September
2010
Sunday, February 07, 2010
Tomoeh Murakami Tse, Washington Post

Goldman Sachs CEO Blankfein gets stock-based $9 million bonus

Goldman Sachs said Friday that its chief executive, Lloyd Blankfein, received a stock-based bonus of $9 million in 2009

Goldman Sachs said Friday that its chief executive, Lloyd Blankfein, received a stock-based bonus of $9 million in 2009, ending weeks of speculation about how much the New York-based investment bank would dole out amid rising public anger over Wall Street pay.

The amount, although eye-popping by Main Street standards, is smaller than the stock-based bonuses his rivals received for 2009. On Friday, J.P. Morgan Chase said it would award $17 million to chief executive Jamie Dimon.

In a regulatory filing, Goldman said Blankfein received restricted stock Friday worth just shy of $9 million based on the firm's closing share price of $154.16. Two years ago, Blankfein set an industry record by receiving a $68 million bonus, about a third of it in cash, after his firm made $11.6 billion. He took no bonus in 2008, when profits plunged during the financial crisis.

For 2009, Goldman reported a record profit of $13.4 billion. The firm's $16.2 billion compensation pool for 2009, which includes pensions and other benefits, translates to nearly $500,000 an employee.

Ever the populist, Blankfein turned down his 2008 bonus, a reported $43 million, due to "poor job performance" and simply accepted his $600,000.00 salary. In 2007, Blankfein set an industry record by receiving a $68 million bonus on top of his half million dollar per year salary.

Posted by Editor on 02/07/10 at 01:26 PM •  (0) Comments

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"The magic formula that successful businesses have discovered is to treat customers like guests and employees like people."
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$60 - $90 billion per year worth of “simple mistakes”?

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