The Daily Outrage: Goldman Sachs pays top dollar to executives’ kids 

WHAT: Getting a starter job at Goldman Sachs can be a well-paid family affair for children of the Wall Street company’s top management. The firm’s 2009 proxy disclosure said “a child” of Goldman chief Lloyd C. Blankfein was paid $155,000 as a nonexecutive employee. The financial blogosphere widely reported that Blankfein’s son Jonathan would join the firm after graduating from Harvard this spring and older son Alex was already working there in a “capacity that isn’t clear.”

WHO ELSE: The offspring of at least two other Goldman executives also rake in big bucks there. The proxy disclosure listed a son of general counsel Esta E. Stecher as being paid $200,000 last year — a hefty increase from his 2008 pay of $124,000. And a stepdaughter of CFO David A. Viniar was given a raise from $150,000 to $225,000 in 2009.

WHY IT’S A BAD IDEA: Goldman Sachs cashed in big from the federal bailout, and its precrash dealings have been heavily criticized.

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Staff Report

Staff Report

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A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
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