Without early bonus, Goldman CEO 's pay package declined

NEW YORK -- Blankfein received restricted stock and options awards at the beginning of the company's 2008 fiscal year that were valued at $42.1 million at that time, accounting for nearly all of his compensation package. However, Blankfein was awarded the stock and options in the prior fiscal year, which ended Nov. 30, 2007.

Amid the ongoing credit crisis and fallout in the banking sector, the value of Goldman's stock has plummeted over the past year, meaning there is little current value of those stock and option awards. Their value could return over the long-term if the company's share price climbs.

Shares of Goldman lost 65% of their value during the bank's fiscal year. They have since climbed higher, but are still less than half the value they were at the end of fiscal 2007. Shares of Goldman closed Friday at $108.08.

Blankfein received a $600,000 salary for fiscal 2008, the same as in 2007.

During fiscal 2007, Blankfein received a compensation package worth $54 million, making him the highest paid CEO at an investment bank during the year. Half of that compensation was tied to a year-end bonus of $27 million. Like many other banking executives, Blankfein opted not to accept a bonus for 2008 as the credit markets unraveled and the sector struggled.

In 2008, Blankfein received perks totaling $235,943, down 39% from $384,157 during the prior year. The perks in 2008 included payments for insurance coverage, a contribution to his 401(k) retirement account and more than $111,000 in compensation tied to the use of a company car and driver.

Considered among the strongest and best-performing banks during the ongoing credit crisis, Goldman has not been fully immune to the downturn. During its fourth quarter, Goldman reported its first quarterly loss since it went public in 1999, losing $2.29 billion. Despite that loss, Goldman still was able to post a full-year profit of $2.04 billion.