Retail Refugees

In pleasantly surprising news this morning, Goldman Sachs´s top seven officials, including CEO Lloyd Blankfein, will not be receiving bonuses this year.  Not that I relish the fact that they will be making $600,000 rather than $68,500,000 (his 2007 salary) this year, but it seems appropriate in light of the current situation on Wall Street.

Last month, Cuomo warned Goldman and eight other banks getting U.S. government money in the first round of capital injections under the $700 billion Troubled Asset Relief Program that using the funds for bonuses might break state law.

“This gesture by Goldman Sachs is appropriate and prudent and hopefully will help bring Wall Street to its senses,” Cuomo said in a statement on Sunday. “We strongly encourage other banks to follow Goldman Sachs’ step.”

Goldman’s move comes as the global credit crisis leads to big losses and erodes profit for banks and securities firms.

Though this is not really related to the retail industry, I simply wanted to share this news, and thought it may not have been their decision, applaud the venerable firm for adhering to these restrictions.