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CommentsThe Board of Goldman Sachs distributed 58,381 restricted shares worth $8.99 million to Chairman and Chief Executive Lloyd Blankfein. Chief Operating Officer Gary Cohn and Chief Financial Officer David Viniar were also offered the same amount. Blankfein’s whole share bonus is considerably less than the $67.9 million he was rewarded in 2007. A Goldman spokesperson stated, “The board was mindful of that difficult environment in making decisions about executive compensation.”
Just a few hours before, JP Morgan’s chairman Jamie Dimon was awarded with $8 million of restricted shares, which will start vesting in 2012, and an additional $8.1 million in long-dated alternatives. Dimon, whose bank accrued an $11.7 billion in income in 2009, did not collect a bonus for 2008. A JP Morgan spokesperson explained that the bank’s board can lengthen the vesting dates on Jamie Dimon’s entire 2009 bonus at any time and cited he must hold on to 75% of it while he stays at the bank.
About Goldman Sachs’ Lloyd Blankfein:
Born on the 20th of September 1954, Lloyd Craig Blankfein is the current Chief Executive Officer and Chairperson of Goldman Sachs. After the May 31, 2006 selection of past CEO Hank Paulson as Secretary of the Treasury, Blankfein was proclaimed as his successor. He is also the Gala Chair of the Rockefeller family’s Asia Society in New York. Blankfein works on the Board of Overseers at Weill Cornell Medical College and the board of the Robin Hood Foundation, a philanthropic institute aiming to ease poverty in New York.
Blankfein donated at least $7000 to Democratic Party entrant Hillary Clinton in 2008. On April 7, 2009, Blankfein suggested instructions to refurbish executive reimbursement. Blankfein opined in the New York Times that one of the lessons driven home by the global recession was the implementation of basic standards on how the industry compensates people with pivotal posts.
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