GS bonuses: Culture vultures

Wall Street is undergoing a cultural upheaval. Compensation is the latest change. The seven top executives at Goldman Sachs opted to waive their bonuses for 2008, and instead will only receive their $600,000 base salaries. Last year, the top four – including chief executive Lloyd Blankfein – pocketed a combined $271m. There’s nothing new here for Europeans. The top 10 management officials at Deutsche Bank and the 12 members of the UBS executive board also have foregone this year’s bonuses. One ...