Goldman Sachs Spent $58M to Bailout 2 Senior Executives

Goldman Sachs (GS) bailed out two senior executives last fall who were tens of millions of dollars short on cash, according to the bank’s preliminary proxy statement filed on Friday. Both executives are among the largest shareholders in the bank, owning more than a million shares each. To avoid the stock sales by the two men during a period of market turmoil Goldman paid Jon A. Winkelried, the bank’s co-chief operating officer who retired last month, $19.7 million to purchase about 30% of his investments in internal hedge funds and private equity investments. The bank paid $38.3 million to Gregory K. Palm, the bank’s general counsel for about a quarter of his investments. The proxy was filed as Goldman’s chief executive, Lloyd C. Blankfein.