Word: blankfein
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...restrictions. Earlier in the week, Citi, which lost $1.6 billion in 2009, disclosed that it had paid John Havens, widely seen as the bank's No. 2 executive, nearly $10 million in compensation for his work last year. That topped even the salary of Goldman Sachs chief executive Lloyd Blankfein, who was paid $9.6 million in 2009. Goldman, though, had profits of $13.4 billion in 2009. Alberto Verme, who for a time oversaw Citi's Dubai operations, responsible for billions of dollars in losses for the bank, was paid $7.8 million...
...hearings, Angelides set a tone of civil but pointed inquisition that bodes well for its future. "It sounds to me like selling a car with faulty brakes and then buying an insurance policy on the buyer," he said at one point while grilling Goldman Sachs CEO Lloyd Blankfein about the dodgy mortgage securities the bank sold. The dark arts that produced this crisis may finally be coming into the light...
...Nonetheless, on Wednesday, in front of the Financial Crisis Inquiry Commission (FCIC), the bank executives tried to paint a picture that the failures that caused the crisis were missteps by management, sometimes even themselves, but not the result of faulty regulation. Lloyd Blankfein, CEO of Goldman Sachs, told the panel, "After the shocks of recent months and the associated economic pain, there is a natural and appropriate desire for wholesale reform. We should resist a response, however, that is solely designed around protecting us from the 100-year storm." (See the top 10 crooked CEOs...
...Blankfein even seemed to show some support for a consumer financial-product regulator, saying he thought there should be more attention paid to how financial markets interact with the retail market. But when it comes to more restrictions on the way large Wall Street firms like Goldman do business, Blankfein said there were already too many constraints. He said that since his firm began to be regulated by the Federal Reserve and not the Securities and Exchange Commission - a switch that happened when Goldman became a bank-holding company in late 2008 - the oversight of his firm had increased...
...accused of causing massive foreclosures, nearly bankrupting our financial system and robbing us all of our retirement savings: Wall Street CEOs. On Wednesday, four top financial executives are scheduled to testify in front of the commission, including Bank of America's recently appointed chief Brian Moynihan, Goldman Sachs' Lloyd Blankfein, JPMorgan's Jamie Dimon and Morgan Stanley's John Mack...