Goldman Sachs gives CEO 20% raise as it forecasts crash for America

Even as the US stock market continued its free-fall due to the coronavirus pandemic, the top banker at Goldman Sachs got a pay raise of $2 million a year, a $7.65 million cash bonus, plus stock options worth $17.85 million.

David Solomon “led our development of the firm’s three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm’s long-term mindset and instills a culture of innovation,” Goldman said in a federal filing disclosing the compensation.

His compensation package is the biggest for a Goldman Sachs CEO since Lloyd Blankfein took home $41 million in 2007, right before the mortgage collapse. It was was reported on Friday, after the US stock markets closed on yet another abysmal week, amid the economic downturn brought on by the fear of Covid-19.

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The Dow Jones Industrial Average closed on Friday at 19,173.98 – down 913.21 points, or 4.55 percent. The S&P 500 was down 4.34 percent, and the NASDAQ had dropped 3.79 percent. All three indices have collapsed since their peak in mid-February – the NASDAQ losing almost 30 percent, the S&P down 32 percent, and the Dow tumbling 35.1 percent from its February 12 peak – wiping out all the gains since the beginning of the Trump presidency.