In June 2009, as you may remember, Kenneth Feinberg was knighted Compensation Cop and given the authority to get involved in the payouts made to executives of 7 firms that received taxpayer bailouts. They included the biggest fuck-ups, who’d it’s be really bad to see generously compensating their top employees, like Citigroup, Bank of America, AIG. Goldman Sachs was not one of the companies required to get Feinberg’s approval on packages, but with the sensation of what it felt like to be strung up by the balls fresh in his mind, Lloyd Blankfein thought it’d be prudent to give the Comp Cop a buzz anyway, in a move that may surprise those who were previously under the impression Goldman didn’t answer to anyone.

“I had no jurisdiction over Goldman, but Goldman had me up there to see Blankfein four times,” Kenneth Feinberg, the administration’s former special master on executive compensation, said in an interview released yesterday by the Financial Crisis Inquiry Commission.

“Ken, if we do it this way, if we only pay our people $600,000 cash, and any bonus that they get, they get in stock, and they won’t get it for five years, am I doing OK,” Feinberg said, recalling a conversation with Blankfein. “Yeah, you’re making some improvements, Lloyd. That’s good.”

Of course, LB was making the fisting gesture toward the speaker phone at the time, but still.

Blankfein Sought U.S. Blessing on Executive Pay, Feinberg Says [Bloomberg]

55 comments (hidden to protect delicate sensibilities)
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Comments (55)

  1. Posted by The Queen | February 11, 2011 at 3:00 PM

    That’s “LORD” Blankfein please.

  2. Posted by CoveredLong | February 11, 2011 at 3:03 PM

    Unbelievable, what’s next, Roethlisberger checking in with the Steelers to cover ground rules before his next date? For shame!

  3. Posted by LB | February 11, 2011 at 3:22 PM

    And If I decide to change that in a year or so on an indivuidal basis, and call it a Fair compensation act, and obfiscate it in our required reporting to keep it unbeknowst to anyone, I’m still cool right?

  4. Posted by Guest | February 11, 2011 at 3:34 PM

    you cant put a price on doing “gods work”

  5. Posted by Seaman Bodine | February 11, 2011 at 4:25 PM

    LB: Ken, what if we, aaaaannndddd this is a hypothetical ok? – what if we included some sort of clawback provision, would that make a difference?

    KF: I don’t know, I guess.

  6. Posted by Bob | February 11, 2011 at 5:04 PM

    I see what you did there…

  7. Posted by Guest | February 11, 2011 at 5:17 PM

    Is it just me or are those pics in backwards order?

    – Not an expert on fisting, but would like to be

  8. Posted by Guest | February 11, 2011 at 6:31 PM

    Have some vaseline and about 15 mins? I can teach you.

    -T. Lords

  9. Posted by Guest | February 11, 2011 at 6:31 PM

    Have some vaseline and about 15 mins? I can teach you.

    -T. Lords

  10. Posted by Geust | February 11, 2011 at 6:56 PM

    ari gold pic? i don’t get it…

  11. Posted by theDude | February 14, 2011 at 5:34 AM

    Fo sho! Are you hiring, by any chance pappy?

  12. Posted by Gues | February 14, 2011 at 5:40 AM

    When did Lord Blankfein stop hatin’ and start participatin’

  13. Posted by Anonymous | February 15, 2011 at 2:56 AM

    We still want him and “Rob the Gold” Goldman Sachs to pay back the over 10 billion they got from AIG. We have some inside information from a Goldman Sachs insider that Goldman is also using some of the most expensive computers and cables find out what others are trading and get out in front of those trades. Any Goldman employee(s) with inside information of any illegal activity could make millions as a whistleblower. I am sure LORD Blankfein would like to change the name of the USA to to the United States of Goldman Sachs.

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