Goldman CEO bonus only $9 million in nod to public ire

Source: Reuters

6 Feb 2010, 0653 hrs IST, REUTERS

NEW YORK: In a sign it is concerned about Main Street anger over bankers' compensation, Goldman Sachs Group Inc decided to give its CEO Lloyd Blankfein and other top executives lower bonuses than many had expected.

Goldman, which reported a record profit for 2009, will pay the executives bonuses in stock worth $9 million each, far below what they got in the previous record profit year of 2007. Blankfein received $67.9 million for that year.

The bonus, which was less than the roughly $16 million that rival bank JPMorgan CEO Jamie Dimon was rewarded with earlier in the day, was far below the $100 million that at least one British newspaper had predicted.

The decision follows months of criticism of Goldman, partly because of expectations that its soaring profits would lead to massive bonuses just over a year after it was aided by the government through bailout funds and other financial support.


Read more: http://economictimes.indiatimes.com/news/international-business/Goldman-CEO-bonus-only-9-million-in-nod-to-public-ire/articleshow/5541345.cms

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"Only"

Next thing you know, they'll have to eat Fancy Feast.

.

What do you think? :sarcasm:

National Debt

And if they refuse... ( ) 'em.

We should tax these bonuses at about 90%...too bad they own most of the politicians....

:cry:

He's probably one of the few executives who actually deserves a bonus.

It is a nice gesture, but I'm sure it will be temporary until there is some plan to bring executive pay under control.

They got the government to bail them out, while letting their competition fall apart. They've been really clever at placing their people in high places in government, including the Obama Administration.

Who wouldn't do well under the circumstances that Goldman Sacks-and-Pillages has?

Maybe about $50,000/yr would be more than plenty for these clowns.

They spread the rumor a few days ago that he was getting $100 million. Now they announce that he's getting $9 million and it seems like a *pittance*.

You can see why the Goldman guys earn the big bucks!

To buy the tar and feathers his kind really deserves.

count on it be distributed in a less conspicuous manner.

any company that cut their staff size between 2007 & 2009 will have to pay a 80% tax on any annual bonus (stocks+cash) paid on amount over $200,000 (per employee). If the company has added people, the rate goes down to 20%.

these guys get paid in some cash and a LOT of stock.
AND, thanks to Bush, there is NO capital gains/dividends taxes from stock sales in 2008, 09, 2010.
One could sell a zillion dollars of stock and pay hardly any taxes on it.
( You do have to pay earned income taxes on gains, but their tax bracket is so laughably low, again thanks to Bush.)
Which is one reason that these guys have worked so hard to keep the stock market high.
They have made a killing, all out of sight of the public.

The no tax also applies to us "little people" who needed to cash in our IRAs.
That's how I found out about it.

Given the timing of this no tax bonanza, I often wonder how planned this crash was.
Why did they pick those 3 years of a free tax window, I ask myself.

probably already in some hush hush contract or transaction they made before he agreed to accept the smaller bonus.

No one gives up that many million dollars so quickly and docilely just bc the hoi polloi got upset for two and half minutes. They know our attention span and that of the media lasts only until the next shiny thing crops up.

How gullible do they think we are?

Nye Bevan said it right: "Absolute Genius" (4)

On first seeing the $9 million bonus, it garnered, "How could anybody be worth that much...and in a bonus, yet?" Then I remembered the earlier headline of expectations of a $100 million bonus. Big company executives are paid too much! Yet it is said that if they aren't paid that well they'll just leave the company and find a better paying job elsewhere. My response would be, "So let them go." What makes them or any other big company executive worth so much? They're not taking any personal risks and they're playing with other people's money.

Are "We the People" gullible or just out of touch with reality?

200 of his employees.

Besides, I was truly worried he wouldn't be able to survive and feed his family on his regular $20 million annual salary, so this $9 million bonus comes as a comfort to me.

Two years ago he got a $68 million bonus, and we all know how quickly that money goes when you are shopping at Target and CostCo.

/end sarcasm

banksters....

I believe in saving money and getting a decent return for your savings, but this wall-streetization based on lies and half-truths to make stock prices soar is disgusting.

The only reason they do as they do, is because there is no accountability... they are sheltered from the masses they harm.