The bank also announced Tuesday that it will spend $500 million to help thousands of small businesses dig their way out of the recession.
“We participated in things that were clearly wrong and have reason to regret,” Goldman’s chairman and chief executive, Lloyd C. Blankfein said. “We apologize.”
Elizabeth Warren, who heads up the congressional panel overseeing how the bailout money is being spent, has been vocal in her criticism of big bonuses, especially in a time of high unemployment.
Warren, in an interview with NOW last week, said companies such as Goldman take “taxpayer money and then, while people are unemployed, lard [themselves] with pay.”
Even though Goldman has paid back the $10 billion in government bailout funds it was given last October, Warren says its time for new rules on executive compensation.
“They paid back the TARP money, but they're still operating with government guarantees. They still are counting on the taxpayer to back stop them. It's our money,” Warren said.