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Blankfein To Stay At Goldman, Nation Breathes Sigh of Relief
By
Christopher Robbins
Published May 3, 2011
Modified May 3, 2011
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By
Christopher Robbins
Published May 3, 2011
Modified May 3, 2011
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We knew there was a reason that the sun is shining today. After some speculation that he would step down after a somewhat tumultuous turn at the helm of Goldman Sachs, CEO Lloyd Blankfein has indicated that he will remain vampire squid-in-chief for at least a couple of years. Who would give up a cafeteria like this? The Post breaks down Blankfein's "report card" as being a "mixed bag," noting that while the firm has crushed competitors like JPMorgan and Morgan Stanley, Blankfein has presided over a tumble in profits and a "p.r. trainwreck" following the $550 million settlement with the SEC over fraud related to subprime mortgages.
But Goldman was never forced to formally admit guilt, and $550 million for a company that routinely posted profits in the billions reads more like a victory to us. The CEO's real test in the future may be whether he'll be able to keep some of his most profitable divisions from being strictly regulated or shutdown altogether by legislative reform. Nevertheless, whenever Blankfein does decided to step down, he'll probably have a parking space with his name on it at the Treasury.
Tagged
economy
fraud
goldman sachs
subprime mortgages
vampire squids
wall street
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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Gothamist is funded by sponsors and member donations
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