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Blankfein earned a total of $53.4 million in 2006, making him one of the highest paid executives on Wall Street. His bonus allegedly reflected the performance of Goldman Sachs, which reported record net earnings of $9.5 billion. The compensation included a cash bonus of $27.3 million, with the rest paid in stock and options. While CEO of Goldman Sachs Group in 2007, Lloyd C. Blankfein earned a total compensation of $53,965,418, which included a base salary of $600,000, a cash bonus of $26,985,474, stocks granted of $15,542,756 and options granted of $10,453,031.
'That's why we enter into these contracts. That's why we have collateral terms in the first place, to make sure that we are protected', David Viniar said, Executive Vice President of Goldman Sachs. 'And all we did was call for the collateral that was due to us under the contracts. I don't think there's any guilt whatsoever.'
Viniar said that while Goldman would not have suffered direct losses from AIG's failure, because it was hedged and collateralized, a collapse would have disrupted the financial markets.
Mr Kraus will not have a role in the combined bank's new management structure, and as the terms of his contract have changed, he is now eligible for an exit payment.
...reported that he joined the bank on a $90m package, with his "golden parachute" payment on departure worth about $10m-$25m.
Originally posted by Hastobemoretolife
Hence why they want a "bad bank". Shuffle the "toxic assets" to the "bad bank" only to be bought at fire sale prices later on.
The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled-dry American empire, reads like a Who’s Who of Goldman Sachs graduates.
By now, most of us know the major players. As George Bush’s last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clinton’s former Treasury secretary, spent 26 years at Goldman before becoming chairman of Citigroup – which in turn got a $300 billion taxpayer bailout from Paulson. There’s John Thain, the rear end in a top hat chief of Merrill Lynch who bought an $87,000 area rug for his office as his company was imploding; a former Goldman banker, Thain enjoyed a multibillion-dollar handout from Paulson, who used billions in taxpayer funds to help Bank of America rescue Thain’s sorry company. And Robert Steel, the former Goldmanite . of Wachovia, scored himself and his fellow executives $225 million in golden parachute payments as his bank was self-destructing. There’s Joshua Bolten, Bush’s chief of staff during the bailout, and Mark Patterson, the current Treasury chief of staff, who was a Goldman lobbyist just a year ago, and Ed Liddy, the former Goldman director whom Paulson put in charge of bailed-out insurance giant AIG, which forked over $13 billion to Goldman after Liddy came on board. The .s of the Canadian and Italian national banks are Goldman alums, as is the . of the World Bank, the . of the New York Stock Exchange, the last two .s of the Federal Reserve Bank of New York – which, incidentally, is now in charge of overseeing Goldman – not to mention …
But then, any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain – an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.
Perhaps the best known person with HBOS connections named in the report is Sir James Crosby, who was chief executive of the bank from 2001 to 2006 before leaving to become deputy chairman of the Financial Services Authority (FSA), the UK body responsible for regulating the financial sector.