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Goldman Sachs bonuses and salaries skyrocket despite losses
Key Excerpts from Article on Website of CNN
Posted: February 7th, 2011
http://finance.fortune.cnn.com/2011/01/30/money-for-nothing-...
How might you compensate management for a year in which profits plunged, you spent $550 million of shareholder money to settle a fraud investigation and your stock ended up more or less exactly where it started? You might be tempted to nix raises or withhold bonuses to send a responsible message about linking pay to performance. But if so, you wouldn't be Goldman Sachs. It just had the year described above and responded by tripling everyone's base salary while boosting bonuses by 40%. Is this a great country or what? Goldman said in a filing [on January 28] that CEO Lloyd Blankfein will make $2 million this year, and his top lieutenants will each make $1.85 million. Top Goldman brass had been making $600,000 annually in salary since the firm's 1999 initial public offering. All 470 of Goldman's partners will get higher salaries. The top five officers will also get $12.6 million each in bonuses. That's up from $9 million each last year. That may seem like a high price to pay for a pretty lousy year and one that ended with a Fed-inspired reminder that Goldman, just in case anyone forgot, took billions upon billions of dollars in bailout loans in 2008 and 2009.
Note: For key articles from reliable sources detailing the outrageous compensation awarded to the highest officers of Wall Street financial corporations after they were bailed out by the government, click here.
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