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Goldman Sachs plans to restructure its bonus payouts this year:

With a resurgent Goldman set to award billions of dollars in bonuses — a trove that could rival the record payouts of the bubble years — the bank said that its 30 most-senior executives would be paid in the form of a special stock, rather than in cash…..This year, [CEO Lloyd Blankfein] and other top executives will receive bonuses in the form of what Goldman called “shares at risk,” or stock that cannot be sold for five years and can be retracted if the executive does something reckless or risky that hurts the firm.

Can I just take this opportunity to say how underwhelmed I am with this?  Let me count the ways.  (1) The amount of the bonuses hasn’t changed a whit, only their form. (2) The whole point of changing a compensation plan is to change incentives.  Announcing a new bonus plan at the end of the year does nothing to change incentives unless Blankfein invents a time machine too. (3) It’s only for the top 30 executives.  What about the traders? (4) It’s apparently only for this year. See #2.  (5) The official definition of reckless (“materially improper risk analysis”) is so stringent that there’s really no chance it will ever apply to anyone.

So what’s the real point of this little kabuki play?  Dennis Berman translates here.

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PLEASE—BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things it doesn’t like—which is most things that are true.

We’ll say it loud and clear: At Mother Jones, no one gets to tell us what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please do your part and help us reach our $150,000 membership goal by May 31.

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