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Henry Paulson, the

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

CEO who likes to portray himself as Wall Street's Mr. Clean, took no bonus in 2003.

But hold the applause. The storied investment bank still saw fit to give Paulson $20.7 million in restricted stock as a reward for his service, according to a regulatory filing.

In 2002, Paulson got a $6.2 million bonus and collected $2.6 million in restricted stock. His base salary remained steady at $600,000 -- a rather modest sum for a Wall Street executive. Goldman's stock rose about 45% to $99 during 2003 -- a period in which the Amex Broker Dealer Index rose about 59%.

Over the past year, Paulson was occasionally portrayed as spearheading opposition to the

New York Stock Exchange's

gaudy $140 million pay package for former Chairman Richard Grasso. He was on the NYSE board when the pay package was approved.

In a speech last November in London, Paulson said excessive executive pay had become a hot-button issue in the U.S.


reported Paulson saying: "I think excessive compensation that doesn't reflect performance and abuses -- certain CEOs selling shares just before their companies had major problems -- went a long way to hit investor confidence."

The regulatory filing revealed that about a quarter of Paulson's restricted stock has already vested, with the remainder vesting by the end of 2006.

Meanwhile, on the regulatory front, Goldman Sachs disclosed that it has tentatively agreed to pay $45.5 million in fines and restitution over its part in the NYSE specialist investigation. The settlement with Goldman's

Spear Leeds

trading unit is part of over an overall $240 million deal with the Securities and Exchange Commission and four other major specialist firms.

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The SEC has yet to formally sign off on the deal, which would resolve allegations that the specialist firms made improper trades that allowed them to profit at the expense of ordinary investors. Specialists are the big trading firms that drive most of the wheeling and dealing in Big Board stocks.

The other specialist firms that are part of the settlement include a division of

FleetBoston Financial






Van Der Moolen


; and

Bear Wagner

, which is partly owned by

Bear Stearns



LaBranche has said it would pay $63.5 million under the tentative pact. Van Der Moolen, meanwhile, has offered to pay up to $57.7 million.