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Prof. Roy Smith on author Steven Mandis's suggestion that Goldman Sachs use a partnership structure

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Excerpt from Reuters -- “'I do think the system that (Mandis) suggested is pretty close to what they have at Goldman right now,' said Smith, a former Goldman Sachs partner himself, who cited that under the bank’s current compensation plan, partner-managing directors are paid a bonus amount equal to 1 percent of pre-tax earnings. In addition, should the bank suffer regulatory fines, they are also liable for part of the payment."

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