Goldman Sachs President Winkelried to Leave in March

[Lucky Luciano]

Source: Bloomberg

Feb. 17 (Bloomberg) -- Goldman Sachs Group Inc. said co- President and co-Chief Operating Officer Jon Winkelried is retiring on March 31 after almost three decades with the firm.

Winkelried, 49, joined the company in 1982 and has been a director since June 2006. Co-President and co-Chief Operating Officer Gary Cohn, 48, will assume both executive positions, spokesman Lucas Van Praag said. Winkelried will remain a senior director.

Winkelried started at Goldman Sachs as an investment banker, became a partner in 1990 was promoted to run leveraged finance in 1995. In 2000, Winkelried, then head of fixed income, currency and commodities in Europe, was named co-head of the division worldwide with Lloyd Blankfein, now the firm’s chief executive officer.

Last year, Winkelried listed his Nantucket, Massachusetts, estate for sale for $55 million. He made $67.5 million at the end of 2007 and $53 million at the end of 2006.

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Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aD0FjYkT733I&refer=home

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I guess the executive comp limits told him it was time to retire!

[soothsayer]

1. that dude has a seriously silly name

[aquart]

2. How much is the greedy pig leaving with?

[OwnedByFerrets]

3. Reminds me of the Steve Miller song....Take the Money and Run

[pjt7]

4. Thanks for bankrupting the Country

Goldman Sachs has manipulated our Gov. more than any other financial king-pin.

[mackerel]

5. Who needs to go through a stress test when you can walk

out with money like that? I wonder if we'll see more retiring soon?

[Lucky Luciano]

6. I imagine that there will be more retiring...and people switching jobs

...or going to a firm that has not taken TARP money.

[No Elephants]

8. Paulson should have put more conditions on the TARP money, including

dealing with golden parachutes while the companies were insolvent or worse.

[Lucky Luciano]

9. GS does not have golden parachutes. The money discussed

in the article was prior year compensation - that incidentally is worth considerably less because a lot comes in the form of stock which is worth less....still very rich though.

[No Elephants]

10. How do you know Goldman Sachs does not have golden parachutes? I know that it is not

mentioned in the article, but that does not mean they don't exist. Most contracts with top executives do provide for them.

[Lucky Luciano]

11. Depends on what you call a golden parachute.

I would not consider unvested prior year payouts to be a golden parachute.

[No Elephants]

12. Again, how do you know that is all he is getting?

[Lucky Luciano]

13. Here

http://www.house.gov/apps/list/hearing/financialsvcs_dem/lloyd_blankfein_sachs_goup.pdf

I will say that I have not verified this statement, but it would have been flagged by now (I think) if it were wrong. Do an investigation if you like and show me I am wrong - I would like to know. In particular, go see P.4 paragraph 1.

[No Elephants]

14. Thanks. If someone make a flat statement like "Goldman Sachs does not have

golden parachutes," I assume one of two things: they either have a specific source for that statement or they may be wrong. So, I asked how you knew.

I am not trying to prove you right or wrong, but I did want to know your basis for making such an unequivocal statement.

I did do a quick google before asking you how you knew. I did not spend a lot of time on it, but I did not come up with anything, one way or the other. That's why I asked.

[No Elephants]

7. It's good to be Paulson's former employer and bad to the employer of Paulson's

former chief rival. Apparently, that was the mistake of Lehman Bros.