5 Bailed-Out CEOs Still Living the High Life

Outrage ran rampant in early 2010 when the news hit that many of the CEOs of Wall Street financial firms – the same companies that received shares of $700 billion in bailout funds — were still paid outrageous sums of money in salaries, incentives, and bonuses. Some of these top execs aren’t exactly subtle about their personal wealth and extravagant lifestyles, further fanning the flames.

Lloyd Blankfein, Goldman Sachs

Top executives at Goldman Sachs, one of the world’s richest investment banks, will receive over $111 million in stock this month, a payout on deferred bonuses from 2007 and 2009. Blankfein, the CEO, is set to pick up $24 million of that. The firm got $10 billion in federal bailout money, and last year paid the SEC $550 million to settle mortgage fraud charges dating back to 2007. Despite bad publicity, Blankfein seems content. While his company limited bonuses in 2009, the CEO took home $600,000 in salary, augmented by $7,650,000 in incentives, and pulled in $6 million more with the sale of  over 90,000 stock options last summer. He was reportedly recently bragging about a $5 million art installation at Goldman Sachs’ new $1.8 billion Manhattan headquarters. He lives in a $27 million Central Park West apartment and has a 6,500-square-foot weekend home in the Hamptons.

Rick Wagoner, General Moters

General Motors lost tens of billions of dollars under Rick Wagoner, laid off tens of thousands of employees, and was $54 billion in debt by the time it was bailed out to the tune of $50 billion. As part of the bailout package Wagoner resigned. Although the Treasury Dept. forbade GM to pay Wagoner or any other senior execs severance, he still walked out with a retirement package worth nearly $10 million. While he stayed out of the spotlight for a year after his forced retirement, last summer Wagoner accepted a spot on the board of the Washington Post.

Robert Benmosche, AIG

The new CEO of AIG came out of retirement in August of 2009 to head the massive insurance corporation. He spent the first several weeks on the job telecommuting from his massive villa in Croatia, on the Adriatic sea. His property there boasts 12 bathrooms, a wine cellar, Persian rugs and French tapestries, and several vineyards. The seafront terrace affords a view of the sea and Benmosche’s speedboat. Benmosche retains a residence in Boca Raton, Florida, as well; if he were physically present more than 183 days out of the year in New York, his sizable income — up to $10.5 million annually, including incentives — would be subject to taxes in the state. With the highest pay package among CEOS of bailed-out companies, Florida’s lack of personal income tax is likely a consideration.

Michael Carpenter, GMAC/Ally

GMAC, the thrice-bailed-out auto and real estate lender,  paid  new CEO Carpenter about $1.2 million in salary and restricted stock for the 45 days he was employed by the Detroit-based company in 2009, equivalent to full-year pay of $9.5 million, according to a regulatory filing. His pay package for November and December reflects an annual salary $950,000 and a bonus of restricted stock worth $8.55 million. The company now known as Ally Financial is based in Detroit, but Carpenter maintains a residence in Connecticut and prefers to work out of New York City.

Jamie Dimon, JP Morgan Chase

Despite receiving one of the largest bailout packages at $25 million, the CEO of JP Morgan Chase took home nearly $16 million in 2009: a million-dollar salary and over $14 million in incentives and stock options. After his company paid the feds back, Dimon developed influence in Washington D.C., with reportedly  “liberal access” to Treasury Secretary Timothy Geithner and a private meeting with President Obama. He’s relatively well-liked and respected on Wall Street; a recent New York Times profile called him “America’s least-hated banker.” He recently sold his Chicgao mansion, on the market since 2007, for $6.5 million (no word on whether the sale includes the large headless portrait of himself above the staircase). He’s not homeless, of course — his $10 million apartment on Park Avenue features a soundproof room, where he can crank up Frank Sinatra without annoying the neighbors.