Statement of Support: The Right of Goldman Sachs Bankers to Pay Bonuses

18 November 2009

Lawyers With Borders calls on governments to recognize the right of Goldman Sachs bankers to pay themselves record-breaking bonuses without fear of government intervention or harassment by members of the public who have enabled those bonuses through their taxes.

The bankers are expected to receive the largest bonuses ever paid by the bank. According to British newspaper The Guardian,

“Goldman Sachs is currently on track to pay the biggest ever bonuses to its 31,700 employees after raking in profits at a rate of $35m (£21m) a day."

These massive profits and bonuses come a year after the bank was bailed out by taxpayer money. Since then, the bank has paid the money back and accordingly falls outside of President Obama's specific plan to limit pay at firms that have not yet paid back their bailout money.

“Not only has Goldman Sachs paid back the bailout money, but under applicable international human rights law, the Goldman Sachs bankers qualify as human beings,” according to Lawyers With Borders Executive Director Brian J. Foley. “They have a right to their money, as they earned it, and possession is nine tenths of the law. Therefore, their ability to keep the money is their human right, and it must be protected,” Foley said.

Cautioned Foley: "Any foolish, undemocratic, populist efforts by governments to violate the bankers’ rights will be met with a stern and vigorous letter writing campaign initiated by Lawyers With Borders.”

Similar to Amnesty International letter writing campaigns that allow people to write to political prisoners, the Lawyers With Borders campaign “will empower the public to voice support and appreciation and solidarity and to donate money to Goldman Sachs employees to prevent or at least mitigate any pecuniary loss should governments arbitrarily and illegally attempt to deprive the bankers of their money," Foley said.

This Statement of Support is the first such statement by Lawyers With Borders, a new non-governmental organization (NGO).

"If we (Lawyers With Borders) can educate the public about bankers' rights, then I hope we won't have to go so far (as to actually carry out the letter-writing campaign)," Foley said.

LAWYERS WITH BORDERS is a non-governmental organization (NGO) modeled after Doctors Without Borders, except that its members are juris doctors, not medical doctors, and Lawyers With Borders does not help people without regard to borders, travel distance, or other jurisdictional issues, or for free. Goldman Sachs has not paid for or requested this Statement of Support; Lawyers With Borders issues such Statements in hope that the subject of the Statement will retain Lawyers With Borders and pay for the campaign.