Goldman: Relax About Pay, OK?

Seeking to stem shareholder anger over record pay, Goldman Sachs executives have begun meeting with major investors to explain why the compensation system is reasonable. The Wall Street Journal reports that calming shareholders is key for Goldman's guardians to preserve the current compensation structure. An official at TIAA-CREF, which holds $1 billion in Goldman shares, said that "the next logical action would be for Goldman to proactively consider putting its compensation policies to a vote of shareholders. If Goldman Sachs acts the rest of Wall Street will likely follow."