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Monday, April 04, 2011

Is Goldman Sachs Value For Money?

Goldman Sachs (described by some as a giant blood sucking vampire squid) is facing a call from four orders of catholic nuns to review whether the $69M pay awarded to chief executive Lloyd Blankfein, and other senior executives, is excessive.

The Sisters of Saint Joseph of Boston, the Sisters of Notre Dame de Namur, the Sisters of St. Francis of Philadelphia and the Benedictine Sisters of Mt. Angel own shares in the company, and have tabled the proposal for next month's AGM.

Mr Blankfein should have no trouble in allaying the fears of the nuns, as he once said that Goldman's was doing "God's work".

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