NEW YORK, Feb. 5, 2010
Goldman CEO Blankfein Gets $9M Stock Bonus
News of Bonus Eagerly Awaited by Wall Street; Blankfein Can't Cash Shares for Five Years
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Lloyd C. Blankfein, CEO of Goldman Sachs. (AP Photo/David Karp)
Goldman Sachs Group Inc. CEO Lloyd Blankfein is getting a $9 million stock bonus for 2009.
The bank said in a securities filing Friday that Blankfein will receive more than 58,000 shares of restricted stock that can't be cashed in for five years. Blankfein will receive no cash as part of his bonus.
News of Blanfein's bonus was eagerly awaited by Wall Street, and also reflects its changing pay culture. Several banks are paying their CEO restricted stock and adopting clawback provisions in response to a furor over outsized cash bonuses paid by financial institutions that helped push the economy into a recession and then later took billions in federal bailouts.
JPMorgan Chase said Friday that CEO Jamie Dimon received a $16 million stock bonus, making him the highest paid CEO among the nation's largest banks that have announced their pay plans.
Morgan Stanley CEO James P. Gorman received a stock bonus valued at $8.1 million for 2009. Gorman was co-president of the bank for that period. He replaced John Mack as CEO last month. Mack, who remains chairman, received no bonus for 2009 or the previous two years.
Goldman and JPMorgan have emerged from the financial crisis as two of the nation's strongest banks, earning billions in profits while rivals including Citigroup Inc. and Bank of America Corp. have suffered losses. Still, neither JPMorgan nor Goldman have escaped scrutiny over employee pay packages.
Blankfein's bonus was less than some had expected. He led Goldman to stellar earnings in 2009 on strong trading of risky assets, including a record $4.79 billion profit in the last three months of the year. But Goldman bolstered its fourth-quarter profits by slashing the size of its bonus pool in a move aimed at quashing criticism of outsized paydays at elite New York investment banks.
Blankfein received compensation valued at $42.9 million during fiscal 2008, virtually all of it coming from stock and options awarded for his previous year's performance.
He got no performance-based pay for his work in fiscal 2008, when Goldman reported its first quarterly loss since becoming a public company and its stock fell more than 60 percent amid the deepening credit crisis.
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- This guy is under paid as he was the one that save the American economy.
GS is the finacial hub of the world.
Good bye America hello China - Reply to this comment
- How does one say "Dolchstoßlegende" in Arabic? Because this board is nothing other than a blend of Dolchstoßlegende, Proudhon, and a traditional Arab recipe for shoving a chicken up a lamb and a lamb up a camel. I have a serving suggestion for your guest of honor, and no doubt he'll enjoy it.
- Reply to this comment
- by wjksea February 6, 2010 1:21 PM EST
by cowardlyimbecile February 6, 2010 12:59 PM EST
And the Pope is an expert on birth control.
The catholic supreme court corporate plutocrats think so. - Reply to this comment
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- The right of free association and freedom of assembly produces corporations, philanthropies and political parties. When these rights are "managed", i.e. taken away, who will guard the guardians when you remove the public's right to join with others for a legal purpose?
The existence of a enlightened, evolved group of persons born or reborn without sin, who lead the mass of the people, is a mystic idea disguised as a secular idea.
- The right of free association and freedom of assembly produces corporations, philanthropies and political parties. When these rights are "managed", i.e. taken away, who will guard the guardians when you remove the public's right to join with others for a legal purpose?
- by cowardlyimbecile February 6, 2010 1:04 PM EST
Mussolini and Hitler were statists whose regimes subcontracted the elements of production to party loyalists. These companies functioned at the whim of the state and in fact any property rights within the Fascist or National Socialist systems were a fraud that could be extinguished at any time. By contrast, the Communist system dispensed with the fraud and had no property rights whatsoever.
The reality is no matter what the ideology, there is no absolute freedom and security. It is the ability of a society or an individual to insure their ongoing security. Imbalance is when a few are sacrificing the quality of their lives to enrich and defend the excess and extravagance of a shrinking minority. Such imbalance sparks social unrest and revolution. - Reply to this comment
- Tell this to those who have fought and died on behalf of the corporate plutocrats.
by cowardlyimbecile February 6, 2010 12:37 PM EST
The zero-sum argument? I suppose no one in the history of the world ever was good enough at his trade that he prospered selling to the public and then hired someone less talented to assist him. This right to buy-and-sell and to own the property that results from reinvestment is exactly what is lacking in all government-managed Hegelian fantasy regimes since the 19th Century and still this passes itself off as progress. Taking control of others by force is what police states are all about. - Reply to this comment
- by cowardlyimbecile February 6, 2010 12:59 PM EST
And the Pope is an expert on birth control.
Intellect is one part of being a human being. Being a useful contributing intellectually unbiased decent sophist is quite another. Some lives such as the arrogance of the robber bankers are wasted gifts. - Reply to this comment
- Now Hitler could have made REALLY good use of this robber banker, he and Madoff.
- Reply to this comment
- by cowardlyimbecile February 6, 2010 1:04 PM EST
Mussolini and Hitler were statists whose regimes subcontracted the elements of production to party loyalists. These companies functioned at the whim of the state and in fact any property rights within the Fascist or National Socialist systems were a fraud that could be extinguished at any time. By contrast, the Communist system dispensed with the fraud and had no property rights whatsoever.
Pablo Escobar also dealt in delusions of greatness, but dispensed with the mass rallies and supplied it to his customers one junky at a time.
----- pragmatically they all stink because they don't serve the common interests perhaps? is it possible there is too much ideological rhetoric bouncing around and the end result is garbage for civilization. - Reply to this comment
- To think this man shouldn't get 20 times more than this amount is just socialistic marxism.
- Reply to this comment
- we have all seen the Goldfeind, HogFeined, Hemierpiggies, dungheimers
troglditemeirs of this day and age beg, and our taxes pay for it. - Reply to this comment
