Despite no longer technically being under his jurisdiction, the Goldman Sachs CEO apparently sought some advice from Special Master of Compensation Kenneth Feinberg regarding his decision to pay himself a $9 million all-stock bonus last week. According to the pay czar’s interview with Bloomberg TV today, he and Lloyd didn’t really get into specific numbers, but instead had a more general conversation “about how Goldman as an institution should approach base salaries and compensation over time,” i.e. it was a lot of Lloyd going “Would this big be okay? How about this big?” and making gestures with his hands. Feinberg’s verdict? “To a large extent I think he has succeeded in adopting the prescriptions we laid out.” Still, he said, he thinks it’s too much, although he has to say that.
Feinberg Says He Spoke With Blankfein About Pay Plans [Bloomberg]