Goldman CEO Lloyd Blankfein to Get $100M Bonus?
February 1, 2010
(ChattahBox)—-Wall Street’s payday is expected to be bigger than ever, as federal bailouts to big financial firms, like Goldman Sachs, saved the economy from collapse and propped up big banks, allowing firms to return to their former risky investments and obscene bonuses. Goldman plans to announce the pay of its top five executives at the end of the month, in a filing with Securities and Exchange Commission. And according to a report in The Times of London, Goldman CEO Lloyd Blankfein may be on track to receive one of his largest bonuses yet, of up $100 million. Blankfein pocketed $67.9 million in 2007.
The White House has been trying to curb excessive Wall Street bonuses, which were partly responsible for the near economic collapse. President Obama has called excessive bonuses, at a time of recession, and after many firms received taxpayer funded bailouts, “the height of irresponsibility” and “shameful.”
The much hated Goldman Sachs, made $1.8 billion more than the company made in 2007, paving the way for a round of excessive bonus payouts. If Goldman Sachs does indeed pay Blankfein anyway near $100 million, that would be viewed as a big “flipping of the bird” to the Obama administration.
Goldman denied that Blankfein’s bonus would reach $100 million. ”Although the Board has yet to determine executive compensation, given everything we have said and done on the subject, the idea that the directors would award Lloyd Blankfein $100 million, or anything close to it, beggars belief,” said a Goldman spokesman.
We shall see.