OPINION: Carving out a slice from one of Goldman Sachs’ richest profit streams (but not, of course, sharing in losses) makes a mockery of the blather in the proxy statement about aligning pay with performance.
Goldman Sachs used to mean something—a commitment to doing business in a classy way ethically as well as financially. The firm that once eschewed hostile takeovers nurtured a culture that inspired scores of business school studies and not a few books.
The test for preserving the culture was whether the insiders would treat the public as it had themselves. Don’t underestimate the difficulty: in the pre-public era, partners went to work each day alongside people whose capital was invested, over the long term, with their own. The desire to avoid embarrassment before one’s peers being a powerful motivator, behavior tended to be right-minded.
Still, for the insufficiently cynical, it came as a mild shock to read in The Wall Street Journal, “Goldman CEO Takes Cut of Private Investments.” The article referred to Goldman’s lucrative business as a sponsor of investment funds. Goldman invests its capital, and that of clients, in corporate buyouts, loans, private equity and so on.
Mr. Solomon’s job is to allocate Goldman’s capital. When profits accrue, they rightly belong to the shareholders that risked the capital. Surely, Goldman understands the concept of risk.
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