Top Firm Boss Earned $18,600 An HOUR In 2007

Crisis, what crisis ? We all know that, whatever else is happening at rival firms, Goldman Sachs is enjoying golden days, and firm CEO Lloyd Blankfein certainly made hay while the sun was shining on Goldman in 2007. Blankfein picked up a pay pack of $68.5m for the firm's last fiscal year (the 12 months to the end of November), including a salary of $600,000, a cash bonus of $26.8m and $41.1m in restricted shares and options. His pay pack was 30% up on 2006. The New York Times has calculated that Blankfein's 2007 comp package, (based on a 70 hour week, 52 weeks a year) was worth an astonishing $18,653.85 an hour!

Although Goldman will disclose the cash element of other firm executives bonuses in its annual proxy statement early next year, Bloomberg has reported that the firm's CFO, David Viniar, 52, was awarded restricted stock and options worth around $34.5m for fiscal 2007 (up from $19.1m in 2006). John Weinburg, 50, the co-head of investment banking got restricted stock and options worth $19.1m ($15.1m in 2006), whilst co-General Counsels Gregory Palm and Esta Stecher bagged $9.1m each.

Lehman boss Dick Fuld received a $35m bonus for fiscal 2007, up 4%. Morgan Stanley CEO John Mack and Bear Stearns CEO Jim Cayne, who both bagged $40m bonuses in 2006, have confirmed that they will take nothing for fiscal 2007 due to the problems currently being experienced at their respective firms. And although other Bear executives are understood to be following Cayne's example by taking no bonus, Morgan Stanley co-Presidents Walid Chammah and James Gorman received $17.9m in restricted stock.

Finally, Stan O'Neal (Merrill Lynch) and Chuck Prince (Citi) both lost their CEO jobs this year due to the parlous performance of their firms, but neither will starve. O'Neal's exit package is said to have been worth $161m, whilst Prince is thought to have walked off with a not-to-be-sniffed-at $40m. 

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