"Feinberg, Goldman CEO talked of pay" by Bloomberg News | February 9, 2010
WASHINGTON - Kenneth Feinberg, the US special master on executive compensation, said Goldman Sachs Group chief executive Lloyd Blankfein consulted with him on the firm’s pay plans and adopted his “prescriptions.’’
Feinberg and Blankfein spoke “about how Goldman as an institution should approach base salaries and compensation over time,’’ Feinberg said yesterday in a Bloomberg Television interview. “To a large extent I think he has succeeded in adopting the prescriptions we laid out.’’
Related: Breaking News: Goldman Sachs Screwed Greece
And the rest of us, world.
Guillotine looking like a good idea now, huh?
Goldman, whose shares doubled last year as profit soared to a record high, awarded Blankfein, 55, an all-stock bonus for 2009, according to a Feb. 5 Securities and Exchange Commission filing. Blankfein received payment of 58,381 restricted stock units, valued at $9 million at the Feb. 5 closing price of $154.16.
Feinberg, who has no formal authority over Goldman Sachs compensation, in October ordered pay cuts averaging 50 percent for the top 25 executives at Citigroup Inc., Bank of America Corp., and five other firms that took bailout money. The two banks repaid the funds in December, enabling them to leave his supervision. Feinberg now oversees pay packages for executives of American International Group, Chrysler Group LLC, Chrysler Financial Corp., General Motors Co., and GMAC Inc.Yeah, all the LOSERS YOU are STUCK WITH, taxpayers!!!
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