So much for Goldman Sachs's regulatory filing in 2010 to "tie bonuses of top executives more closely to the company's financial performance" in order "to deter risky bets." If that were true, then Blankfein should be getting a 38% cut to match the decrease of 38% in GS's earnings rather than being rewarded by a $5.4 million increase.
Goldman Sachs is all smoke and mirrors; prevarication and hogswallow! Blankfein should be considering how to take Goldman Sachs out of the world of Too Big To Fail. Here's a document on that subject for him to consider.
In the meantime, we can condemn Blankfein's new compensation as described by Halah Touryalai in Forbes:
Goldman Sachs CEO Rakes In $21.7 Million In 2010Read the entire article here
by Halah Touryalai -Forbes
Goldman Sachs CEO Lloyd Blankfein received a major hike in his 2010 compensation, according to a proxy statement filed with the U.S. Securities and Exchange Commission today.
Blankfein took in $21.7 million last year which includes his salary, bonus, realized options and stock awards.
That’s a huge bump in pay compared to last year when he received $1.13 million for his work as head of the nation’s 5th largest bank.
The $21.7 million includes a salary of $600,000 and a cash bonus of$5.4 million- Blankfein’s first cash bonus in three years. It also includes $6 million in realized options awards and about $9 million in realized stock stock awards.
The CEO saw a hefty raise even though Goldman posted a drop in profits of 38% and a drop in revenue of 13% in 2010. According to its 2010 earnings report, Goldman’s employees took a 5% hit in salary and bonuses.