Group Of Nuns Attacks Goldman Over Large Bonuses

The Business Insider – Sister Judy Byron, who coordinates the faith-based Northwest Coalition for Responsible Investment and is a longtime proponent of this resolution, said:  “Goldman Sachs’ announcement of record bonuses is a stark reminder about how executive compensation is spiraling out of control for many firms.  It is important that citizens and shareowners both act as voices of reason.  As Fortune reminded us in 2007, top executives earn 364 times the pay of the average worker.  CEO pay increases significantly for many executives even in rough times, while layoffs skyrocket and pay for average employees stagnate.

Laura Berry, executive director of the Interfaith Council on Corporate Responsibility, said:  “As prudent investors, we have a responsibility here to act as the conscience of Wall Street, especially when it fails to do so on its own.  How is it possible that the year after billions of taxpayer’s dollars helped companies like Goldman Sachs return to financial health, this company shows absolutely no restraint?  Goldman Sachs is poised to become the poster child of the company that drives income disparity in the United States.”

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