Goldman Sachs, which describes itself as doing God's work, was challenged by four orders of nuns over executive compensation.  The nuns, all shareholders of the firm, have asked that the Board of Directors conduct a review of Goldman's executive compensation policies.  They'd also like to a copy of the Board's written findings by October.

The nuns - (i) Sisters of Saint Joseph of Boston;  (ii) Sisters of Notre Dame de Namur;  (iii) Sisters of St. Francis of Philadelphia;  (iv) Benedictine Sisters of Mt. Angel - specifically want to know:

• Whether executive compensation is excessive and should be changed.
• Whether executive pay is affected by major layoffs and the salary of the lowest-paid workers.
• How executive pay and company shareholders are affected by revenue fluctuations.

Goldman wants nothing to do with the request, saying shareholders can get the information they need about compensation policies.  "Our board [however] believes that the preparation of the requested report would be a distraction to our compensation committee and our board, would entail an unjustified cost to our firm and would not provide shareholders with any meaningful information."

Goldman Sachs appears to be in a lose-lose situation, which is what happens when you're called out by nuns.  To be continued???? [MSN Money, 4/4]