All things considered, earning $46 million in 2008 was far less than the $81 million Mario Gabelli of Gamco took home in 2007 and the $81 million he pocketed in 2002, DealBook reports, citing a proxy filing.

But considering the poor showing of the funds Gabelli manages, a 33% decline in assets under management, that was a tremendous payout. Of the $102 million that Gabelli and his portfolio managers earned in 2008, the chief executive took almost half.

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