Goldman Sachs Bosses Want Raises

Natarajan reports that the top executives of Goldman Sachs are looking for ways to boost their pay. Chief Executive Officer David Solomon and his deputies, who've contended with mounting pressure to reward trainees this year, have been searching for ways to juice their own eight-digit pay packages. Among the ideas they've floated; partaking in a cut of the richest rewards thrown off by Goldman's own special purpose acquisition companies, or SPACs, the blank-check companies that are all the rage on Wall Street. They've also laid the groundwork for big raises heading into 2022 and pressed for incentive packages. The SPAC business is one well the company could draw on for more pay. These ventures raise money from the public to buy promising companies. SPAC creators get what's known in the business as the "promote"-a compensation arrangement that typically lets founders acquire 20% of the venture's shares at a steep discount. Stakes purchased for thousands of dollars can quickly soar into the millions.