Word: paulson
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Nevertheless, critics have feasted on the Paulson connection as just another example of how Goldman Sachs benefits from "Government Sachs" - the propensity of Goldman alums to turn up in top federal financial posts after they leave the firm...
...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' annualized return on their nine-month investment in Goldman Sachs? A cool...
After taking the reins of the company when Paulson went to Treasury in July 2006, he accelerated Goldman's transformation from a firm that depended on its clients for investment-banking revenue - fees generated from advising on deals to underwriting debt and equity securities - to one whose clients are driving a resurgent trading and risk-taking business. Goldman has a tradition of taking trading risks. In the postwar era, the firm's DNA has always combined the interlocking strands represented by two of the world's foremost risk arbitrageurs - first Gus Levy and later Robert Rubin - with the investment-banker...
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...
...December 2003 he was named Goldman's chief operating officer and co-president after the departure of John Thain - Blankfein's rival to lead the firm - who left to become CEO of the New York Stock Exchange. By then, Blankfein had impressed Goldman's board of directors and 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...