Goldman Sachs executives made millions of dollars from share options

17 August 2010

Many top executives working at Goldman Sachs have earned millions of dollars in profits by exercising their stock options, a report has claimed.

According to a filing made to the Securities and Exchange Commission (SEC), Lloyd Blankfein, chairman and chief executive officer of the bank, received $6.1 million in profit by cashing in options on approximately 90,000 shares.

He made the money by selling the stock at prices ranging between $148.97 and $152.

Other senior figures at the financial institution to benefit through exercising their options included David Vinar, chief financial officer and Gary Cohn, president of the bank.

The former made $4.5 million from approximately 67,300 options while the latter gained $4.9 million by cashing in his options.

John Weinberg, vice-chairman at Goldman Sachs, also gained $3.9 million through selling over 57,000 options.

The options were originally granted to the bank’s top employees in November 2000 and were due to expire in November of this year.

Earlier in the year, Goldman Sachs agreed to pay the SEC $550 million as part of a settlement over allegations that it misled investors over a product related to subprime mortgage securities.

By Jim Ottewill

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