Lloyd Blankfein delivers remarks at an event sponsored by the Economic Club of Washington in Washington

Top Goldman Sachs execs get shares on New Year’s Eve

by Reuters  |  published on January 2, 2013

Ten senior Goldman Sachs Group Inc (GS.N) executives, including Chief Executive Lloyd Blankfein, were on New Year’s Eve given stock pegged to earlier restricted awards worth tens of millions of dollars.

The executives, which also include Chief Operating Officer Gary Cohn, Vice Chairmen Michael Evans and John Weinberg, Global Head of Human Capital Management Edith Cooper, Chief of Staff John Rogers, General Counsel Greg Palm, Global Head of Compliance Alan Cohen, and Chief Accounting Officer Sarah Smith, got a total of 508,104 shares, according to multiple filings late Monday with the U.S. Securities and Exchange Commission.

These executives sold 245,838 of those shares to cover tax obligations, and held on to the rest, which were worth $33.1 million. The shares were sold at a price of $126.24 on Monday.

The shares were not awarded as 2012 compensation; rather, they were grants that were awarded in prior years.

A spokesman for the firm said Goldman had no comment on the stock delivery.

Although the executives did not sell shares for profits on Monday, in recent months, top Goldman executives have been cashing in on stock awards granted in prior years that would have expired in November. Blankfein took home $5.9 million in proceeds from such transactions.

The transactions come amid a broader rally in bank shares. Goldman’s stock soared 41 percent in 2012, to close the year at $127.56.

No comments yet - you can be the first!

Comments are closed.

Do you Love your country but hate your government?

Join your fellow Libertarians who seek a world of liberty; a world in which all individuals are sovereign over their own lives and no one is forced to sacrifice his or her values for the benefit of others. Join over 500,000 Americans who get their daily dose of minimal government and maximum freedom with The New Liberty Movement.

We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.
View our full privacy policy.