Goldman Sachs Sets CEO Blankfein's Major Bonus (GS, JPM)

Banking, finance, and taxes

Published: February 5, 2010 5:20 pm

Last Updated: February 8, 2010 5:39 am

Everyone wants to know about Goldman Sachs Group (NYSE: GS) and how much it is going to pay CEO and Chairman Lloyd Blankfein, following a $100 million bonus being paid to what Main Street now considers one of America’s great financial villains. This is a “heads I win, tales you lose” scenario because the public is going to be upset over any figure. An SEC filing after the closing bell answers the question. Lloyd Blankfein just got a $9 million stock bonus… This is in restricted stock, and none of it is in cash.

The filing shows some 58,381 shares being granted. One-third of these 2009 year-end Restricted Stock Units will convert into shares of the Issuer’s common stock in each of January 2011, January 2012 and January 2013. The shares of common stock delivered pursuant to these RSUs cannot be sold or transferred before January 2015. These RSUs comprise 100% of the Reporting Person’s discretionary compensation for 2009.

President and COO Gary Cohn received 58,381 shares under the same terms.
Executive Vice President and CFO David Viniar received 58,381 under the same terms.
Vice Chairman Michael Evans received 58,381 under the same terms.

A $100 million payout would have been an outrage. Most on Main Street will claim that this too is an outrage. After all, Goldman Sachs is the national pinata when it comes to calling out companies who make obscene amounts of money.

JPMorgan Chase’s (NYSE: JPM) Jamie Dimon just got $17 million.

JON C. OGG

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