I will have a lot more to say next week about the whole executive compensation issue and how it fits into the larger picture of our economy. But, for today, I think we should not get too excited about this news:

Bowing to calls for restraint in tough economic times, Goldman said that its most senior executives would forgo cash bonuses this year. Instead, the 30 executives will be paid in the form of long-term stock — an arrangement that means they will not get big year-end paydays, but one that could turn out to be enormously lucrative if Goldman’s share price rises over time.

   The Wall Street Journal correctly pointed out:

But the changes are only for 2009 and don’t necessarily affect more than 31,000 other Goldman employees, consultants and temporary workers. That group includes traders and other employees who are fueling most of this year’s revenue and profit surge, putting them in line for sharply higher bonuses early next year. In addition, Goldman gave no indication in its announcement that it will buckle to pressure to rein in overall pay levels.

   So, what we really have is this scenario: a few people (who have made staggering amounts of money until now, in part through behavior that caused the financial collapse of 2008) are not going to get paid huge bonuses THIS YEAR and instead they will get stock that could make them even more fabulously wealthy down the road (wealth that will not trickle down to the janitors and clerks in the company) AND the compant basically is thumbing its nose at any long-term changes. Now, that is truly the Christman spirit–as in "let us fulfill your fantasy".

   Change? Am I missing something?