Gary Cohn’s Goldman Exit Tops $100 Million

The Wall Street Journal (via Yahoo) ^ | January 24, 2017 | Liz Hoffman

[Uncle Miltie]

Goldman Sachs Group Inc. said Gary Cohn will receive more than $100 million of stock and cash that would otherwise have been locked up for years as he leaves the Wall Street firm for a role in the Trump administration.

Goldman said in a filing Tuesday that it had made available immediately Mr. Cohn’s outstanding stock awards and long-term bonuses accumulated over his 25 years at the bank, many of which he spent as the heir apparent to Chief Executive Lloyd Blankfein.

Mr. Cohn received $65 million in cash to cover his potential future bonuses at the bank, according to the filing. Those payouts would otherwise have been determined by how Goldman fared over the next several years.

He also received $45 million worth of stock that was locked up or remained subject to clawback. He must now sell those shares to comply with government ethics rules. Mr. Cohn will be able to defer taxes on the profits from the sale of his Goldman stock, though he will owe taxes on some of the shares delivered.

[Uncle Miltie]

Ahem. More at link.

[Insigne123]

Thank you very much! Thank you very much! That’s the nicest thing that anyone’s ever done for me. I may sound Double - ...

[minnesota_bound]

These guys get paid too much for screwing up the economy.

[mewzilla]

Tom Cotton might wanna return this dude’s donation...