I'm betting it was a banner weekend in the Blankfein household. On Friday the Goldman Sachs CEO was awarded a $13.3 million stock bonus for 2012, the biggest bonus he's seen since the crisis started in 2008. His all-in comp for the year looks to eclipse the $21 million mark.
It wasn't just a good year for Lloyd, either. The rest of the zookeepers at 200 West Street cleaned up as well.
In total, Goldman doled out $99.8 million in restricted shares to its top 12 executives this week. Goldman President Gary D. Cohn and outgoing Chief Financial Officer David Viniar each received stock awards of $12 million, up from $7 million for 2011. For 2011, the New York company's 11 top executives received $51.8 million in restricted shares, according to securities filings.
$21 million for the year is a far cry from the $70 million Lloyd took home in 2007, but it still ain't chump change. And it seems Goldman is taming the compensation:revenue beast. In 2012 compensation represented only 38% of revenues, down from 42% the year before.
Goldman PR had no comment when asked to confirm the rumor that Blankfein immediately phoned JP Morgan Chase CEO Jamie Dimon and shouted, "Have fun at the Pro Bowl! Arrogant prick."
Still no word on when the firm plans to begin construction on the Death Star.
Well, there are 35% fewer new partners to pay this year.
Serious question: can we take Blankfein's payout as a sign that things are going to start improving a bit more rapidly?
Increasing Lloyd's pay isn't helping GS's BS.
It will be if they repeat or improve on this year's performance.
"It's good to be the KING"
As more stock gets doled out in lieu of cash for bonuses a) are you surprised that share holders are doing better? and b) it'd be interesting to know what percentage of the total float of shares is held by employees.
That's a shitty comp package for someone of his position and responsibility but what can you do I guess when the industry is suffering and the public eye is on these numbers. and UFOinsider, how is this a sign of better times coming?
Would you like fries or an LBO with that?
Esse recusandae optio ut maiores recusandae sint. Dolore omnis et fugiat magni. Non aperiam voluptatum voluptatem minus optio laudantium eligendi. Sunt ut saepe dolore perferendis distinctio magni. Consequatur odio aut quis blanditiis. Ducimus ut quisquam et ratione aut ad soluta.
Et quo in voluptatibus est quia. Fugiat enim voluptas necessitatibus. Blanditiis ea atque et quod ipsum. Aspernatur quia corporis vel. Excepturi error molestiae nostrum.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...