Gary Cohn’s Parting Gift From Goldman: An Accelerated $124 Million

Goldman Sachs President Gary Cohn, left, and his longtime friend and boss, CEO Lloyd Blankfein. PHOTO: Natalie Behring/Reuters

By Tyler Durden | 24 January 2017

ZERO HEDGE — Leaving Goldman Sachs to work for the government has always been a lucrative career move: eight years ago, it allowed former Treasury Secretary Hank Paulson to sell $500 million in Goldman stock tax free, and now its the turn of Gary Cohn, Goldman’s former COO and president, who is leaving to join Trump’s cabinet, who is departing with an “accelerated” gift.

According to Bloomberg, Goldman Sachs lifted restrictions or accelerated delivery on about $123.7 million in stock and cash awards previously awarded to Gary Cohn, 56, who left last month to become President Donald Trump’s top economic adviser. Cohn was given $20 million in pay for 2016, including $18.15 million in variable compensation and a $1.85 million salary, the New York-based bank said in a regulatory filing Tuesday.

That wasn’t all: also on Monday, the bank handed over 96,572 restricted shares that were outstanding from earlier stock awards scheduled to be delivered over time. It also lifted selling restrictions on 99,909 shares that Cohn had already earned but was unable to sell. Combined, they were worth $45.9 million based on Tuesday’s closing price of $233.68 a share. About $12.8 million in additional restricted stock was included in his 2016 compensation. Cohn didn’t receive all of the restricted stock because Goldman Sachs withheld an unspecified portion of it for taxes, according to the filing. […]

Be the first to comment

Post a Comment

Winter Watch

Discover more from Winter Watch

Subscribe now to keep reading and get access to the full archive.

Continue reading