Goldman Sachs CEO Reaped a $6.1million Gain
Goldman Sachs Group Inc. CEO Lloyd Blankfein is now $6.1 million richer after cashing in more than 90,000 stock options. The options were due to expire in November and were part of a windfall package supplied to Blankfein by Goldman Sachs, prior to the economic crisis. Blankfein realized the money last week when he exercised his right to buy 90,681 Goldman shares at $82.875. He then sold the stock at prices ranging between $149.49 and $152. That is a 79% increase from the stock’s price in November when Blankfein received the options. Goldman is considered the leading Wall Street bank, almost always outdistancing its rivals with its trading and investment banking operations. Goldman has been highly criticized for its high compensation levels after it accepted a $10 billion government bailout during the financial crisis in 2008. It also received $13 billion from insurer American International Group Inc. after the government bailed that company out.
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on Aug 15 2010. Filed under Business, Featured News.
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