Word: plan
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...Goldman Sachs spokesman wouldn't comment on how much of their year-end pay Goldman employees would be required to donate, or even if the company had officially adopted the new charity plan...
...proposed charitable-giving plan is already getting a warm reception by at least one group: Goldman's own rank and file. Top Wall Street recruiter Gary Goldstein says he has been hearing about the plan for some time now, and says the reaction from Goldman employees has been positive...
Nonprofits, too, are likely to cheer the plan. Bradford Smith, who is the president of philanthropy-research firm Foundation Center, says Goldman's move could help service organizations at a time when many are struggling to raise funds. "Ideally, you would hope rich people would voluntarily share their wealth," says Smith. "But Goldman is leader in the corporate world, and if others follow, this could be a needed windfall for nonprofits...
...others say the charity plan is likely to fall short of its assumed goal: reversing a slide in Goldman's public image. That's because the amount the program is likely to generate in donations will be dwarfed by bank bonus payouts. In the next week or so, Goldman and other large financial firms will hand out an estimated $140 billion in 2009 bonuses. Goldman alone is expected to enrich its employees by $18 billion. The large bonuses have drawn scrutiny because they are being paid at a time when the unemployment rate is 10% and many Americans are suffering...
Under the old Bear Stearns plan, top executives were required to donate 4% of their bonuses to charity. For Goldman, that would mean a charitable donation of just over $700 million. And that's if every employee is forced to participate, which is not likely to be the case. Still, even $700 million would be far less than the $12.9 billion Goldman received when AIG was bailed out by the Federal Government. And it's a fraction of what Goldman has been making in the market at a time when the government is spending trillions to support asset prices...