Deconstructing the Hierarchy at Goldman Sachs

There are two sides to every coin, and sometimes one is shinier.

According to Goldman's proxy statement, Lloyd Blankfein earned $12 million for his work in 2011, down 35.5% from a year earlier, a decline that makes sense given the firm's lackluster performance.

But under reporting requirements for the Securities and Exchange Commission, he earned $16.2 million, up nearly 15% from 2010. Under those guidelines, his pay includes compensation such as stock options that rolled over into 2011.

Altogether, he earned a $3 milion cash bonus, $10.7 million in stock awards and a $2 million base salary. Last year, Goldman increased salaries for top executives to $2 million from $600,000.

His No. 2, Chief Operating Officer Gary Cohn, earned $15.8 million, up 14% from a year ago, under SEC guidelines, while Chief Financial Officer David Viniar raked in $15.8 million, up 13.3% from the year earlier period.

J. Michael Evans, who some see as a successor to Blankfein, earned $15.7 million.

Meanwhile, elsewhere in Goldmanland, the New York Post reports that tensions are running high between Blankfein and Cohn, due to the latter's wish to get to the top of the chain sooner rather than later. Take that for what it's worth, but Monday mornings are always best served with a dollop of Shakespearean successor drama.

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