How cool is it that the IBEW is suing Goldman Sachs?

[eilen]

GO IBEW!!!!!!!!!!!! They have the balls the fed doesn't. (edited to add link: )

Goldman Sachs sued by big pension fund over pay
NEW YORK
Mon Mar 8, 2010 5:59pm EST
Stocks


12:00am EST
(Reuters) - Goldman Sachs Group Inc (GS.N) was sued on Monday by a large union pension fund that accused the Wall Street investment bank of overpaying its executives.
The International Brotherhood of Electric Workers fund filed the lawsuit in Delaware Chancery Court, seeking to recover money for the company on behalf of other shareholders.

It seeks to stop Goldman from allocating roughly 47 percent of 2009 net revenue as compensation, saying such allocations "vastly overcompensate management and constitute corporate waste."

The lawsuit also wants Chief Executive Lloyd Blankfein and others in management, rather than shareholders, to be responsible for charitable contributions that Goldman is making as a an apology for its activities.

Goldman has been at the center of a public debate over how much banks should pay out in the wake of the 2008 financial crisis, after taking billions of dollars of federal bailout money.

[Canuckistanian]

1. Go IBEW! I recently became a member!

And I'm rather surprised that that this is the FIRST legal action taken by shareholders against the obscene bonus money grab.

[dixiegrrrrl]

2. That IS surprising.

The outcome of the suit will bear watching, also.
Filing a lawsuit and winning one are 2 different things, esp. considering how the courts have been bought off.

[Sanity Claws]

3. I hope other unions join in the suit

Goldman Sachs has megabucks to spend on attorneys. IBEW cannot match the resources that Goldman Sachs will throw at them. If others join in the suit, perhaps they can amass enough resources to make it a fair fight.

[glitch]

7. Maybe they can get Mike Papantonion pro bono :) nt

[drm604]

4. This is great!

When Wall Street encouraged the investment of retirement money in the market, they probably did not foresee that they were giving the working man legal standing against them.

[whathehell]

5. Good point...I hope this catches fire with other unions.

[JackRiddler]

10. Like they care?

The Wall Street players of the "too big to fail" category have a rock-hard feeling of invulnerability and so far nothing has proven otherwise. When one of these criminal outfits actually goes down because of the millennial frauds they perpetrate, and not just because they can no longer keep their money-go-round schemes running, they'll finally be impressed. But it's never happened. Enron went down because they could no longer come up with the cash to cover their scams. Same for Lehman, same for Madoff. The last major SEC prosecutions of major players for actual fraud were back in the 1980s with Milken and Boesky.

Godspeed to the Electricians! Sooner or later, someone's going to nail these fuckers.

[lonestarnot]

6. Just curious.

Who are the lawyers for the union?

[slampoet]

8. Good ole IBEW, one my favorite unions. Those guys are the best.

I wish a lot of the shops i have tried to unionize could have joined you guys.

[cutlassmama]

9. GS is too big to fail or lose.

[northofdenali]

11. My dad was an IBEW chapter president, and later

business manager.

They are one of the BEST unions you can find. I have 3 friends who are members; even during the Pipeline, IBEW held on to it's integrity when many, many others (especially Jesse Carr's Teamsters) did not.

IBEW - :yourock: