Lloyd Blankfein Took Home $425 Million In Goldman Stock & Cash Bonuses Over The Last 10 Years, While Shareholders Made Less Than 3% Per Year
Lloyd got lucky. He stole from shareholders and got away with it. Includes a classic clip from Michael Moore and Dylan Ratigan on bankster bonuses.
Look at the bottom right corner of the screenshot image above.
- Total Return During Tenure.....-6%
The Bloomberg headline of $125 million just counts cash bonuses. Including stock bonuses given to Blankfein, the true number is $425 million.
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From Bloomberg
One-year certificates of deposit earned an average rate of 3.17 percent in the last 10 years, beating the 2.78 percent annual total return on Goldman Sachs. Buying a 10-year Treasury note in mid-September 2000 would have yielded 5.8 percent annually.
Wall Street firms have defended the pay of chief executive officers, including Blankfein, by pointing to the value they generate for shareholders. Yet over the last decade, the S&P 500 Financials Index, which includes 80 members, has dropped 49 percent. Bank of America Corp., Citigroup Inc. and Morgan Stanley have lost money for shareholders, while JPMorgan Chase & Co. returned an annual 1.23 percent, Bloomberg data show.
One investor who guaranteed himself a higher dividend was Warren Buffett, the billionaire chairman and CEO of Berkshire Hathaway Inc., who has produced an 8 percent annual return for shareholders over the last decade. When Buffett, 80, injected money into Goldman Sachs at the height of the financial crisis in 2008, he steered clear of the common stock and instead purchased a special class of preferred shares that pay him a 10 percent annual dividend.
Reader Comments (18)
The Fifth Circuit Court of Appeals said there was "more than a plausible" basis to find that Mr. Cuban agreed not to trade stock in Mamma.com, an Internet search company, after speaking to the company's executives and learning about a private stock offering.
http://online.wsj.com/article/SB10001424052748704129204575505852429341346.html?mod=WSJ_newsreel_business
Just remember, legalized greed is good for America, can't we all tell?
The five investment banks led the charge, including Goldman Sachs, which was headed by Henry M. Paulson Jr. Two years later, he left to become Treasury secretary.
http://bigpicture.typepad.com/comments/2008/10/sec-deregulatio.html
Make sure you know this story...how Paulson led the charge...
http://www.forbes.com/lists/2009/12/best-boss-09_Lloyd-C-Blankfein_SQNA.html
List of Wall St. exec pay...
Cuomo last year demanded similar information from the same banks. He found that they paid $32.6 billion in bonuses in 2008 while receiving $175 billion in taxpayer funds through the Troubled Asset Relief Program, or TARP. The attorney general issued a report called “No Rhyme or Reason: The ‘Heads I Win, Tails You Lose’ Bank Bonus Culture.”
“As we informed your firm last year, when you received TARP funding, your firm took on a new responsibility to taxpayers,” Cuomo said in his letter to Bank of New York Mellon, a copy of which was attached to a press release yesterday. “While your firm has now paid the TARP money back, it is not clear that your firm would have been in the same position now had you not received that TARP money.”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aBrQjZy.ey0A
On Wall Street, a Jump on Bonuses
http://online.wsj.com/article/SB10001424052748704342504575459910720708450.html
http://www.huffingtonpost.com/2010/09/20/obama-to-tea-party-identi_n_731770.html
http://www.huffingtonpost.com/2010/09/19/tyler-colvin-injury-cubs-_n_730850.html
http://www.realclearpolitics.com/epolls/2010/senate/ar/arkansas_senate_boozman_vs_lincoln-1186.html
Blanche is getting killed...27 pts down in the polls...
http://news.yahoo.com/s/ap/20100920/ap_on_bi_ge/us_gm_ipo
House leaders are considering adjourning as early as the end of this week, which would give lawmakers five and a half weeks to campaign before the Nov. 2 election but could also leave them exposed to allegations that they didn't finish their work in Washington.
The House hasn’t adjourned before Sept. 30 in an election year since 1960.
http://www.nakedcapitalism.com/2010/09/more-on-gmac-and-foreclosure-fraud-mess-the-shit-is-hitting-the-fan.html?source=patrick.net#wallops
http://www.zerohedge.com/article/can-pensions-get-out-red
http://www.bloomberg.com/news/2010-09-21/ally-financial-says-gmac-mortgage-mishandled-affidavits-on-foreclosures.html
Pretty big story...
Very misleading title, as the dipshit in question was merely POKED by a piece of the bat whereas IMPALING would actually require that the bat pierce him AND stay stuck in his body. WORDS, chose them wisely because they actually MEAN THINGS.
Now back your regularly scheduled programs...