Goldman Sachs’ President Sells Shares, Nets $5 million

Goldman’s president sold approximately 30k shares on July 16 and 17 and netted $5 million.  Goldman has been a very profitable i-bank for quite some time, and it hasn’t been hit nearly as hard as many of the other banks.  That being said, at a time when the industry (including Goldman) contributed to the subprime mess, which was spiraled into the economic quagmire that exists today, it is, in my opinion, unconscionable that a high ranking officer of any investment bank gets rewarded (even with at a paltry $5 million).  The entire industry is at fault (as well as Goldman, which sold clients the crappy mortgages and shorted them at the same time).   But, unless you completely ruined the bank, I guess in the i-banking world you can still find a way to get huge payouts (compared to any ordinary worker).

I don’t necessarily see the sale as a sign that Goldman is about to tank, since they are still the preferred bank of most investment pros (given their ability to maneuver through the mess mostly unscathed).   So, I wouldn’t take this as a sign to sell.

Track other Operating Officer sales at:

http://www.trackthepros.com/categories.php?category_id=661