The GAMCO founder was yukking it up with the Squawk Box crew this morning, talkin' bargains and opportunities. Other reasons the Gabster's smiling? Last year's compensation totaling just under $46 million, "despite the firm only making about 25 mill," according to our MarGab watcher.
For 2008, the Chairman and CEO received compensation in the form of a management fee of $2,426,000 for managing the Company down from $13,011,000 in 2007 and $11,986,000 in 2006. The total management fee was approximately $4,086,000, $14,463,000, and $13,236,000 for the years ended December 31, 2008, 2007 and 2006, respectively. For 2008, 2007 and 2006, the Chairman allocated approximately $1,660,000, $1,452,000 and $1,250,000, respectively, of his compensation to other executive officers of the Company, for activities and support of the Company. In addition, he earned $14,414,000, $19,391,000 and $14,763,000, respectively, for acting as portfolio manager and/or attracting and providing client service to a large number of GAMCO's Institutional and Private Wealth Management; $20,523,000, $20,501,000, and $18,112,000, respectively; for creating and acting as portfolio manager of several open-end funds; $8,501,000, $16,723,000, and $9,997,000, respectively, for creating and acting as portfolio manager of the closed-end Funds; the Chairman also earned $65,000, $784,000, and $1,777,000, respectively, for providing other services, including acting as portfolio and relationship manager of investment partnerships for the years ended December 31, 2008, 2007, and 2006, which have been included in compensation costs, of which $1,649,000 and $1,307,000 was payable at December 31, 2008 and 2007, respectively. We expect that based on the recent equity dynamics, these amounts will be materially lower in 2009.