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Goldman Sachs CEO gets $16.2 million pay package

D

dmcowen674

No Lifer
Which name is this guy on here?

4-14-2012

http://news.yahoo.com/goldman-sachs-ceo-gets-16-2-million-pay-133923218.html

Goldman Sachs CEO gets $16.2 million pay package



Goldman Sachs Group Inc Chief Executive Lloyd Blankfein's compensation increased 14.5 percent to $16.2 million in 2011 despite a sharp decline in profits and share price during the year, leaving the bank open to more attacks on its pay policies.

"Whether it's $12 million or $16 million, it's excessive," said Jack Ucciferri, research and advocacy director at Harrington Investments Inc, a Goldman shareholder that has a proposal in Goldman's proxy that, if passed, would require top executives to retain 75 percent of their stock holdings for at least three years after leaving the bank.

Management reduced the average employee's pay by 15 percent in 2011, to $367,057. That compares with a pre-crisis high of $568,732 per employee in 2007. The median household income in the United States is about $50,000.
 
Where are your threads on athletes and hollywood elite that make multimillions even though their teams suck or movies bomb?
 
The pay package he gets is pretty lousy when you think about it and what his job entails. Also, if you look up what the CEOs of big oil are making, it'll blow you away.
 
Sunburn74 said:
The pay package he gets is pretty lousy when you think about it and what his job entails. Also, if you look up what the CEOs of big oil are making, it'll blow you away.
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What? CEOs of big oil deal with far more shit than shuffling money around (i.e. financial industry). They actually have to manage an infrastructure empire and their pay isn't that much compared to finance.

Tillman (Exxon) - total pay package worth $25.2M
Dudley (BP) - pay package worth $6.8M
Voser (Shell) - pay package worth $15.3M
Klesse (Valero) - pay package worth $7.23M
Watson (Chevron) - pay package worth $24.7M

In general big oil profits are funneled into dividends & infrastructure projects. As you go down the corporate ladder the employees (engineers, management, operators,etc.) in general make far less than their counter-parts in finance.
 
JS80 said:
CBS's Moonves makes $70 million, OP doesn't give a shit because he's a flaming lib http://www.hollywoodreporter.com/ne...nves-2011-compensation-sumner-redstone-312010
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Personally I dont have a problem with CEO pay as long as the shareholders are okay with it.

Also, you cannot really compare Goldman Sachs to CBS. CBS is mainly owned by one guy. Redstone owns 79% of CBS. He's fine with paying the top executive at CBS big bucks if they meet or exceed performance goals. CBS has domianted the broadcast televsion market under Moonves. Not to mention CBS's indsutry did not have to be bailed out by the federal government.

Tim Cook has a ridiclous pay package. But one cant really argue that one either.
 
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Honestly that aint shit compared to some hudge fun managers who have seen 2 billion in a year

The issue is not what they make but what they give back when they get to those astronomical levels. Look up hedge fund manager exemption on google where they pay only 15% and no employment taxes in effect paying less taxes than most here.

The only issue I have if they screw their workers and Americans to get those salaries. You can justify anything in the name of economics but sometimes it's not just.

Apple putting food on Chinese slave factory tables instead of our own in name of efficiency and paying CEO billions is a bad thing overall for example.

Cheaper sure at first glance, but crime, unemployment, welfare, and other social costs are not figured into initial math. Neither is debt governmental and personal to hide the destruction of American middle class.
 
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Wreckem said:
Personally I dont have a problem with CEO pay as long as the shareholders are okay with it.

Also, you cannot really compare Goldman Sachs to CBS. CBS is mainly owned by one guy. Redstone owns 79% of CBS. He's fine with paying the top executive at CBS big bucks if they meet or exceed performance goals. CBS has domianted the broadcast televsion market under Moonves. Not to mention CBS's indsutry did not have to be bailed out by the federal government.

Tim Cook has a ridiclous pay package. But one cant really argue that one either.
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Perhaps the best way to deal with ceo compensation inflation to change what defines a stockholder. My company changed it's senior management bonus plan when it was clear that they were going to miss the mark. They then based bonus on controllable expenses only, AKA payroll and slashed that by more than a third. Were the stockholders unhappy? Not the few who mattered. They' re compensated in much the same way. The thousands of others really have no say. The very top is not a meritocracy.
 
Wreckem said:
Personally I dont have a problem with CEO pay as long as the shareholders are okay with it.

Also, you cannot really compare Goldman Sachs to CBS. CBS is mainly owned by one guy. Redstone owns 79% of CBS. He's fine with paying the top executive at CBS big bucks if they meet or exceed performance goals. CBS has domianted the broadcast televsion market under Moonves. Not to mention CBS's indsutry did not have to be bailed out by the federal government.

Tim Cook has a ridiclous pay package. But one cant really argue that one either.
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I'm pretty sure Redstone does not own 79% of CBS. He may have majority vote with class A share shenanigans but in terms of financial ownership, 79% is doubtful.
 
Wreckem said:
Personally I dont have a problem with CEO pay as long as the shareholders are okay with it.

Also, you cannot really compare Goldman Sachs to CBS. CBS is mainly owned by one guy. Redstone owns 79% of CBS. He's fine with paying the top executive at CBS big bucks if they meet or exceed performance goals. CBS has domianted the broadcast televsion market under Moonves. Not to mention CBS's indsutry did not have to be bailed out by the federal government.

Tim Cook has a ridiclous pay package. But one cant really argue that one either.
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The problem is that shareholders can't vote on it. The system is set up so they are meaningless in terms of voting. Further, the way the tax system is set up it's advantageous for companies to pay the higher wages anyway.

It's a rigged game and the cash is being siphoned up to the top strata.
 
JS80 said:
I'm pretty sure Redstone does not own 79% of CBS. He may have majority vote with class A share shenanigans but in terms of financial ownership, 79% is doubtful.
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Your right its 79% of the voting stock, but only the voting stockholders matter. And really its 80% of 79% of the voting stock.
 
dmcowen674 said:
Where is the median household income in the United States is about $50,000 I want to move there.
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That's only $25k each with both partners working. I guess the large number of people who make significantly more than that must be counterbalanced by a lot of single-income households.
 
Meh there are NFL players who make nearly this much. This isn't "extreme" IMO. Thought I don't see why he got a raise this year... that part is fucking dumb considering.
 
doesn't surprise me at all. The line between rich and poor is getting thinner by the hour. I wonder how many loop holes he can find in the tax code???? 🙂

YeeeHa!
 
I have a solution.

If you like the pay that these CEO's get. Or the pay that they get in Hollywood or in professional sports, then compete for those Jobs. There is absolutely no structural impediment keeping you from those jobs.

Work hard, go to school and you too may have a good paying job. None of those CEO's inherited their position. They earned them.

So stop posting on these sites and get your ass in gear. Or is minimum wage the best you can do?
 
p.s., Yes, he had a very privgaged life growing up in great wealth. Everything was just given to him on a silver plate.

Blankfein was born in the Bronx borough of New York City to a Jewish family and reared in Brooklyn's Linden Houses, part of the New York City Housing Authority. His father was a clerk with the U.S. Postal Service branch in the Manhattan borough of New York City and his mother was a receptionist. As a boy, he worked as a concession vendor at Yankee Stadium. He received primary and secondary education in the public schools of the New York City Department of Education, and was the valedictorian at Thomas Jefferson High School in 1971. He attended Harvard College, where he lived in Winthrop House, and earned his A.B. in 1975. In 1978, Blankfein received a J.D. degree from Harvard Law School.
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