$100 Million Bonus for Goldman Exec

Above, Loyd Blankfein, Goldman Sachs CEO


Story by Michelle Ruiz


AOL News (Feb. 1) -- So much for President Barack Obama's crackdown on executive bonuses.

In what could be a very public defiance of the White House, Goldman Sachs may award a $100 million bonus to its chief executive, Lloyd Blankfein, according to a Times of London report today.

"This is Lloyd thumbing his nose at Obama," a banker at one of Goldman's rivals told the paper at the World Economic Forum in Davos, Switzerland.


Mark Wilson, Getty Images
Lloyd Blankfein, CEO of Goldman Sachs, testified on Capitol Hill earlier this month. The Times of London reports Blankfein may get a $100 million bonus.
The bonus would be a record for Blankfein, who collected a $67.9 million pay bump in 2007.

The potential payout would come after Obama's continued blasting of executive bonuses, in light of the massive government bailout funds given to the institutions. Last week, after learning that Wall Street has distributed $18 billion in bonuses in the last two months, Obama said: "That is the height of irresponsibility. It's shameful."

Goldman Sachs Group Inc., the world's richest investment bank, paid back the approximate $10 billion it received in TARP funds. It reported a fourth-quarter net income of $4.95 billion. Goldman declined comment on the Times report, but the pay of its top five earners will be revealed in a filing with the Securities and Exchange Commission by the end of next month.
michelle Ruiz


AOL News (Feb. 1) -- So much for President Barack Obama's crackdown on executive bonuses.

In what could be a very public defiance of the White House, Goldman Sachs may award a $100 million bonus to its chief executive, Lloyd Blankfein, according to a Times of London report today.

"This is Lloyd thumbing his nose at Obama," a banker at one of Goldman's rivals told the paper at the World Economic Forum in Davos, Switzerland.


Mark Wilson, Getty Images
Lloyd Blankfein, CEO of Goldman Sachs, testified on Capitol Hill earlier this month. The Times of London reports Blankfein may get a $100 million bonus.
The bonus would be a record for Blankfein, who collected a $67.9 million pay bump in 2007.

The potential payout would come after Obama's continued blasting of executive bonuses, in light of the massive government bailout funds given to the institutions. Last week, after learning that Wall Street has distributed $18 billion in bonuses in the last two months, Obama said: "That is the height of irresponsibility. It's shameful."

Goldman Sachs Group Inc., the world's richest investment bank, paid back the approximate $10 billion it received in TARP funds. It reported a fourth-quarter net income of $4.95 billion. Goldman declined comment on the Times report, but the pay of its top five earners will be revealed in a filing with the Securities and Exchange Commission by the end of next month.