Word: lloyds
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Dates: during 2000-2009
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...Rage Over Goldman Sachs" [Aug. 31]: I will take CEO Lloyd Blankfein's word that he is shocked by the perception that the firm "burned down the Reichstag, shot the Archduke Ferdinand and fired on Fort Sumter." What a relief that is. Nevertheless, many of us are still wondering if Goldman Sachs' former employees who now hold influential government positions have unduly influenced national economic policy to Goldman's advantage. It is also high time we discovered whether Goldman's astronomical profits are the upshot of its alleged ability to perpetuate sophisticated market manipulation and fraud. These are real questions...
...spent 14 years at Goldman immediately prior to his brief tenure at Harvard, will rejoin the company’s management committee and “review, define, and focus the firm’s global strategy,” according to an internal memo sent by Lloyd C. Blankfein ’75 and Gary D. Cohn, Goldman’s CEO and president, respectively...
Blankfein's deftness under pressure impressed his partners. "He is a totally independent-minded guy," says another senior Goldman official. "Ten years ago, I think most people would have said that it is highly unlikely that Lloyd would be CEO and highly unlikely that he would succeed. But he has done both, and it seems like a dream in this environment ... It's a bit of a miracle. It was unpredicted...
These early triumphs in the face of adversity understandably shaped his ambition and his worldview. "You can never forget that Lloyd came from a pretty significantly challenging environment," explains Robert Steel, Blankfein's former partner at Goldman and an Under Secretary for Paulson at Treasury. "That's at the root of Lloyd." Steel recalls that Blankfein shared stories about life at Thomas Jefferson High School. "You survive by either one of two things," Steel says Blankfein told him. "You were either a great athlete or funny and entertaining, and I decided to go with funny and entertaining...
...especially Paulson, then the CEO, with his tenacity, ambition and hands-on management style. "Hank became increasingly concerned about whether [John] Thornton or Thain" - the co-presidents of Goldman before Blankfein - "would assume responsibility for the business units and show they could run things," says a former Goldman partner. "Lloyd showed a willingness to assume responsibility." Paulson and Blankfein became an effective team, with Paulson globetrotting and hobnobbing with clients and Blankfein assuming more and more operational control of the firm. Year after year, the company was earning billions. "Lloyd made everything run," says the former partner...