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Goldman's Lloyd Blankfein 'Expecting $100M Bonus'

CEO 'thumbing his nose' at Obama's call to limit payouts

By Rob Quinn,  Newser Staff

Posted Feb 1, 2010 1:29 AM CST | Updated Feb 1, 2010 7:48 AM CST
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(Newser) – Goldman Sachs is preparing to defy President Obama's tough talk on executive bonuses and award chief executive Lloyd Blankfein a whopping $100 million, according to bankers at the World Economic Forum. "This is Lloyd thumbing his nose at Obama,” a banker at one of Goldman’s rivals tells the Times of London.

Obama has described such massive bonuses as "the height of irresponsibility" and "shameful." A meeting between British officials and execs from the big banks failed to yield an agreement on bonus caps, largely because the banks don't trust each other to stick to any agreement, according to a source who was at the meeting. "These guys have been rivals for years and they just don’t trust each other to do it,” he says.

Goldman Sachs CEO and Chairman Lloyd Blankfein, who received a $67.9 million bonus in 2007, is rumored to be getting a bumper payout of $100 million this year.
Goldman Sachs CEO and Chairman Lloyd Blankfein, who received a $67.9 million bonus in 2007, is rumored to be getting a bumper payout of $100 million this year.   (AP Photo/Haraz N. Ghanbari)
Goldman Sachs Group, Inc. Chairman and Chief Executive Officer Lloyd Blankfein, left, gestures while testifying on Capitol Hill in Washington last month.
Goldman Sachs Group, Inc. Chairman and Chief Executive Officer Lloyd Blankfein, left, gestures while testifying on Capitol Hill in Washington last month.   (AP Photo/Pablo Martinez Monsivais, file)
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COMMENTS
Showing 3 of 27 comments
Illuminated_One
Feb 2, 2010 3:13 AM CST
I've said it before. Unrestrained Capitalism leads to Increased poverty and division between rich and poor. It thins outs the middle class until there is only rich and poor. The poor will ultimately rise up against the rich and the will be anarchy. And don't go calling me commie or Marxist because Communism isn't the answer and unrestrained Socialism leads to Fascism. In short, I don't know what the answer is.
Mia
Feb 1, 2010 12:48 PM CST
Get it while you can!!!
Mia
Feb 1, 2010 12:43 PM CST
Absolutely!

 
executive compensation • Goldman Sachs • Lloyd Blankfein • World Economic Forum • executive bonuses • Goldman bonuses • Lloyd Blankfein bonus

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