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Banking, finance, and taxes

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

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By Douglas A. McIntyre Updated Published
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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