Goldman Sachs Execs Skirt Christmas Party Ban

At Goldman Sachs, tis the season of giving. Not only is the firm lavishing huge bonuses on its employees, but its executives are finding ways around the company's ban on Christmas parties - by calling them "dinners."

Goldman announced the ban earlier this month - the second year in a row it has canceled Christmas. But The Business Insider has uncovered at least six dinners organized by executives and paid for by the executives or sponsored by an outside law firm:

"It's an important morale booster at a time when lots of Goldman people feel they are constantly under attack," an employee told us.

Comments

[RMMV111909]

06:04 PM on 11/23/2009

Of course GS is finding a way around their Christmas party ban. That's their SOP. They find a way around everything. The more convoluted the better.

In my previous post I meant that they keep whining that if they don't pay these exorbitant bonuses all their talented people will go elsewhere. Where exactly?

[RMMV111909]

06:06 PM on 11/23/2009

Oh yeah and about their people feeling so put upon becasue everyone is being critical of them...who are they kidding?

[Washington Kos]

04:22 PM on 11/23/2009

Another big rally for stocks as the rich get richer. Great recovery, huh? Unless wall street recovers first there can be no recovery for anyone else . That seems to be the Geithner/Summer/Obammi mantra.

good articles: http://financeopinionss.blogspot.com

the economy & stock market is a joke. Obama let everyone down except the usual water carriers & top 1% of earners. Saying home 2010 & 2012

[inorbit]

10:31 AM on 11/23/2009

I hope lightening strikes any of them that enters a church.

[deepintheheartoftejas]

09:59 PM on 11/22/2009

Goldman Sachs is waging a War on Christmas?? Where are Michelle Malkin and Bill O'Reilly?

[Washington Kos]

10:54 AM on 11/22/2009

It is time for middle class bailout. NO more stupid rebate gimmicks. No more more neoconservative politics. We need more jobs even if these jobs create an economic net loss.

rec. reading: http://financeopinionss.blogspot.com

I'm tired of this over emphasis on efficiency; the last thing that gonna be on policy maker's mind is efficacy when 60+ million unemployment American says they aren;t gonna take it any more.

[Name Not In Use]

05:42 AM on 11/22/2009

"Never should have hired these Christians in the first place."

[jasonfebery]

12:56 AM on 11/22/2009

Goldman needs to be put back in their place. Antitrust their asses!

http://jasonfebery.wordpress.com/

[Patriot86]

10:13 AM on 11/23/2009

Paulson needs to spend some time in jail.

[pved]

04:06 PM on 11/21/2009

I'm a little mad at GS. I want to know why they were able to procure the H1N1 vaccine before any of our high risk children, pregnant mothers, teachers, doctors, nurse, policemen or firemen?

It seems that GS always gets around "something". Goes to show you if you have more money than you know what to do with you can buy just about anything.

[JPMac]

04:58 PM on 11/21/2009

I think you should be more concerned with the people in charge of distributing the H1N1 vaccine. Oh, that would be the Obama administration!

[efmo]

03:55 PM on 11/22/2009

Actually, the Obama administration (the CDC in this case) allots vaccine doses to the states on a per capita basis & it is up to the state's health boards to distribute the does so the CDC did not send vaccine to Goldman or any other large business. In NY they are allowed to request (or their doctor is) the vaccine & they are supposed to be used for their employees who are in one of the at risk populations. Now, whether that actually happens or not, I can't answer,& I also question whether a co. such as Goldman in NYC should be able to do that. But, it's not up to theCDC- it's up to us here in NY. If we don't like it, we should contact Albany. (And also GS shouldn't request, perhaps).

[efmo]

03:57 PM on 11/22/2009

And actually, NYC has their own board of health which allocates the does they received so it's really Bloomberg who would be responsible & not Obama.

[maxhardon]

01:04 AM on 11/22/2009

That's easy, it is because God has chosen the good people at Goldman to do His work. Your children will just have to wait.

[kyosaku]

05:53 PM on 11/22/2009

Isn't that the truth? A little pious hubris goes a long way. Frankly, I'm tired of hearing them toot their horns about being so important, to explain why they deserve the bounty they steal.

Perhaps its time to call their bluff and say "no extravagant bonuses; and if you don't like it...quit." I am dead certain there is a lot of talented people, that can do the job better for less; and that just haven't been able to buy into the opportunity (say club) to take over the work.

[lynnewrites]

11:35 AM on 11/21/2009

is there any sort of boycott on "main street's" part that would ever even touch these greedy _______s?
they seem not only greedy but untouchable making it even more sickening that they were among the bailout recipients. This is where the street rallies shoudl be happening.

[dart79]

11:34 AM on 11/21/2009

Dear Goldman Sachs. Hire me, pay me your average salary of $700k, and I will forgo a Christmas party and happily withstand any attack from the proletariat.

[RMMV111909]

06:07 PM on 11/23/2009

Me too! Me too!

[Stop Wall Street]

10:44 AM on 11/21/2009

it's too bad the only things recovering in this economy are the big banks & rich people, and the stock market
hat tip to http://financeopinionss.blogspot.com

what a joke

[Solja]

04:22 AM on 11/21/2009

Well, I don't see a problem with them having Christmas parties, or dinners, or whatever. The media does this stuff to create a story. Most companies have Christmas parties, and the difference here is that the employees are paying for it out of pocket, so what's the big deal?

And yes, I am a Liberal, am out of work, out of unemployment, can't pay my bills, and even went to a food pantry the other day because it was free. I still don't see why employees can't get together during the holidays and share time together. Most, if not all of the people who were responsible for the meltdown have been long gone from the companies anyway so why not?

Also, whether we like it or not, their "bonuses" are contractual agreements and they must be paid. Last year, they all gave it back after public outrage and threats of folks knocking on their front doors. These people are mostly new employees and the whole division that created those risky products was shut down over a year ago.

[Furby2]

12:06 PM on 11/21/2009

Perhaps instead of having their out-of-pocket christmas party, they could donate that out-of-pocket money to a food bank.

[JPMac]

04:45 PM on 11/21/2009

Must be a liberal, always happy to tell other people how to spend their money.

[Solja]

01:18 PM on 11/23/2009

As a Liberal, I wouldn't venture to tell anyone, wealthy or not, what to do with their money.

Oprah is the richest woman in this country but have you written to her demanding that she give money to a food bank? After all, how many people will lose their jobs in Chicago because she's quitting her show?

I don't believe in double standards, on either side.

[kyosaku]

01:01 PM on 11/21/2009

Most companies I have worked for that had a Christmas party did so at a local restaurant for ten to twenty dollars a person and a twenty dollar limit gift exchange. If you believe the privileged class represented in this article are so thrifty with other people's money?

I for one would like to know how much a law firm is willing to pay per person to curry favor with a financial institution during the holidays.

I am all for a little Christmas office party...I think though, that just a little critical thinking would lead to some very cogent questions about excess.

[Solja]

01:28 PM on 11/23/2009

No company I have worked for charge its employees for a Christmas Party. My last job had a catered Christmas Party in the office conference room and everyone got 1 guest. It was a dress-up affair with the ladies in their nice dresses and men in suits. There was music, plenty of food, and the owners of the company gave out gifts to each parting guest. Mine was a crystal tree ornament; very, very nice. Even our guests got a gift.

The company's bank representatives were at the party too. They were trying to put on a great face (by showing the new offices and full staff; a successful business) because they were trying to get some type of loan during that time. The company paid employees very well but with the construction downturn, some were laid off, including myself. All companies aren't too cheap to pay for a Christmas party. I have been to some great parties given by my former employees. It's actually customary for them to pay, not the other way around.

[truthmatterstoo]

03:50 AM on 11/21/2009

Can someone explain why these crooks were getting the swine flu shots before nurses, teachers, policemen etc? Why did I read that GS got the swine flu shots, but other truly needy people can't get it? Why in the world would bankers get a shipment of the doses?

[Solja]

04:14 AM on 11/21/2009

Because the people that originally reported the story, for the hype of it, left out the part about them having large, on-site clinics for their employees, staffed with doctors and nurses. Because of that, they get a shipment along with other large clinics, hospitals, etc.

It's not fair for them to continue to report the story without reporting ALL of the facts. That's what Faux does. The left should really be above that, but sadly, they are not.

[pved]

04:12 PM on 11/21/2009

Solja - Lots and lots of on-site clinics didn't receive the vaccine and neither did a lot of hospitals or other medical groups. The fact remains is that those companies with lots and lots of money were able to procure the vaccine while everyone else had to wait their turn and stand in line.

High risk children, children, pregnant women should have gone first and shouldn't have had to wait. Hospitals hand down should have received this vaccine as they are in daily contact with the public.

Goldman Sachs and Citigroup are among the first on the list to receive the H1N1 vaccine. In fact, Goldman Sachs received the same number of vaccinations as Lennox Hill hospital in New York City -- the finance giant got its hands on the doses before many hospitals. Time Warner, and the New York Univerisity as well received the vaccine.

Something's not right here.

[Patriot86]

10:19 AM on 11/23/2009

Really? They could not have donated their flu shot allotment to those who have high risk. You seem to defend these people...I consider their action indefensible.

[gevan]

02:21 AM on 11/21/2009

I'm led to believe that there is now some empty space at Guantanamo where these execs could spend a few months in tropical splendor if they'd just allow themselves the luxury. I know a few taxpayers who would prefer that sort of behavior to the type described in the article.

[Scriobhaim]

09:28 AM on 11/27/2009

What a riot: "the sort of behavior... described in this article". Which just proves (yet again) that substance is secondary to wild-eyed polemic on Huff Post. In reality, all it takes is for a headline to use the words "Goldman Sachs" and it's already got the lib-sheep wailing in chorus: "See, SEE! They're criminals! They EXIST!" Add to that a phoney phrase like "skirt" and the sheep are convinced that virtual genocide has been done. What a pathetic farce... and what a sickness destroying the public mind.
If you happened to READ the article, "gevan", it says: 1) GS is not holding Christmas parties, and 2) some of the execs are getting together for dinner.
Yeah, crimes against humanity, all right. Shall you bring the rope or shall I?

[duxguts]

09:59 PM on 11/20/2009

The Christmas parties are being sponsored by the law firm, 'Sommers, Bernanke and Geithner'.

[Solja]

01:34 PM on 11/23/2009

You are uninformed. You should really do some more research.

Because I know you won't actually find out the facts in this story, the states ask for the amount of vaccines based on the numbers of facilities in their state. NYC (aka Bloomberg) gave Goldman Sachs the vaccine because they have clinics. The distribution, even through Goldman Sachs, will still be for the most vulnerable first, ie, pregnant women, children, immune deficient, etc.