Goldman bans Christmas party

Discussion in 'Chit Chat' started by turkeyneck, Nov 14, 2009.

  1. When you got it, don't flaunt it...

    Bah! Humbug! Goldman Sachs says no to Christmas party

    By Jessica Toonkel Marquez
    November 12, 2009

    In an attempt to keep a low profile, The Goldman Sachs Group Inc. has told its employees that it won't be hosting a corporate Christmas party this year. The investment bank is also prohibiting employees from funding their own parties, an insider at the firm told InvestmentNews.

    The Christmas party ban comes as Goldman has been under sharp public criticism for paying bigger bonuses this year while national unemployment hovers at 10.2% and many workers have taken pay cuts.

    In the third quarter, the company announced a profit of $3.19 billion and said it has set aside nearly half of its revenue to reward its employees. Last year, Goldman paid out $4.8 billion in bonuses, awarding 953 employees at least $1 million each and 78 employees at least $4 million. The rewards this year are expected to be greater. Melissa Daly, a spokeswoman, confirmed that Goldman will not host a Christmas party this year and that it didn't hold one in 2008. She could not comment on whether the company is banning employees from holding their own parties.

    Given the shaky economic climate, it makes sense that Goldman is putting the kibosh on holiday festivities, said Steven Hall, managing director of Steven Hall & Partners LLC, an executive compensation shop.

    “The last thing they want are pictures showing up of lavish parties while everyone is talking about their paying lavish bonuses,” Mr. Hall said. “This is just not the time to be flaunting it.”
  2. doesnt bother a jewish firm to skip a christmass party

    they didnt skip their most important religious holiday, 'bonus day'
  3. Lethn


    So everyone, we've now begun conquering the world and enslaving taxpayers now what should we do?

  4. patchie


    This is actually a way to cut business expenses so that more can be handed out as bonuses. lets face it, the money will be spent on employees one way or another.

    The only way that this could be done properly would be to have the cash that was to be spend on the party to be donated to charity. If of course that was the message Goldman was trying to send.
  5. This has bothered me for many years. I knew when this broke, the Antisemitism would be brutal. I know about this than most, and yes, many of the names you will read about will be Semitic ones. The history of the Jewish people is replete with instances of those being denied access to the trades because of prejudice, thereby forcing Jews to find work in the banking industries of the day. It would make sense, then, that todays' financial industry would be populated by those of the Jewish culture.

    Let's remember that people are people. And although many of us are hurt, disgusted, and many destroyed, those individuals should be targeted not for their culture, but for their individual actions.

    Many Jewish investors have been devastated right along with the rest of the populace. And you will never read about those Jews who have worked tirelessly to bring an end to this madness, at the risk of their personal well - being. No one hates GS' actions worse than me. But I am no fan of the Buffetts', the Ross', the Gates of the world who could have taken a step forward and stopped all of this. They had the knowledge and the power. Warren has obviously found a way to take it to the grave. Good for him.

    In the next few months, this will be pretty much left to picking up stragglers. But let's agree to fight fraud w/o regard to race, creed, color. We are going to have to pull together to get out of this, and it will take years. That's the damage that has been done.
  6. S2007S


    Like this news story is going to help people forget that they are still dishing out billions in bonuses, ha.

    What a joke...

    Lets see

    $250,000 bonus or not having a christmas party.

    If someone was paying me a 6 figure bonus I wouldn't care about some christmas party.

    :p :p :p :p :p
  7. That was a nice post Fly.
  8. Probably a pretty smart tactical move. Corzine lost the NJ election in part because he was GS alum, and his 'heavy'-handed tactics against his challenger (pun intended) were seen as more of the odious 'we're better than you' mentality of the elites that is beginning to see a real grassroots backlash against.

    And for that bonus money at the upper echelons, you can buy yourself a good lifetime of christmas parties if you can just keep it together one more year.

    You'd do the same, if it was you in those shoes.
  9. This is illogical. People have the right to complain about bonuses ,more money going to the wealthy.
    A Christmas party costing 300k means all the 300k is going to the "working people“. To the caterer , the Hotel staff workers, the deliverymen, The cooks, the cleaners, the decoraters..etc....

    This is the type of spending a city needs to encourage. These events add tax money into the city.
  10. jsmith


    Taking billions from taxpayers to pay million dollar bonuses and have parties to stimulate the economy is a good idea? Wow!

    It must've been those AIG parties that brought us out of this recession!

    #10     Nov 14, 2009