. Your money is better served thrown in the gutter.