Goldman Sachs (GS) is “taking a very hard look” at its compensation practices, Bloomberg reports this morning, citing GS board member William George. The practice of cash bonuses “has got to move on,” George told Bloomberg television reporters. And he said compensation should be tied to long-term performance. “There is so much anger out there and I’m not quite sure how to ameliorate that, other than to moderate things and to recognize that Goldman and every other firm benefitted from the actions of the Federal Reserve Board and the Treasury Department,” George remarked. Bloomberg notes GS allocated 48% of revenue to comp and benefits in 2008.
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