Good news for art aficionado and Goldman Sachs honcho Lloyd Blankfein; he and other top Goldman Brass are set to receive $111.3 million delayed stock bonuses from 2007 and 2009, according to Bloomberg.
Mr. Blankfein will get an award of about $24.3 million, less perhaps than it might otherwise have been, thanks to a 24 percent decline in Goldman shares since his bonus was awarded in 2007. Hilariously:
Within a year after the bonuses were approved, Goldman Sachs took $10 billion from the U.S. Treasury, converted to a bank and was borrowing as much as $35.4 billion a day from Federal Reserve emergency programs. This year the firm paid $550 million to settle U.S. regulators’ fraud charges related to a mortgage-security the company sold in 2007.
An expert tells Bloomberg that there is nothing to be done about the size of the bonuses in light of the firm’s subsequent performance. Too bad for shareholders! Goldman isn’t the only firm getting involved in the bonus fun:
JPMorgan Chase & Co. CEO Jamie Dimon, 54, is set to receive $6.8 million worth of shares next month that were awarded for 2007. John Mack, 66, who served as CEO of New York-based Morgan Stanley until this year, didn’t take a bonus in 2007, 2008 or 2009. He will receive about $5.4 million of previously vested shares in January that Morgan Stanley awarded him for 2005.
If this bonus season is anything like every other bonus season, some people will get a little mad about the size of these banks’ bonuses — maybe a little more so this year in light of the scale of the government rescue — and then later everyone will forget to stay mad.
mtaylor [at] observer.com | @mbrookstaylor
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