If Goldman Sachs CEO Lloyd Blankfein was really looking to make President Obama want to punch him in the face, he should do exactly what the London Times of London says he is about to do—take home a $100 million bonus. The paper heard from “bankers in Davos for the World Economic Forum” that Blankfein will receive an eye-popping nine-figure bonus this year. “This is Lloyd thumbing his nose at Obama,” a banker at “one of Goldman’s rivals,” who we’re sure has no stake in stirring up populist ire against Goldman, told the paper. Goldman Sachs refused to comment, and we think when we see their SEC filing next month that this probably isn’t true: Not only has the bank already said that the top 30 executives at the company are taking home stock this year instead of cash, the cost of pissing of the government at this juncture is too high (even if it would feel really good.)
But because it will be fun and depressing, let’s break down the numbers: $100 million a year works out to $274,000 a day and $27,400 an hour (assuming a 10 hour work day). That comes down to $457 a minute! Considering all the abuse he took from Congress this year, we’d say that’s fair.
Lloyd Blankfein of Goldman Sachs ‘expecting $100 million bonus’ [Times of London]