Lloyd Blankfein

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Goldman Sachs' Next CEO Has a Surprising Hobby

Co-president David Solomon likes to spin sick beats

(Newser) - One of Goldman Sachs' co-presidents, a part-time DJ, is set for promotion, while the other, a karate black belt, is packing his bags. Harvey Schwartz, appointed co-president when Gary Cohn left for the White House in December 2016, will leave the firm after its board of directors chose fellow co-president...

Bill Clinton Had Unusual CEO Advice for Geithner

Slitting Lloyd Blankfein's throat wouldn't help in the long run, said former president

(Newser) - The New York Times magazine has a lengthy profile of Tim Geithner ahead of Monday's release of the former Treasury chief's new book, and one bit in particular involving Bill Clinton is getting a lot of attention. Geithner had asked Clinton's advice on appeasing populist anger in...

On Fiscal Cliff, Dems and GOP Closer Than They Look

But mortgage interest deduction might be a casualty

(Newser) - Depending on who you ask, the fiscal cliff confrontation in Washington is either a massive standoff, or a massive mirage. "It is not going to happen soon," John Barrasso, the Senate's fourth-ranking Republican said yesterday. But top officials tell Politico that behind the scenes John Boehner and...

Goldman's New Gig: Actually (Gasp) Lending Money

After punishing quarter, Goldman to lend more to wealthy

(Newser) - Goldman Sachs is expanding into a new business frontier: traditional banking. Goldman is building an in-house private bank that will lend out money to rich people and corporations, the Wall Street Journal reports, with plans to jack its private loan business from $12 billion to $100 billion. Part of the...

Goldman Scours Emails for 'Muppet' References

Lloyd Blankfein struggles to control Greg Smith fallout

(Newser) - Goldman Sachs is searching its internal email system for any use of the term “muppet,” as it struggles to spin a scathing op-ed piece from departing executive Greg Smith. In a conference call with Goldman partners last week, CEO Lloyd Blankfein assured them that they'd root out...

Quitting Exec Rips Goldman Sachs for Screwing Clients

Ex-executive director Greg Smith has choice words for Blankfein's Goldman

(Newser) - Goldman Sachs executive director Greg Smith resigns today, and he's not going quietly. In a scorching New York Times op-ed, Smith says that after almost 12 years at Goldman, "the environment now is as toxic and destructive as I have ever seen it." Goldman's culture once...

Blankfein: Romney's Gonna Win

Goldman Sachs CEO predicts Republican nominee

(Newser) - Prophecy, or wishful thinking? The CEO of Goldman Sachs is apparently predicting Mitt Romney will win the Republican nomination and be well positioned to take the presidency, the New York Post reports. Lloyd Blankfein's forecast measures on the Who-Cares-Meter because Goldman Sachs successfully bet against subprime-mortgage debt (while a...

Goldman Posts $428M Loss
 Goldman Posts $428M Loss 

Goldman Posts $428M Loss

It's the second time it's ever lost money as a public company

(Newser) - It was a bad three months to be a vampire squid: Goldman Sachs reported a $428 million third-quarter loss today, or 84 cents a share—far worse than the 16 cents per share that analysts were expecting, according to Reuters . The blow came largely thanks to $2.48 billion in...

Derided Goldman Boss Backs Out of Barnard Speech

Scheduling conflict cited as protests loomed

(Newser) - Goldman Sachs CEO Lloyd Blankfein has pulled out of a controversial lecture at Manhattan's Barnard College. Students at the Columbia University-affiliated institution had planned protests and workshops to coincide with Blankfein's visit, declaring the week to be "School the Squid" week, in reference to Rolling Stone writer...

Blankfein Lawyers Up, Goldman Stock Falls

CEO hires hotshot DC attorney Reid Weingarten

(Newser) - Lloyd Blankfein has gone and hired himself a lawyer, reports Reuters . The Goldman Sachs CEO, whose firm is facing ongoing investigations into its role in the financial crisis, has retained high-powered DC defense attorney Reid Weingarten, whose past clients have included an Enron exec and a former secretary of agriculture....

Nuns Rap Goldman Sachs Fatcats for Pay

After Lloyd Blankfein's compensation almost doubles to $19M

(Newser) - Lloyd Blankfein’s salary nearly doubled in 2010 to a total of around $19 million—and the Catholic church isn’t happy about it. Four orders of nuns that invest with Goldman Sachs have all signed on to a proposal demanding the bank review its compensation policy, the Guardian reports....

Fraud Fine Is Chump Change for Goldman

$500M penalty amounts to just 2 weeks of profits

(Newser) - The SEC is boasting that the $550 million settlement it agreed to with Goldman Sachs is the "largest-ever penalty paid by a Wall Street firm." That may be true, but that doesn't mean it's actually going to chasten Goldman. Top put things in perspective, Pro Publica notes that...

Wall Street Dumps Dems: Donations Down 65%

Upset about financial reform, banks keep their cash

(Newser) - Democrats are feeling the wrath of a financial sector scorned. Wall Street donations to the Democrats’ two congressional campaign committees are down 65% from the 2008 election cycle, the Washington Post reports. Big donors in general are staying away, giving just $49.5 million, compared to $81.3 million in...

Attacked, Accused of Fraud: Goldman Is Doing Just Fine

Clients are loyal, despite charges that Goldman screwed clients

(Newser) - So you were thinking that all the hideous press, the hostility from Congress, the accusations of fraud were surely hurting the bottom line at Goldman Sachs? Not a chance, Andrew Ross Sorkin writes today in the Dealbook column in the New York Times . Big clients—the ones that count—don't...

Feds Slap Foot-Dragging Goldman With Subpoena
Feds Slap Foot-Dragging Goldman With Subpoena

Feds Slap Foot-Dragging Goldman With Subpoena

Sachs stalls commission, then dumps millions of documents

(Newser) - Goldman Sachs is giving investigators the run-around in their probe into the roots of the financial crisis, a federal commission says. The Financial Crisis Inquiry Commission says the firm, asked for information on its dealings, first dragged its feet and then dumped hundreds of millions of pages of documents on...

Blankfein Keeps Both Goldman Sachs Top Jobs

Shareholder proposal to split chairman, CEO duties fails

(Newser) - Lloyd Blankfein will remain both the chairman and CEO of Goldman Sachs, after defeating a shareholder proposal to split the posts . Only 19% of shareholders voted to award the chairmanship to another Goldman employee, despite the SEC complaint filed last month accusing Goldman of securities fraud. The proposal predated the...

Blankfein to Shareholders: We'll Rebuild Reputation

Goldman Sachs could split up top job today

(Newser) - Lloyd Blankfein faced a room full of Goldman Sachs shareholders today and vowed to rebuild the company's reputation and "renew the core principles that has sustained us for 141 years," reports the Wall Street Journal . He promised to set up a business standards committee and address the questions...

Goldman Sachs to Change Its Ways

Announces change to policies for institutional investors

(Newser) - With federal pressure at an all-time high, Goldman Sachs is planning to change its policies for dealing with institutional clients, a move which could presage an attempt to settle the SEC's fraud suit against it. Goldman would now instruct employees to ensure clients fully understand the risks associated with whatever...

Buffett: I 'Love' Goldman Investment

Oracle gets behind Blankfein at shareholder meeting

(Newser) - Warren Buffett has no plans to sell Berkshire Hathaway's stake in Goldman Sachs as the investment bank fights civil fraud charges, saying today that he "loves" his $5 billion investment because it generates 10% interest a year. The Oracle of Omaha spoke today during Berkshire's annual shareholders meeting—but...

Looking to Settle, Goldman Launches Lobbying Blitz

Firm steps up effort to woo lawmakers, repair battered image

(Newser) - Goldman Sachs' lobbying efforts have gone from cavalier to frenzied as it faces what could be the worst crisis in its history. The firm has assembled a high-powered team of Washington insiders to do battle, even as the New York Post reports that, in wake of the beating Goldman took...

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