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Goldman Sachs Execs Turn Down Bonuses

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Apparently, some banking execs do have a sense of shame. Goldman Sachs CEO Lloyd Blankfein and six other top executives have renounced their 2008 bonuses, saying they do not deserve them due to the company’s poor performance.

My question is, why were these executives ever slated to receive bonuses? I mean, Goldman Sachs shares have lost 70% of their value and the company had to go begging to the U.S. government for a bailout. Maybe I used to work at the wrong companies but, back in my corporate days, a bad year meant no bonuses. For anyone.

Don’t worry about how Blankfein will get by without his yearly bonus. Last year he pulled in a $68 million bonus.