Obama's pay czar isn't happy with the $9 million payday that Goldman Sachs is set to give its CEO, Lloyd Blankfein.
In an interview with Bloomberg TV today, Kenneth Feinberg, the Obama administration's Special Master for TARP Executive Compensation, took a shot Blankfein's compensation -- which will be issued entirely in stock. But Feinberg added that the bank and its CEO consulted with him before announcing its pay levels.
Feinberg stopped short of saying that he had any definitive power over what Blankfein was ultimately paid. Instead, he said "I would like to think we had some influence on what Mr. Lloyd Blankfein finally decided."
Blankfein, who received a $68 million compensation package in the halcyon, pre-crisis days of 2007, received no bonus in 2008. His 2009 payout pales in comparison to that of JPMorgan CEO Jamie Dimon, who hauled in $16 million, also paid out in stock.
Yes I think it is [in excess]. If you look at the 700 people that are under my mandatory jurisdiction I do not believe there is more than one or two in the total of 700 that are making that type of total compensation. On the other hand, clearly Goldman is following the prescriptions I've laid out. Mr. Lloyd Blankfein is getting a very low base cash salary. His total comp is again tied up in long term stock, the value of which cannot be determined or transferred for about five years. That is the type of compensation we're looking for, where value is tied to the total performance of the company itself."