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Cost for Doing God's Work Declines from $13.2 Million to $9 Million

IMG Auteur
Published : February 06th, 2012
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FOLLOW : Lloyd Blankfein
Category : Opinions and Analysis

 

 

 

 

Inquiring minds note a stunning drop in the price for doing God's Work. Last year Goldman Sachs CEO Lloyd Blankfein received a salary of a $600,000 as well as a stock bonus worth $12.6 million.

This year the base salary for doing God's work rose to $2 million, however, bonuses fell to a shockingly-low $7 million. The net effect is a decline from $13.2 million to $9 million.

That is a 30% reduction in the overall cost of doing God's work. Said Blankfein "Now I know how those in Greece feel".

For additional details, please see
Goldman’s Blankfein Awarded $7 Million in Stock for ’11. Here is one key fact from the article.

The filings don’t include how much any of the executives have been awarded in cash bonuses. Blankfein received a $5.4 million cash bonus for 2010, his first since getting about $27 million in cash bonuses for each of 2007 and 2006.

Mercy!

How can the man survive a cut like that?

Inquiring minds just may be interested in the performance that merited $9 million (plus undisclosed cash compensation, if any).

GS 2011 Stock Market Performance






Said Blankfein when questioned about plunge in share price "This just goes to show you how difficult it is to do God's work. I earned every penny."

Mish note: the quotes of course are fictional, the rest of the story unfortunately is not.

 

 

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IMG Auteur
Mish 13 abonnés
Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management. He writes a global economics blog which has commentary 5-7 times a week. He also writes for the Daily Reckoning, Whiskey & Gunpowder, and has over 80 magazine and book cover credits. Visit http://www.sitkapacific.com
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Latest comment posted for this article
I'm sure Lloyd's hedge fund buddies feel bad for him. Maybe Hank P. can loan him a few mil in pocket change to get Lloyd through this rough patch. But seriously, I'm sure he has investments that more than make up for the shortfall. Read more
mrgneiss - 2/6/2012 at 1:17 PM GMT
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I'm sure Lloyd's hedge fund buddies feel bad for him. Maybe Hank P. can loan him a few mil in pocket change to get Lloyd through this rough patch.

But seriously, I'm sure he has investments that more than make up for the shortfall.
OMG that's an awful haircut.