Goldman's (GS) Blankfein Gets 35% Pay Haircut in 2011
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What would you do if your pay was cut 35 percent?
For many Americans, that's a pretty drastic cut, about $15,000 to $16,000 per year for the average U.S. earner (assuming income of $45,000 per year). That's huge.
But that's just what Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein got in 2011. His overall compensation dropped 35 percent to $12.4 million. Total pay consisted of a $2 million base salary, $7 million in restricted stock, a $3 million cash bonus, and $449,600 in "other benefits."
Admittedly, his base salary rose 230 percent from $600,000 in 2010, which is not bad considering Goldman's stock fell 46 percent, earnings dropped 46 percent, and 2,400 positions were eliminated. One analyst from Steven Hall & Partners defended the pay for executives for Blankfein as eventually working out in the longer run.
Blankfein notably grossed $67.9 million in total compensation during 2007, just ahead of the mortgage-backed security crisis and subsequent financial fallout.
PS - we're in no way defending banking executives and/or trying to make it appear their drops in compensation isn't justified. That's not how we roll.
Shares of Goldman are down 4.2 percent Friday afternoon.
For many Americans, that's a pretty drastic cut, about $15,000 to $16,000 per year for the average U.S. earner (assuming income of $45,000 per year). That's huge.
But that's just what Goldman Sachs (NYSE: GS) CEO Lloyd Blankfein got in 2011. His overall compensation dropped 35 percent to $12.4 million. Total pay consisted of a $2 million base salary, $7 million in restricted stock, a $3 million cash bonus, and $449,600 in "other benefits."
Admittedly, his base salary rose 230 percent from $600,000 in 2010, which is not bad considering Goldman's stock fell 46 percent, earnings dropped 46 percent, and 2,400 positions were eliminated. One analyst from Steven Hall & Partners defended the pay for executives for Blankfein as eventually working out in the longer run.
Blankfein notably grossed $67.9 million in total compensation during 2007, just ahead of the mortgage-backed security crisis and subsequent financial fallout.
PS - we're in no way defending banking executives and/or trying to make it appear their drops in compensation isn't justified. That's not how we roll.
Shares of Goldman are down 4.2 percent Friday afternoon.
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