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Loan Modification

: Mortgage Lender Implode-o-Meter

Goldman sued by pension fund over bonus plans

By Implode-Explode Heavy Industries

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In a lawsuit filed in New York state supreme court in Manhattan on behalf of shareholders, the Central Laborers' Pension Fund said Goldman had by September 25 set aside nearly $17 billion for compensation and might pay out more than $22 billion for the year. It said this "highlights the complete breakdown" of corporate oversight. The lawsuit contends that Goldman's revenue for the year was artificially inflated by government bailouts of the banking industry and the insurer American International Group Inc, as well as a change in Goldman's fiscal year.

Full post as published by Mortgage Lender Implode-o-Meter on January 08, 2010 (boomark / email).

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