Paulson Gets 21 Percent Pay Hike to $38 Million

In return for guiding the firm to its second record year of earnings in a row and a 22 percent rise in its stock price, Goldman Sachs paid CEO Hank Paulson $38 million in salary, restricted sotck and options. According to a Securities and Exchange Commission filing, Goldman on Tuesday gave Paulson 224,777 restricted stock shares worth about $30 million when priced last month. Of these shares, 89,910 vested immediately and were withheld by the firm to cover Paulson’s tax obligations while the remaining 134,867 shares vest in November 2008. The 59-year-old Paulson was also granted stock options on 220,392 shares valued by the firm at about $7.3 million, with 40 percent vesting immediately. Paulson, who received a salary of $600,000 and no cash bonus this year, now holds 3.89 million shares. Overall, Paulson’s compensation rose more than 21 percent from last year. “The compensation considers the outstanding financial performance of the firm and Hank’s leadership, the share price performance and the competitive environment,” spokesman Lucas van Praag said. The dude’s got a point.
Wall Street CEOs Get Big Bonuses [Fox News]

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