The hot topic that the media (and Wall Street) is spinning is that this shows how much restraint Goldman is showing. They're showing America true leadership because they've heard the disgust and are paying their CEO much less than JPMorgan or Wells Fargo. Has a nice ring to it and yes, $9 million is less than the rumors of up to $100 million.
However, remember that Goldman's big numbers last year were primarily generated by the investments they made from TARP money. The rest of their business? Not so much. So this $9 million is better than his previous gaudy numbers or the obnoxious numbers from others on Wall Street, it's still $9 million made from taxpayers money. The only question now is who whether Goldman's PR spin will win the day or if others will realize what a sham this $9 million is. The Times sounds like they're buying the spin.
After weeks of intense speculation, Goldman Sachs disclosed late Friday that its chief executive, Lloyd C. Blankfein, would receive an annual bonus valued at $9 million, a figure that, to the surprise of many, put him in the middle of the pay scale for the nation’s banking chiefs.
While most people can only dream of such a reward, the news was widely seen on Wall Street as a show of restraint and a nod to the uproar in Washington and elsewhere over resurgent pay and profits at banks like Goldman. Indeed, the award represents a fraction of the record $68 million bonus that Mr. Blankfein received in 2007, when Goldman made less money than it did last year. In 2008, in the midst of the financial collapse, he collected no bonus.
