Goldman Goes for Broke

It was once thing when politicians and members of the media were haranguing Goldman Sachs over its plans to pay out massive year-end bonuses. But now shareholders are getting into the act, too, a move that shows "how anger over its big-money culture is spilling into the ranks of investors who typically shy away from debates over Wall Street pay." Naturally, these giant mutual funds aren't speaking up on principle. (They'd like to benefit a bit more from the firm's record earnings.) And whether they really plan to do anything about it is up in the air. But there's an indication that all the PR troubles that the firm has faced this week—and this may go down as the worst week in the firm's history from a public relations standpoint—are about to vanish instantly.

Clearly, when Goldman Sachs execs are being asked to physically handle refuse, it's a good sign the firm has finally realized just how far it needs to go to clean up its PR mess.