Bull Bear Report Apr 01 2011

Big Pay Boost for Blankfein and His Driver

By kyle stock and julie steinberg

Goldman Sachs saw its profit drop by 51% in 2010, but its executives did fairly well.

CEO Lloyd Blankfein received compensation valued at $14.12 million, up from $1.03 million in 2009, according to the firm's proxy filing with the Securities and Exchange Commission late today. He received a $5.4 million cash bonus, his first such payout since the crisis.

The firm also forked out $185,110 for Blankfein's car and driver, more than double what it paid to shuffle him around in 2009. And one of Blankein's sons, who also works at the firm, was paid about $170,000.

President and COO Gary Cohn garnered $13.86 million, up from $924,572 in 2009. While, CFO David Viniar was paid $13.96 million, up from $945,978.

Rajat Gupta, the former Goldman director who allegedly violated the firm's confidentiality agreement by leaking information to Raj Rajaratnam in July 2008, received compensation valued at $650,211, although he retired in May.

Now, the shareholders get their say. Last year, about 96% of GS owners voted "in support" of the firm's executive compensation.

Write to Kyle Stock and Julie Steinberg

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