In the dark days of 2008, Goldman Sachs (NYSE: GS) did what no other top investment bank did: it made a gargantuan grant of options to employees, nearly 36 million options, mainly to the partners. That compares with the previous year's grant of just 3.5 million options. The new grants were so large they exceeded the entire amount of options outstanding beforehand.

These grants are the subject of a fascinating study by the New York Times and footnoted.org. Since the crisis, critics have asked banks to pay more in stock, which makes Goldman seem ahead of its time by a few years. Though, there may be some critics who strike at the bank for the sheer size of the award.

The options are certainly paying off now that the stock has rallied. The grants were made when the stock was less than $80. It has more than doubled since.

To the Goldman board's credit, the options do not vest immediately. The can be exercised in one-third installments over 2010-2012. But the shares cannot be sold or transferred until January 2014.

Partners are already handsomely compensated of course. They had cashed out of previously granted options quite profitably over the past decade. Goldman CEO Lloyd Blankfein has cashed in a total of $93.8 million in shares since 1999. The CFO David Viniar has generated even more.

The 2008 grant, if the stock keeps moving up, or even stands still, will generate an even greater fortune. It's great work if you can get it.

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