made $85 million in salary in 2013.
That's one eighth the global domestic product of Somoa.
According to USA Today
, the GAMCO
founder, chief executive and investment officer was paid not only $85 million last year, but his three-year total compensation came to over $215 million.
According to the firm's proxy statement
, Gabelli's compensation is equivalent to 10 percent of pre-tax profits.
writer Gary Strauss generously provided us with figures from other publicly-traded asset managers to give us perspective. According to his article
Blackrock's Larry Fink was paid $22.9 million and gained $9.6 million from vested shares.
T. Rowe Price CEO James Kennedy received compensation valued at $8.5 million.
Franklin Resources' Greg Johnson was given $12.1 million and gained $5.4 million exercising stock options, plus $9.1 million from vested shares.
Invesco's Martin Flanagan 2013 compensation received $14.4 million. He gained another $8.7 million from vested shares.
Gabelli was paid $68,970,486 in 2012 and $61,693,390 in 2011.
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