The WSJ’s Sue Craig reported this evening that Goldman CEO Lloyd Blankfein is taking a mere $9 million bonus for 2009, in all stock and no cash.
This comes after a year in which the Wall Street firm reported massive profits and compares with the $70 million in compensation that Blankfein collected for 2007.
It seemed likely that Blankfein was going to take a small bonus given all the criticism that Goldman has faced for its role in the financial crisis and the fact that many of its profits have been earned through government intervention in the capital markets. In addition, Goldman’s rank and file employees have had to take smaller bonuses, as the company reduces its overall compensation ratios to the lowest levels since Goldman went public.
Still, $9 million seems perfectly calibrated: Not large enough to be dubbed a “double digit” bonus. But not so small as to seem that Blankfein capitulated completely to political pressures.
Consider that Blankfein’s bonus is nearly half that of JPMorgan Chase boss Jamie Dimon . It’s also smaller than far less-well known figures in finance. Would you believe that Blankfein is now officially paid less than the CEO of Jefferies, Richard Handler, who is expected to earn a $12 million bonus in cash and stock.
Outrageous…how is the man suppose to live on that?
The wealthy start all the wars, why not force them to pay for them? 90% tax rate in income.
If not for foreign based economic interests, would we really be embroiled in faraway wars?
@ #29 Well, this is an internet blog forum, so if you want people to know you’re being sarcastic, you’re going to have to spell it out.
Of course big organizations breed corruption, because humans run them and humans by nature have their own interests as priority #1. The difference between corruption in business and corruption in government is business gets your participation on a voluntary basis, but government gets your participation by force. Extortion is irresponsible, and is the basis for all that is government. A $9 million dollar bonus to a man who doesn’t deserve it is irresponsible, but it is the owner of that company’s right to pay him that. If it’s the wrong decision, market forces will cause that company to fail, and in a truly free market economy, it would fail, without government bail outs coming from taxing citizen slaves.
Rules are necessary, but they should come organically, from individuals interacting with each other on a consensual basis, not from some guy dressed in a robe sitting on high. Human nature is predictable, we’re all selfish to one degree or another. That’s all you can count on. If you expect a representative that you “elect” to put your interests ahead of his own you must be on something really, really strong. The kind of “fairy tale” capitalism I speak of banks on the fact that all humans are selfish, and takes advantage of that fact so we all become more productive while living as freely as humanly possible. I dare say you are the one living in a fairy tale if you think giving people power, then turning around and expecting them to use it for your benefit ahead of theirs, is a realistic goal. Government is not necessary. It is a bane on the human spirit. For the government is just another version of a slave master, one that we have been cajoled into believing is necessary and good but in fact is a blood sucking tyrant.
1)The head of the IMF is Mr. Strauss Kahn
2)The CEO of Goldman Sachs is Mr. Blankfein
3)The head of the SEC Investigation commitee investigation Goldman Sach in Greeces and int. crisis is Mr. Levin
4)The head of the FED in US is Mr. Bernanke
5)Speculators on a downgoing Euro are
a)Mr. George Soros Soros Fund management
b)Mr. David Einhorn Greenlight Capital
c)Mr. Jong Paulson
4)Mr. Steven Cohen SAC Capital
I dont know for sure but is it a coincedence that all these gentlemen ar jewish?
Is this a worldwide conspirency taking Europe and the US downwords and leve them in a financial crisis, so legislation can be changed
and the western world becomes more a digital controled police state? Who is in control you think?
Well good luck finding it out!