Somehow Wall Street always has an answer for why they’re paying out more money and this year is no different. What I keep missing is all of the money they paid back for bonuses based on the garbage that was wiped off of their books. The selling went on for years yet none of them ever paid back a dime but then opened their hands for bailouts by taxpayers.
There can be absolutely no justification for any of them making money until they come clean with those payments but that will never happen. Life must be good when you own the government and you can call the shots.
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.
Blankfein’s pay boost includes stock awards from previous years that vested in 2011, and therefore does not reflect the amount that Goldman’s board awarded him strictly for the company’s performance last year.