Word: walls
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Dates: during 2000-2009
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...nutty decision. I was a lawyer," he says. "I didn't have a finance background." Instead, in 1982 he landed a job as a gold salesman for J. Aron & Co., an obscure commodities firm that Goldman had purchased in November 1981 for about $100 million. According to the Wall Street Journal, when Blankfein told his then fiancée Laura - now his wife and the mother of their three children, one of whom is at Harvard - that he was leaving law for J. Aron, she cried, thinking that he was burning a high-paying career. (Ironically, Donovan, Leisure closed its doors...
...exceedingly wealthy. In 2007, the year of Goldman's record profit, the board paid him $68.5 million, a record payout for a Wall Street CEO. His 3.4 million shares of Goldman are worth about $540 million. He bought a tony $27 million Manhattan apartment at "Wall Street's new power address," as the New York Times called it, 15 Central Park West. He also owns a 6,500-sq.-ft. (600 sq m) home in Sagaponack, N.Y., near the ocean. (See pictures of expensive things that money...
...attendant increasing bonus expectations of the high achievers working at the firm - with the inevitable public outcry that will result from paying out multiple millions of dollars in bonuses at a time when people all over the country are still reeling from a financial calamity largely of Wall Street's making...
Figuring out how to balance the proper ongoing motivation of some of the nation's best and brightest people with the still simmering public 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...
Cohan, a contributing editor at FORTUNE, is the author, most recently, of House of Cards: A Tale of Hubris and Wretched Excess on Wall Street...