Goldman Sachs (GS) is having a banner year. No question about it. The firm’s revenue and stock price have rebounded significantly on a y/y basis, so the $20 billion the New York-based firm has reserved for 2009 bonuses, which by the way would match the record bonus payout of 2007, seems like a just reward to Lloyd Blankfein. Having said that however, let’s not lose sight of the fact that these bonuses are being paid from federal subsidies that effectively come from taxpayers pockets.
Here are the names of Goldman’s top traders and bankers who stand to earn at least $10 million each.
ABC News: Pierre-Henri Flamand: London-based global head of Goldman’s purely proprietary trading group, Goldman Sachs Principal Strategies. (French-born 39-year-old is rumored to have been paid $100 million a few years ago).
Ashok Varadhan: Global head of foreign exchange trading in North America. Varadhan made partner in 2002 at age 29. He owns luxury digs in the same New York apartment building as Goldman’s CEO Lloyd Blankfein.
David Heller: Co-head of the Securities Division. Heller is seen as number tow in the list after Gary Cohn who could someday succeed Lloyd.
Ed Eisler: Head of interest rate trading (which is part of Goldman’s most profitable division, Fixed Income Commodities and Currency).
Raanan Agus: The manager of Goldman Sachs Investment Partners, a $7 billion hedge fund created at the start of 2008. Agus is a world-class chess enthusiast.
Marc Spilker: Co-runs Goldman’s entire massive investment management business. (Spilker got into a fight with Jim Chanos over a shared pathway to the beach near their Hampton homes.)
Harvey Schwartz: Goldman’s head of global sales and a co-head of the firm’s securities division.
Isabelle Ealet: London-based global head of commodities. Ealet ranks # 32 on Fortune’s Most Powerful Women in Business.
Gordon Dyal: Global head of mergers and acquisitions.
Richard Friedman: Goldman’s head of the merchant banking division. A few years ago Friedman helped pull off the historic initial public offering of the Industrial and Commercial Bank of China.