Goldman Sachs CEO gets $100 mln in pay, stock

[UpInArms]

Source: Reuters

NEW YORK (Reuters) - Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) said on Friday its Chairman and Chief Executive Lloyd Blankfein was awarded about $53.97 million of compensation in its 2007 fiscal year, when the Wall Street bank largely skirted subprime mortgage losses that plagued many rivals.

Blankfein also realized $45.76 million from the vesting of stock, bringing his compensation and other awards to about $100 million, according to Goldman's proxy filing with the U.S. Securities and Exchange Commission.

The compensation amount reflects a methodology used by many executive pay consultants. It differs from Goldman's calculation of Blankfein's "approved 2007 compensation" of $68.5 million, which incorporates a $67.9 million "year-end bonus" payable in cash, restricted stock and stock options.

According to the proxy filing, Blankfein was awarded a $600,000 salary, a $26.99 million bonus and $384,157 of other compensation for fiscal 2007, which ended in November.

Blankfein was also granted restricted stock and stock options valued at $26 million as of the December 2006 grant date, the filing shows. Other compensation included $233,053 for a car and driver, and several other items.

<snip>

According to the same methodology, compensation for other top Goldman executives included a respective $53.04 million and $52.91 million for Co-Chief Operating Officers Gary Cohn and Jon Winkelried, $42.58 million for Chief Financial Officer David Viniar, and $39.85 million for Chief Administrative Officer Edward Forst, the filing shows.

Read more: http://www.reuters.com/article/bondsNews/idUSN0732738820080307?sp=true

[Sabriel]

1. I guess that $200/barrel oil will be no problem for him.

Oh, the irony of thread juxtapostion sometimes.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3214273&mesg_id=3214273

[halobeam]

2. CEO compensation hearing / Waxman... live link:

http://oversight.house.gov/story.asp?ID=1787

[Robbien]

3. Goldman to Waxman: Pfffft

Raspberries is Wall Street's response to a Congressional Investigation.

[underpants]

4. I believe that he was the one who told them to sell off their subprime related debt last year

I believe that was him.

The only one who did it.

[Kelvin Mace]

5. I ask this question every time this matter comes up

What is this person doing, that doesn't involve the phrase "cured cancer" warrants $100 a minute?

[Vilis Veritas]

6. The $200 barrel of oil story. $100 million in comp.

This is payback for being enough of a shit heal corporation to not give a fuck about the common folks to do this kind of stuff.

We are expendable commodities to people like Blankfein.

I can't stomach stories like this...

[Sam Ervin jret]

7. Here's the logic loss problem. Waxman wants accountability for bad work from banks. Me too but what

about the lack of accountability of our own government.

Where the hell was/is FEMA? the EPA? OSHA? Oversight on Wall St.? On the state department ? CIA and FBI and wire tapping?

Oh yes and the BIG ONE. Who's watching the IDIOT in chief?

No one

You all need to get a pay reduction or get fired. None of you are on top of things and doing your job. If you were would we be in the giant sink hole of a mess we are in?

Get IMPAECHMENT BACK ON THE TABLE. And do not expect any respect until it is done. Inconvenient political timing is NOT an excuse for not doing YOUR job anymore than any of their poor excuses exonerate them.

[Vilis Veritas]

8. On 'Oversight on Wall St.'

Goldman Sachs is Wall St. Take a look at the current and past leaders of the firm and you will see a trail of power that has it spidery fingers in just about every major economy in the World.

The $200 barrel of oil story is speculation set up for their next big payoff.

edited to add...Why investigate people you are friends with and who make you huge amounts of money...?

[Javaman]

9. Of course he did. nt

[Acadia Blue]

10. This is what they mean by "capatilistic pig"

[Scooter24]

11. Goldman was the only institution to profit

last year because they bet against the housing market, a wise move triggered back in 2006. They earned record profits in 2007 while most other firms are having to be bought out by foreign investors.

As a Goldman investor and stockholder, I've been extremely happy with their performance. If the majority of stockholders find the compensation to be too much, then action will be taken, but I wouldn't hold my breath given the outstanding performance on most lines.

If you don't feel like he's worth that much, then feel free to invest in Merrill Lynch, whose CEO was just fired after losing $8 Billion.