On Air Now

Current Show

Jerry Bader   9:00 AM - 11:00 AM

Call The Jerry Bader Show at 1-888-455-1360

Show Info »

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 550 AM Wausau, WI 99.9 FM Stevens Point, WI

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
76° Feels Like: 76°
Wind: N 12 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Partly Cloudy 85°

Tonight

Partly Cloudy 57°

Tomorrow

Mostly Sunny 76°

Alerts

Breaking News

BREAKING NEWS: A federal appeals court rules 2-1 that subsidies that helped people buy insurance at healthcare.gov are illegal.

WASHINGTON (Reuters) - A U.S. appeals court on Tuesday threw out a federal regulation that implements key subsidies that are vital to President Barack Obama's healthcare overhaul. The U.S. Court of Appeals for the District of Columbia Circuit accepted one of the main legal challenges to the policy by conservatives opposed to an expansion of the federal government. A three-judge panel returned the case to a lower court with instructions to rule in favor of appellants who had sued to overturn t...

Read More »

Goldman faces lawsuit over anticipated bonuses






Flags fly outside of the Goldman Sachs headquarters building in the financial district of New York in this May 8, 2009 file photo. REUTERS/Lucas Jackson
Flags fly outside of the Goldman Sachs headquarters building in the financial district of New York in this May 8, 2009 file photo. REUTERS/Lucas Jackson

NEW YORK (Reuters) - Goldman Sachs Group Inc <GS.N> is being sued by an institutional investor who claims the firm is preparing to pay out improper bonuses.

The lawsuit, filed with the New York Supreme Court by the Security Police and Fire Professionals of America Retirement Fund, names chief executive Lloyd Blankfein and other executives and board members as defendants.

Goldman has faced a maelstrom of criticism for setting aside billions for year-end payouts soon after the firm paid back its $10 billion taxpayer bailout.

Goldman is accused in the lawsuit of "blindly" rewarding executives "for corporate performance that has absolutely nothing to do with the skill of the company's employees." The lawsuit states that Goldman is estimated to issue payouts in excess of $22 billion.

Goldman spokesman Lucas van Praag said the lawsuit is "completely without merit."

Wall Street's dominant firm, which repaid its federal bailout of $10 billion in June, announced last week that its top 30 executives would forgo cash bonuses and receive them entirely in restricted stock.

The lawsuit seeks to recover "billions in compensation" that Goldman has paid or plans to pay employees.

(Reporting by Steve Eder; Editing by Gary Hill)

Comments