Goldman CEO calls for new pay standards

He suggested a handful of guidelines,including only junior employees being paid mostly in cash and that the percentage of pay awarded as company stock increase significantly along with a workers total compensation.

Blankfein spoke to a conference of the Council of Institutional Investors,a group representing public,corporate and union pension funds that together have an estimated 3 trillion in assets. Much of the past year has been deeply humbling for my industry, he said,acknowledging it could take years to rebuild the investor confidence lost in the crisis caused partly by industry practices that appear self-serving and greedy in hindsight. Public anger over the financial distress and taxpayer bailout of the banking industry spilled over to Blankfeins appearance. As he began his address to the gathering in a hotel ballroom,two women appeared on the stage with a large purple sign saying,We want our back.

Blankfein asked them to leave and they did so. But the women later charged onto the stage and podium yelling protests against the bailout. While criticizing their demeanour,Blankfein acknowledged the legitimacy of the widespread anger they expressed.