Shanghai Daily: Business - shanghaidaily.com
GOLDMAN Sachs Group Inc Chief Executive Officer Lloyd Blankfein claimed a US$67.9-million bonus, the biggest ever awarded to the CEO of a Wall Street firm, after delivering a record profit amid the subprime market collapse. Blankfein, 53, received US$26.8 million in cash and US$41.1 million in restricted stock and options, the New York-based firm said in a December 21 regulatory filing, Bloomberg News reported. His payout rose 26 percent from 2006 while mortgage-related losses drove Morgan Stanley CEO John Mack and Bear Stearns Cos chief James "Jimmy" Cayne to forgo year-end awards. Goldman, the largest US securities firm, shattered Wall Street earnings records for the fourth-consecutive year even as banks and brokerages including Citigroup Inc and Merrill Lynch & Co were forced to take at least US$96 billion worth of writedowns. Blankfein's bonus amounts to about two days' profit at his company during the 12 months to November 30. "This year has really