Goldman's Pay Plan Approved, Banker To Pay $100,000 Over 'Pay-To-Play'

Goldman Crowned

Goldman Sachs investors voted to approve pay packages of top managers after CEO Lloyd Blankfein’s total awards climbed 73%.

Bloomberg reports that the compensation plan was approved with 87% support in the non-binding vote, according to a tally disclosed in a regulatory filing after the firm’s annual meeting in Salt Lake City last week.

All of the bank’s directors were elected, including former Chief Financial Officer David Viniar, who joined the board in January.

Blankfein, 58, was awarded $21m for his performance in 2012, and received a $5m long-term incentive. That was up from $12m and a $3m long-term award a year earlier. Shares of the New York-based bank climbed 41% in 2012, the most in three years, still leaving them 24% below their price at the end of 2010.

Bloomberg also reports that a former Goldman investment banker will pay $100,000 to resolve U.S. regulatory claims that he made improper contributions to a Massachusetts treasurer while seeking state underwriting business.

Neil Morrison, who worked on then-Treasurer Tim Cahill’s unsuccessful run for governor from November 2008 to October 2010 while he was employed by Goldman Sachs, also agreed to be barred from the securities industry for five years, the Securities and Exchange Commission said in a statement last week.

Goldman Sachs Shareholders Approve Executive-Pay Plan

Ex-Goldman Sachs Banker to Pay $100,000 in Pay-to-Play Case


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