The fat-cat bankers continue to enrich themselves while taking taxpayer-funded government bailouts. The profits from these sales should be clawed back because it was fraudulent conveyance.
Goldman allowed executives to exit funds
By Greg Farrell in New York
Published: March 27 2009
Two of Goldman Sachs’ top executives, including Jon Winkelried, the co-chief operating officer, were allowed to sell part of their positions in the firm’s proprietary, illiquid investment funds last year, according to Goldman’s preliminary proxy statement, filed on Friday afternoon.
Mr Winkelried and Gregory Palm, the firm’s general counsel, both entered into “related party” transactions with Goldman in 2008, allowing them partially to sell, or “cash out” of, their holdings. According to the filing, Mr Winkelried received $19.7m and Mr Palm $38.3m from the sales.
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Goldman Sachs is forbidden to extend loans to executives such as Mr Winkelried or Mr Palm because of the Sarbanes-Oxley Act. Either man could have raised cash by selling stock, but such sales by executives would have had to be disclosed to the market.
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