Top Goldman Sachs Execs Make Millions on Stock Sales

It did not take long for Goldman Sachs Group (GS) shares to recover from the lows they hit after the SEC filed fraud charges against the company on Apr. 16. The bank settled for $550 million on July 15. Goldman's stock traded for as little as $131 after the government accusations. Last week it hit $161.

In a series of Form 4 filings with the SEC late on Aug. 13, Goldman Sachs management disclosed the exercise of stock options and sales of shares that totaled tens of millions of dollars. CEO Lloyd Blankfein exercised 90,681 options with an underlying price of $82.875 and made over $6 million by selling the shares last week. President Gary Cohn exercised 73,653 options priced at the same figure as Blankfein's and made a $4.95 million gain. Five other Form 4s were filed by other executives. The options were first exercisable at the beginning of 2004.

The news will likely cause another round of criticism about how much Goldman's management was paid for running a business which many government officials and the public believe was not always operated ethically and honestly. Defenders of Goldman management will say that the executives made a lot of money for shareholders.

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camilla

Hats off to Goldman Sachs for once again outperforming the market and earning
strong returns for its shareholders. There will no doubt be criticism in some
arenas of the record returns but I stand by my firm belief that the success
that Goldman is now enjoying is the result of hard work and expertise.

August 17 2010 at 5:11 AM Report abuse -1 rate up rate down Reply
fh1939

Try to get a job with these crooks, youd have to be a certain religion to even qualify then on top of that you would have to be able to lie cheat and steal to fit in: What a joke.

August 14 2010 at 9:49 PM Report abuse +1 rate up rate down Reply
yotzeeee

hey doug what a stupid article. you make it sound like the corrupt banking sector ceo and cfo are the only ones selling their company shares buy the bushel. i bet thats happening at thousands of other non financial companies. in fact i know it is so what is the point of your article

August 14 2010 at 1:13 PM Report abuse +1 rate up rate down Reply
johnarack1

Republicans == Protecting the Wealthy and Corporations ONLY..

August 14 2010 at 12:43 PM Report abuse +2 rate up rate down Reply
prognesub

Any truth to the rumor that the big banks are maintaining their cashflow
by naked shorting US treasuries in their possession, but they do not own ?
Remember the swap for their junk paper for US Ts ?

August 14 2010 at 12:12 PM Report abuse -1 rate up rate down Reply
diplobrat

Don't ya just love it? Legalized ponzi! Free money to those who know how to manipulate the system! Then, when you have been trained by the Blankfiends to master status, you get a job at the Fed, where you can continue to milk the American taxpayers and fleece the sheep who so (stupidly) think they are going to get the brass ring too! Ain't America great!!!

August 14 2010 at 11:46 AM Report abuse +2 rate up rate down Reply