Goldman Execs to Get $111 Million in 2007, 2009 Bonuses

[swag]

Source: Bloomberg

Goldman Sachs Group Inc. Chief Executive Officer Lloyd C. Blankfein and his top deputies will collect about $111.3 million in stock next month in a delayed payoff from last year and their record-setting 2007 bonuses.

Blankfein, 56, is poised to receive about $24.3 million in January, based on yesterday’s share price, while President Gary D. Cohn, 50, will get about $24 million, company filings show. The payouts, just a portion of the $67.9 million bonus awarded to Blankfein for 2007 and the $66.9 million paid to Cohn, reflect a 24 percent decline in the stock’s value since it was granted at $218.86.

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.

“Clearly we now look back and say, ‘Were things fine? Should they have paid? Maybe not,’” said Jeanne Branthover, a managing director at recruitment firm Boyden Global Executive Search in New York. “There’s nothing you can do about it. The payouts were in stone. But hopefully, in the future, they won’t be.”

Read more: http://www.bloomberg.com/news/2010-12-15/goldman-s-bankfein-deputies-to-collect-111-3-million-in-stock-bonuses.html

[Newsjock]

1. 90% federal tax, 10% state tax

The "payouts" may be "in stone," but that's nothing a little good governing can't fix.

[rfranklin]

2. But if it happened to be workers pensions or teacher salary contracts....

Everything is suddenly negotiable.

[rug]

9. And choice of prison.

[webDude]

3. If THIS admin, or ANY of them, would prosecute with the laws ALREADY...

...on the books, people would get locked up and this crap would stop.

"Keep false hope alive, keep false hope alive!"

[villager]

8. +1

[sarcasmo]

4. We the people do not run the country the bankers run the country. Plutocracy be thy name.

[sulphurdunn]

5. These Wall Street creatures

really are pigs. Of course most of the rest of us really are "I will work harder" Boxers.

[NeoConsSuck]

6. Ain't we got fun!

Bill collectors gather 'round and rather
Haunt the cottage next door
Men the grocer and butcher sent
Men who call for the rent
But within a happy chappy
And his bride of only a year
Seem to be so cheerful, here's an earful
Of the chatter you hear

Ev'ry morning, ev'ry evening
Ain't we got fun?
Not much money, Oh, but honey
Ain't we got fun?
The rent's unpaid dear
We haven't a bus
But smiles were made dear
For people like us

In the winter in the Summer
Don't we have fun
Times are bum and getting bummer
Still we have fun
There's nothing surer
The rich get rich and the poor get children
In the meantime, in between time
Ain't we got fun?

Just to make their trouble nearly double
Something happened last night
To their chimney a gray bird came
Mister Stork is his name
And I'll bet two pins, a pair of twins
Just happened in with the bird
Still they're very gay and merry
Just at dawning I heard

Ev'ry morning, ev'ry evening
Don't we have fun
Twins and cares, dear, come in pairs, dear
Don't we have fun
We've only started
As mommer and pop
Are we downhearted
I'll say that we're not

Landlords mad and getting madder
Ain't we got fun?
Times are so bad and getting badder
Still we have fun
There's nothing surer
The rich get rich and the poor get laid off
In the meantime, in between time
Ain't we got fun?

When the man who sold 'em carpets told 'em
He would take them away
They said, "Wonderful, here's our chance
Take them up and we'll dance"
And when burglars came and robbed them
Taking all their silver, they say
Hubby yelled, "We're famous, for they'll name us
In the pepers today

Night or daytime, it's all playtime
Ain't we got fun?
Hot or cold days, any old days
Ain't we got fun
If Wifey wishes
To go to a play
Don't wash the dishes
Just throw them away

Streetcar seats are awful narrow
Ain't we got fun?
They won't smash up our Pierce Arrow
We ain't got none
They've cut my wages
But my income tax will be so much smaller
When I'm laid off, I'll be paid off
Ain't we got fun?

[fascisthunter]

7. There is Where all our Money Went

yet they claim they can't afford to keep jobs in America because it costs the company too much. I say "Jump Fuckers"

[lovuian]

10. Those bonuses are sinful

for the corruption that was done and they get those bonuses

:argh:

[BadgerKid]

11. Timing is everything (extension of * tax cuts). n/t