A pair of Goldman Sachs executives are among the few profiting in a big way from the hedge fund investments this year. The firm has bought their stakes in the its hedge fund and private equity businesses for almost $60 million, the New York Post reports.
Jon Winkelreid, Goldman’s retiring co-president, and Gregory Palm, its general counsel, are the big winners. Winkelreid’s golden parachute totals $19.7 million. Palm is now $38.3 million richer.
In recent months, Goldman has found itself bailing out several executives who took a bath in its hedge funds. But Winkelreid and Palm are not the receipients of that corporate welfare: they are among Goldman’s largest individual investors.
Their investments were “purchased at an amount equal to the capital contributions made by” the two, Goldman said in a Securities and Exchange Commission filing. Their hedge fund and private equity investments netted them a payout “based on the estimated net asset value of the funds’ investment portfolio,” or “at a discount to the net asset value.”
The Post reports than another 200 Goldman executives are expected to make similar deals with the firm.