Wall Street CEOs Hit Hard as Financials Drop in August (GS) (JPM) (C)
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Lloyd Balnkfein, the Goldman Sachs (NYSE: GS) CEO you hate to love, and love to hate, is having a John Paulson-type of August.
According to data compiled at Bloomberg, Blankfein lost approximately $52 million of his personal wealth so far this month, the highest of five CEOs of Wall Street's largest financial firms.
Total, leaders of Goldman, Bank of America (NYSE: BAC), Citi (NYSE: C), Morgan Stanley (NYSE: MS), and J.P. Morgan (NYSE: JPM), have a combined paper loss of $94 million in August. Bloomberg notes the number includes a $40 million drop yesterday.
Blankfein holds 2.1 million Goldman shares, equivalent to about $283.44 million on July 29, now good for about $231.71 million, a $51.7 million plunge.
J.P. Morgan's Jamie Dimon holds 5.08 million JPM shares, which had a paper loss of $31 million as JPMorgan slipped 15 percent in the month.
On a call with hedge fund giant Bruce Berkowitz, BofA's CEO Brian Moynihan said his entire net worth was in the company. Moynihan owns 485,904 BofA shares, meaning he lost $3.3 million yesterday as the stock continues to hover around 52-week lows.
Morgan Stanley's James Gorman has lost $5.4 million since the end of July.
Finally, Citi chief Vikram Pandit's holdings dropped from $17.7 million to $13.1 million, a 26 percent drop, but not as much as his peers.
Bloomberg notes that the five CEOs hold a total of $439 million of their companies common stock, down from $531 million at July 29th.
Of course, the numbers don't include stock options and other equity plans, but the significance can't be overlooked. Since the end of July, the financials ETF (NYSE: XLF) has flopped 17.6 percent, beyond the 13.3 percent dip by the S&P 500 over the same period.
Maybe it's time to buy the stocks while they're cheap...unless CEOs like losing money.
According to data compiled at Bloomberg, Blankfein lost approximately $52 million of his personal wealth so far this month, the highest of five CEOs of Wall Street's largest financial firms.
Total, leaders of Goldman, Bank of America (NYSE: BAC), Citi (NYSE: C), Morgan Stanley (NYSE: MS), and J.P. Morgan (NYSE: JPM), have a combined paper loss of $94 million in August. Bloomberg notes the number includes a $40 million drop yesterday.
Blankfein holds 2.1 million Goldman shares, equivalent to about $283.44 million on July 29, now good for about $231.71 million, a $51.7 million plunge.
J.P. Morgan's Jamie Dimon holds 5.08 million JPM shares, which had a paper loss of $31 million as JPMorgan slipped 15 percent in the month.
On a call with hedge fund giant Bruce Berkowitz, BofA's CEO Brian Moynihan said his entire net worth was in the company. Moynihan owns 485,904 BofA shares, meaning he lost $3.3 million yesterday as the stock continues to hover around 52-week lows.
Morgan Stanley's James Gorman has lost $5.4 million since the end of July.
Finally, Citi chief Vikram Pandit's holdings dropped from $17.7 million to $13.1 million, a 26 percent drop, but not as much as his peers.
Bloomberg notes that the five CEOs hold a total of $439 million of their companies common stock, down from $531 million at July 29th.
Of course, the numbers don't include stock options and other equity plans, but the significance can't be overlooked. Since the end of July, the financials ETF (NYSE: XLF) has flopped 17.6 percent, beyond the 13.3 percent dip by the S&P 500 over the same period.
Maybe it's time to buy the stocks while they're cheap...unless CEOs like losing money.
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