Goldman Sachs has announced that its top 30 executives, including CEO Llyod Blankfein, will be receiving their year end bonuses in the form of restricted stock. The stock cannot be sold for five years, and includes an option to rescind the shares should an individual be found to make unsound business decisions. The announcement also included news that shareholders will now be able to vote on the firm's compensation practices at its annual investor meeting next year.
Goldman Sachs has been under fire recently for setting aside a rumored $16 billion in bonus pay after accepting government bailout money following the economic crash. With public sentiment for the firm plummeting, might this be a step in healing old wounds?