Goldman Sachs Bankster Lord Blankfein In Line For $100 Million Bonus

Doing God’s work is rewarding.

In 2007, Lord Blankfein got a $67.9 million bonus.

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Goldman Sachs and the $100 million question

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Profits last year were $1.8 billion higher than in 2007 for Goldman Sachs
.

Goldman Sachs, the world’s richest investment bank, could be about to pay its chief executive a bumper bonus of up to $100 million in defiance of moves by President Obama to take action against such payouts.

Bankers in Davos for the World Economic Forum (WEF) told The Times yesterday they understood that Lloyd Blankfein and other top Goldman bankers outside Britain were set to receive some of the bank’s biggest-ever payouts. “This is Lloyd thumbing his nose at Obama,” said a banker at one of Goldman’s rivals.

Goldman Sachs is becoming the focus of an increasingly acrimonious political and financial showdown over the payment of multimillion-pound bonuses.Last week the US President described bonuses paid out by some banks as “the height of irresponsibility” and “shameful”.

“The American people understand that we have a big hole to dig ourselves out of, but they do not like the idea that people are digging a bigger hole, even as they are being asked to fill it up,” he said last week.

Mr Blankfein took home his biggest bonus so far in 2007, when he was paid $67.9 million. His bank’s profits last year were $1.8 billion higher than in 2007. This leaves the bank with a justification to pay him even more although payouts will be made in shares rather than cash to make them more politically palatable.

Goldman declined to comment, but the bank will reveal the pay of its top five earners in a filing with America’s banking regulator the Securities and Exchange Commission by the end of next month. The bank — sometimes reffered to as the vampire squid — is disliked and envied by rivals in equal measure. It paid back the billions of dollars it borrowed from the Government under America’s state-funded financial assistance programme early, in part because it wanted to avoid political interference.

Goldman Sachs’ London-based partners have agreed to limit their pay for last year to £1 million each in response to the Government’s bonus tax.

A bumper payout for Mr Blankfein would come after discussions by Goldman’s rivals in Europe to limit executive pay in order to appease politicians and the public failed last week. Joseph Ackermann, the chairman of Deutsche Bank, floated the idea of a remuneration cap at a private meeting of top bankers in Davos on Thursday, but failed to gain sufficient support. Last night it appeared that Deutsche had abandoned the plan and decided to pay some of its own top executives bonuses of millions of pounds.

The possibility of a bonus cap was discussed at a recent meeting between Alistair Darling, the Chancellor, and top executives from Morgan Stanley, JPMorgan, Standard Chartered, Citigroup and Barclays Capital. A banking source said it quickly became apparent at that meeting that a bank-led pay cap would be unenforceable because rival bankers would not stick to any agreement. “These guys have been rivals for years and they just don’t trust each other to do it,” said one source who was at the meeting.

Bankers and politicians, including Mr Darling, and US regulators also met on the sidelines of the Davos conference to discuss a global response to a bank tax proposed by Mr Obama and to regulatory issues such as plans to make sure banks have more capital, pay and bonuses.

• The singer Billy Bragg has reiterated calls for bonuses at RBS to be capped as he prepared to withhold his taxes in protest. The entertainer was supposed to pay his tax by midnight last night. He told crowds at Speaker’s Corner in Hyde Park: “Millions are already facing stark choices: are they willing to work longer hours for less money, or would they rather be unemployed? I don’t see why the bankers at RBS shouldn’t be asked the same.”

February 1, 2010
Helen Power in Davos

Source: The Times

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