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Forbes notes today that while Goldman Sachs CEO Lloyd Blankfein may have been paid an "obscene" $314,894 a (working) day in 2007, he actually took home less of the bank's overall profits than most of his counterparts on the Street, who, how to put this, made their firm's jack, and still proceeded to reward themselves handsomely for a job not so well done. Whereas LB's compensation, which was about $74 million last year, represented 0.64% of Goldman's FY07 profits of $11.6 billion, a big time fuck up like, for instance, James Cayne, got paid out 4.73% of Bear's $233 million profit. Making the idea that GS shareholders should have a "say" on the little guy's "pay" all the more ridiculous.
A $74 Million Bargain [Forbes]


Only Legacy That Former Bear Stearns Chief Cares About-- His Bridge Playing Legacy-- In Peril

Jimmy Cayne is devastated at the thought of having one of his bridge trophies taken away amid scandal.