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Blankfein Opposed Raising Salaries Months Before His Tripled

Lloyd Blankfein, Goldman Sachs Group Inc.’s chairman and chief executive officer, warned against raising base salaries on Wall Street less than eight months before his own more than tripled to $2 million.

Goldman Sachs prefers paying compensation in bonuses that are contingent on the firm’s performance, rather than offering guarantees or high salaries, Blankfein said in a June 16 interview with staff of the Financial Crisis Inquiry Commission, a recording of which was made public this month. On Jan. 28, the New York-based firm disclosed it had raised salaries for Blankfein and four other top executives that had been $600,000.