How nice, I am really impressed (btw that was hard sarcasm).

Top bankers at Goldman Sachs are not going to take their bonuses this year while rivals at UBS may have to wait up to three years to receive theirs, as major banks respond to the growing backlash over pay.

The move by seven senior executives at Goldman to forgo their annual payouts could put pressure on other US financial firms to ensure their top staff do not receive bonuses this year.

Their counterparts at UBS, who have already made it clear they will not take bonuses for 2008, are also introducing a pay plan that would prevent bonuses being paid for three years.

The bonus will be based on a malus system. A maximum of one third of the bonus will be paid out and the rest put in an escrow account and will be paid out on future performance. For instance, if UBS makes a loss in subsequent years, the bonus will not be awarded and the cash balance reduced.

In other words these leaches will get their money.  This is just a move to shut the critics up.  The execs have NO intention of losing their money.

The seven executives from Goldman Sachs who are turning down their bonuses are Lloyd Blankfein, the chairman, who received $68.5m last year, Jon Winkelreid and Gary Cohn, co-presidents who received $67.5m each, David Vinar, the finance director, who received $57.5m, and Michael Sherwood, Michael Evans and John Weinberg, whose pay is not disclosed.

The bank has entered the last fortnight of its financial year and will announce bonuses to staff next month. So far this year it has set aside $11.4bn which is a third less than last year

I say keep an eye on these guys….bet they will get their blood money in the long run…..this is not gonna stop them from making bad decision in the future, knowing their money will ALWAYS be there no matter how screwed their management is.