Goldman Sachs General Counsel Got $38.3M in Midst of 2008 Crisis
As general counsel of Goldman Sachs, Gregory Palm clearly has a very good income. Nor, some who know him say, does the Harvard Law School graduate—who grew up the son the a union electrician in upstate New York—live high on the hog.
But as a financial crisis hit the global economy in the fall of 2008 he found himself short of cash due to substantial positions in the company’s investment funds and wound up being paid $38.3 million by Goldman Sachs to buy out some of his stakes, reports the New York Times (reg. req.). Otherwise, if Palm had needed to liquidate Goldman holdings, that might have frightened investors.
Palm declined the newspaper’s request for comment. He has reportedly earned $59 million in stock and options from Goldman since 2002.
Hat tip: Above the Law.
ABAJournal.com: “Goldman Sachs to Pay Record $550M to Settle SEC Suit re Claimed Mortgage-Related Fraud”