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
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...   (Associated Press)
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(Newser) – 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."