Word: baddings
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...first thing I learned from talking to Nasuk is that calling someone an Eskimo isn't cool, since some believe it's a term for raw-meat eater. That sounded pretty bad until I realized it's exactly what yuppie meant in the 1980s. A proud Inupiat, Nasuk said that when her people were hunter-gatherers in the freezing North Slope, they sometimes had to leave behind the weak and elderly. "My understanding is that elders would voluntarily stay behind. It wouldn't have been a cruel practice. It would have been an acceptance of 'I'm dying...
...Blankfein, the criticism seems distorted. "Something that was a virtue now looks like a vice," he says. "I don't think we're going to go far in this country if we make it a bad thing for people to migrate from business into other activities like writing or philanthropy or public service." Goldman, he notes, has already paid back the $10 billion - plus $318 million in dividends and an additional $1.1 billion to buy back warrants (at above-market value, he adds) - that Paulson forced it to take last October from the $700 billion Troubled Asset Relief Program. Taxpayers...
Blankfein also developed some pretty bad habits. Once upon a time, he smoked two to three packs of cigarettes a day. He was overweight. He often dressed inappropriately or ostentatiously. And he had a love of gambling in Las Vegas. (See hard times hitting Las Vegas...
Defending Goldman's Crown When, in July 2006, president Bush tapped Paulson to be Secretary of the Treasury - in the great Goldman tradition - Blankfein's journey from a Brooklyn housing complex to the pinnacle of American capitalism was complete. By then, all of Blankfein's quirky bad habits had been eliminated too. Blankfein has since become a snappier dresser, has lost weight and has given up smoking and gambling. He shaved his once unsightly beard. "I wasn't going to make myself taller," he once quipped when asked about his transformation. He in effect reduced the risks in his personal...
...anger toward Wall Street - and, at the moment, toward Goldman Sachs in particular - may be Blankfein's biggest management challenge yet. And he knows it. "Everybody's goal in life is to get 105% credit for all the good things they do and much less recognition for all the bad things they do," he says. "But with us, bizarrely, the view seems to be, What's good is bad and what's bad is good. There's clearly some resentment. There are people who are disposed to think that because we were careful and successfully avoided many of the pitfalls...