Crony States of America – Wall Street Firms are Trying to Hide Payoffs Made to Employees Entering Government
“There is a lot of work ahead for the management to recover its reputation.”
– John Whitehead, Ex-Goldman Sachs Chairman, in a 2010 Wall Street Journal interview
Goldman Sachs may need to work on its image. This year, the firm beat recall-riddled General Motors along with Koch Industries and BP for the dubious distinction of worst corporate reputation, according to a new poll. Market research firm Harris Poll on Wednesday, Feb. 4, published its 16th annual ranking of the 100 most visible companies in the U.S., sorted by how positively the general public viewed them, and Goldman landed at the bottom.
– From the Bloomberg article: America’s Most Loved and Most Hated Companies
Citigroup is one of three Wall Street banks attempting to keep hidden their practice of paying executives multimillion-dollar awards for entering government service. In letters delivered to the Securities and Exchange Commission (SEC) over the last month, Citi,Goldman Sachs and Morgan Stanley seek exemption from a shareholder proposal, filed by the AFL-CIO labor coalition, which would force them to identify all executives eligible for these financial rewards, and the specific dollar amounts at stake. Critics argue these “golden parachutes” ensure more financial insiders in policy positions and favorable treatment toward Wall Street.
…click on the above link to read the rest of the article…
