Lazard chief's pay reflects boom

Steve Rosenbush

Goldman Sachs CEO Lloyd Blankfein may have done CEOs across the financial world a huge favor by earning a stunning $54 million in 2006. Blankfein set the bar for CEO pay so high that no one else is likely to get much scrutiny. Lazard issued a proxy statement today saying that CEO Bruce Wasserstein received $22.8 million in compensation for 2006, up 61% from the prior year. Operating income rose at half that rate. Then again, the stock price, now at $50, has doubled since the firm's IPO nearly two years ago. About $18 million of his compensation was in the form of restricted stock. Given that payout, it's no surprise that Blackstone and other private firms are racing to go public.