Published on Bloomberg, by Michael J. Moore and Christine Harper, Dec. 16, 2010.
Goldman Sachs Group Inc.’s top executives will get about $111.3 million in stock next month in a delayed payout from last year and their record-setting 2007 awards, even as Wall Street prepares for lower bonuses.
Chief Executive Officer Lloyd C. Blankfein, 56, is poised to receive about $24.3 million in January, based on the closing share price on Dec. 14, while President Gary D. Cohn, 50, will get about $24 million, company filings show. The payouts, just a portion of the $67.9 million bonus awarded to Blankfein for 2007 and the $66.9 million paid to Cohn, reflect a 24 percent decline in the stock’s value since it was granted at $218.86.
Within a year after the bonuses were approved, Goldman Sachs took $10 billion of U.S. bailout funds, converted to a bank and was borrowing as much as $35.4 billion a day from Federal Reserve emergency programs. This year the New York-based firm paid $550 million to settle U.S. regulators’ fraud charges related to a mortgage security the company sold in 2007. (full text).
Two Link in german:
Die Herrschaft des Ökonomismus ist nicht unser Schicksal, in Zeit-Fragen, von Francis Gut, Jutta Lücking und Dr. Vera Ziroff Gut, 16. Dezember 2010;
Steuerdebatte: Warum ich doch recht habe, In ZEIT online /Politik (Quelle DIE ZEIT, 2.12.2010 Nr. 49), von Peter Sloterdijk, 8. Dezember 2010.