Blankfein Rakes In $54 Million

The WSJ reports that Lloyd Blankein’s, Goldman Sachs’ CEO, bonus was for $54 million, the biggest in Wall Street history.

Mr. Blankfein’s pay package reflects the firm’s performance atop the Wall Street heap over the past year, when its profits rose 70% to $9.54 billion and its stock price surged 59%, increasing its stock-market value by $31 billion.
But it also reflects the inflation in Wall Street CEO pay packages, which last year generally came in at between $30 million and $40 million, with the stock market in the fourth year of a bull run and a boom in private-equity buyouts and hedge-fund trading.
A former tax lawyer and gold salesman who rose to become head of the firm’s fixed-income, currency and commodities division in 1998, the 52-year-old Mr. Blankfein epitomizes Goldman’s risk-taking culture.
His latest pay package includes a cash bonus of $27.3 million, restricted shares valued at $15.7 million and options valued at $10.5 million, according to a filing yesterday by Goldman, which disclosed the stock awards and included the cash bonus. He also earned a salary of $600,000.

Goldman has 450 million shares, so Blankfein’s pay comes to 12 cents a share. In the past year, the stock is up $76.

Posted by on December 20th, 2006 at 6:46 am


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