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’Lloyd C. Blankfein wants YOUR feedback
Well, not yours, obviously. But random market professionals in the City of London who in recent days have been contacted by the mighty Goldman Sachs.
From: Lloyd C. Blankfein [mailto:gsbrandsurvey@ny.email.gs.com]
Sent:
An audience with Lloyd Blankfein
Nomura’s banking analyst Glenn Schorr recently caught up with the Goldman boss (plus chief financial officer David Viniar).
And Schorr was able to quiz him on some of the pressing issues of the moment:
FSA fine watch
Another day and another fine from the Financial Services Authority.
This time it’s Goldman Sachs on the receiving end. A £25m hit (reduced to £17.5m for good behaviour) for the heinous crime of not telling the FSA it was being investigated by the SEC over the Fab Fabrice/Abacus CDO case.
A 99% depreciation in the worth of Blankfeins
The Goldman Sachs CEO was right at the top of Vanity Fair’s 2009 list of the 100 most influential people:
But this year … there’s been a wee bit of slippage:
Ouch. (H/T DealBreaker)
Related links:
Goldman’s EBITDAF
That’s earnings before interest, taxes, depreciation, amortisation and fines…
Kinda sad, really, that the mighty Goldman Sachs felt in necessary to include this proforma table in with its scarred Q2s.
The price of Blankfeins…
Lloyd Blankfein’s stock is up. Or rather, the perceived likelihood that he will depart from Goldman Sachs before the end of the year has fallen sharply since he popped that magic PR pill.
Here’s the relevant chart from self-styled “prediction market”
A short history of standing ovations for Lloyd Blankfein
Here’s an interesting gauge of how attitudes to Lloyd Blankfein may have shifted over the past 14 days.
On April 21 the New York Post published a story on the Goldman Sachs CEO’s plan to testify before a US Congressional panel about the bank’s involvement in the subprime mortgage market.
[Abacus] Goldman TV
What PR pill did Lloyd Blankfein pop so soon after escaping Carl Levin’s chamber on Capitol Hill?
Here’s the Goldman chairman/ceo on Charlie Rose. It’s a polished performance – and one in which Blankfein acknowledges he doesn’t know whether his bank would have survived without government support and where he says that the American public’s anger is “understandable and even justified…”
Get Goldman
Goldfellas
Business of protection
Vampire shark
Orange jump-suits anyone?
Those in the investment banking business – outside of Goldman Sachs, that is – have quietly enjoyed the fact that Goldman has some how managed to attract all the regulatory and political heat over the past year or so.
[Abacus] Goldman in DC: A blogger round-up
US Senators spent a full ten hours grilling Goldman executives on Tuesday over their role in mortgage markets.
Thankfully, bloggers had a much snappier take on proceedings. Here are the best.
__________________
A quick recap
First,
The van Praag exchanges, an exercise in Goldman imagery
Want some insight into the (erstwhile) self-image of Goldman Sachs — as expounded by some senior execs?
Look no further than the below, sourced from the 900-page compendium of evidence corralled as part of the US senate investigation into the role of investment banks in the financial crisis.
Blankfein on Capitol Hill – ‘A whole bowl of cherries…’
It’s almost 9pm, ET, and Senate subcommittee on investigations chairman Carl Levin has just wrapped up his cross-examination of Goldman Sach’s Lloyd Blankfein. From the Senators’ side this was a surgical attack — with a blunt scalpel.
A dead banker talking?
That’s Lloyd Blankfein, chairman and chief executive of Goldman Sachs, having just taken his seat at the Senate witch trials.
How long before he burns?
Shares in Goldman were up 1 per cent at the close of trading in New York on Tuesday,
[Abacus] Live, from Room 106
The FT’s Alan Rappeport is live blogging proceedings at the Senate subcommittee on investigations on Tuesday.
Should be fun.
The hearing’s running order – here.
Rappeport, meanwhile, is here — refresh for the latest updates.
Blankfein: “It was one of the worst days in my professional life”
Short and sweet enough to post in full — prepared remarks from Goldman Sachs chairman and chief executive, Lloyd Blankfein ahead of his appearance before the Permanent Senate Subcommittee on Investigations on Tuesday…
Goldman responds – ‘A humbling experience for every participant…’
Here’s Goldman Sachs’ response to accusations levelled by the Senate subcommittee on investigations earlier on Saturday. There’s 12 pages of prose and accompanying charts here. Messrs Blankfein, Cohn,
[Abacus] In defence of Goldman Sachs
First we had a screaming WSJ headline on Tuesday:
SEC Split on Party Lines Over Goldman Case
Then someone on CNBC was shouting earlier on Wednesday about how the SEC had received testimony that…
APPEARS TO CONTRADICT THE GOVERNMENT’S CASE!
And then we had,
[Abacus] Appearing soon in the Senate – fabulous Fab (updated)
This is either genius or madness.
Fabrice Tourre is going to appear (along with his boss Lloyd Blankfein) at the Senate Permanent Subcommittee on Investigations on April 27, according to Bloomberg.
And obviously he is going to tell everyone he did nothing wrong:
[Abacus] The analysts react
The SEC’s complaint against Goldman Sachs, alleging the bank misled investors on a 2007 subprime synthetic CDO deal, caused a 12 per cent drop in the company’s share price on Friday.
So, has the bank’s
Feinberg on Blankfein: fail (maybe)
Here’s US pay czar Kenneth Feinberg, talking about Lloyd Blankfein’s $9m pay packet to Betty Liu on Bloomberg TV.
Yes, he thinks it’s excessive, but he’s cheered by the fact the package is made up of a very low base salary and long-term stock.
Bonus neurosis, revisited: Mine’s bigger than yours
After all the hoohah and wild reports about $100m pay-outs, Goldman Sachs on Friday made a big move against the backlash over its compensation practices, saying it would award chief executive Lloyd Blankfein a mere $9m stock bonus for 2009,
The Blankfein bonus: $9m in stock (updated)
A number that has been keenly anticipated: the 2009 compensation for Goldman Sachs chairman Lloyd C Blankfein.
Drum roll…
Some 58,381 restricted shares – worth just under $9m on Friday’s closing quote.
Media-fuelled Goldman bonus neurosis
Even in the bold new era of “bonus rage”, rarely has so much limelight been focused on one individual banker’s remuneration. This stirring headline and breathless report from Thursday’s New York Times (our emphasis):
Crunch TV – FCIC in Washington
Tune in now…
“It is our hope that together we can rebuild the American people’s belief in a financial system that puts Americans to work, fulfills their dreams and provides the foundation for a new era of broadly shared prosperity.”
The perils of flying commercial
Shucks. Alive to the public’s sensitivities, Lloyd Blankfein of Goldman, John Mack of Morgan Stanley and Dick Parsons of Citigroup all choose to take scheduled commercial air services to get to their much-anticipated meeting in Washington with President Obama on Monday.
Belated preemptive strike by Goldman
As talk of a global banker bonus tax swirls…
Goldman get its retaliation in, complete with a neat “recapture” provision.
RTRS-GOLDMAN SACHS ANNOUNCES CHANGES TO 2009 COMPENSATION PROGRAM
RTRS-GOLDMAN SACHS GROUP INC SAYS MANAGEMENT COMMITTEE TO RECEIVE NO CASH BONUS FOR 2009
RTRS-GOLDMAN SACHS GROUP INC SAYS EQUITY “SHARES AT RISK”
Goldman Sachs – because we’re worth it
Okay, here it is – 14 pages which explain why Goldmanites deserve all that money.
And basically what it boils down to is this; they are smarter and more profitable than anyone else.
Selected highlights and graphics from Goldman Sachs Compensation Practices.
Lloyd and Gary wish wealth on 272 new Goldman MDs
Business as usual at the mighty Goldman Sachs.
Some 272 new managing directors have been named in an internal memo, with chairman and chief exec Lloyd Blankfein and the firm’s president Gary Cohn reportedly telling staff:
Goldman Sachs abandons kittens (really)
A fresh PR disaster for Goldman Sachs.
The investment bank stands accused of abandoning kittens. Really.
Kittens, we might add, that could look like this:
The Villager, a New York newspaper,
Goldman, BofA chiefs on defensive
Goldman Sachs pays its employees more than other financial groups because its employees are more productive, Lloyd Blankfein, Goldman CEO, told a banking conference on Tuesday. Blankfein said that people