Goldman Sachs Awards CEO $68M Bonus

Blankfein nets huge payday after bank avoids subprime tank

By Kevin Langbaum, Newser User

Posted Dec 21, 2007 8:07 PM CST

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Goldman Sachs Awards CEO $68M Bonus — Construction workers look up at the Goldman Sachs building on Friday, Dec. 14, 2007 in New York. The $2 billion skyscraper is under construction next to the World Trade Center site. Goldman Sachs Group Inc. on Tuesday, Dec. 18, 2007 said higher investment banking fees and smart bets in mortgage-backed... (Associated Press)

Goldman Sachs gave CEO Lloyd Blankfein a $67.9 million bonus for 2007, believed to be one of the largest such payouts in history, MarketWatch reports. The bonus includes $26.8 million in cash and $41.1 million in stocks. Goldman succeeded this year while rivals foundered in the subprime morass; CEOs at poor-performing Morgan Stanley and Bear Stearns did not receive bonuses for 2007.

Goldman shares gained about 5% in 2007, while other banks fell 20% or more. The firm reported fourth-quarter earnings of $3.22 billion and generally avoided losses in the mortgage crunch. "Goldman has done very well in what has been a questionable year for Wall Street firms and the markets," one analyst said. "Many of these banks have had multibillion-dollar write-downs." (More Goldman Sachs stories.)

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