Re: Goldman Sachs
CEO Leadership—Lloyd Blankfein.
Strengths—Education, Intelligence, and Motivation
In 2006, Lloyd C. Blankfein became billionaire CEO of the eminently acclaimed global investment banking and securities firm Goldman Sachs. [i] Before becoming CEO, Blankfein’s thirty-year tenure there ranged from Head of the Currency and Commodities Division between 1994—1997 to Chief Operating Officer (COO). [ii]
But beyond the perceived crown of wealth and world-renown perhaps from seasoned experience with Goldman, Lloyd Blankfein appears to exhibit many notable strengths that include education, intelligence, and motivation.
Few people, if any, dispute the power of knowledge. Yet, Mr. Blankfein’s exquisite erudition facilitated by formal education perhaps empowered him in his financial conquest at Goldman Sachs.
For example, young Lloyd graduated valedictorian from Thomas Jefferson High School and received a scholarship to Harvard University. [iii] Following college, he attended Harvard Law School.[iv] After graduating from Harvard Law in 1978, the luminous lawyer practiced corporate tax law for a few years before transitioning into finance. [v] How many successful attorneys pursue finance?
But Blankfein’s education—an almost proprietary tapestry of tacit knowledge and intellectual versatility plausibly paved success with Goldman. How? Tacit knowledge tends to assume “some level of explicit knowledge” as a foundation fundamental in refining skills gleaned for expertise. [vi] The apperception of cumulative knowledge crystallized from continued exposure often cultivates an innovative skillset through tangible experience.
This innovative skillset through tangible experience typically distinguishes experts as professionally marketable from those without practical understanding. Why? Companies rank tacit knowledge among the most resourceful “strategic assets a company possesses.” [vii] This attractive professional expertise —Blankfein’s diverse, specialized skillset—perhaps a marketable differentiator in the ultracompetitive finance world. Specifically, Blankfein’s legal reasoning, knowledge, and tax practice specialization assumed as a prerequisite of law school education/certification feature distinctive skills portable for finance.
Indeed, Blankfein himself acknowledged his “legal education” helping him more comprehensively, “understand markets and manage large groups of people.” [viii] His conspicuous Harvard lawyer credentials assume unusual practical intelligence, perhaps seem impressive, commanding respect. Therefore, Lloyd Blankfein’s education perhaps precipitated tacit knowledge—practical experience possibly unattainable otherwise but for his unique skillset acquired. Hence, Blankfein’s versatile educational background demonstrates one among several noteworthy strengths, empowering opportunity to generate astronomical affluence and prominence as Goldman Sach’s Wall Street tycoon.
Lloyd Blankfein’s education alone assumes intelligence. The precocious prodigy attended Harvard University at age 16 with a substantial scholarship before commencing HLS, notwithstanding impoverished circumstances—a resplendent “rags to riches” narrative. [ix] Law school attendance, never mind graduating from Harvard Law practically presupposes native intelligence. This scintillating achievement speaks for itself. More impressively, he accomplished this formidable feat growing up in Brooklyn, NY’s underprivileged urban-housing projects. [x] But Blankfein’s preternatural acumen surpasses the academic environment. Regarded as an “innately quick and very intelligent” “prescient genius,” with seemingly uncanny, inimitable ability “to spot irony,” Blankfein became “the golden-boy of Goldman Sachs.” [xi] For example, the iconic CEO seemed to intuitively manifest an unprecedented “sixth sense” for risk management since his inception in commodities trading. [xii] Blankfein also allegedly possesses perspicacious powers of recall—known at Harvard for memorizing almost every television sitcom jingle with near eidetic precision. [xiii] As Goldman Sachs’ President and Chief Operating Officer Gary D. Cohn verbatim remarked, “Lloyd is so smart, and his mind operates so much faster than other people’s.” [xiv] The brilliant billionaire also seems to exhibit strong emotional intelligence, or as characterized, “a famously high EQ”—interacting effectively in social settings. [xv] For instance, Blankfein’s gregarious “gemütlich” may lead him to “come across as any regular guy,” perhaps “winning over others,” with “his sharp sense of humor.” [xvi] This charisma might establish rapport, inspiring confidence in his leadership. [xvii] Jacob Goldfield, Blankfein’s former partner, described him as one, “endowed with an unusual combination of humility and self-awareness,” rare traits among “hugely successful Wall Street Executives.” [xviii] Cognitive ability strongly correlates with job performance, probative of effective task performance, and emotional intelligence ostensibly suggests a strong job performance predictor.[xix] These qualities Blankfein abundantly displays. If true, the overall intelligence others perceive of him may reinforce reliability as Sachs’ fiduciary leader entrusted with “enhancing” its “industry” reputation. [xx] Hence, his superior intelligence signifies a strength.
Intelligence without motivation is unlikely to yield success. Blankfein epitomizes motivation. Henry Paulson most likely selected Lloyd Blankfein as Goldman Sachs’ succeeding CEO because Blankfein, “ate slept, drank the business and the markets…He loved them,” a quality which he allegedly, “admired greatly,” further commenting that intelligence, “can be overestimated” because some exceptionally “bright guys” also lack “good judgment” and/or “get others into trouble.” [xxi] Unlike others, as Paulson further asserts, Blankfein always sought to ameliorate his weaknesses. [xxii] But beyond even Paulson’s esteemed opinion, Blankfein exuded a motivation to match his superlative intelligence. Actually, Blanakfein never considered himself “some roaring genius” but attributed success to a seldom “motivation” he found deficient among his phlegmatic peers who purportedly, “could care less.” [xxiii] In a 2013 college graduation commencement speech Blankfein underscored the significance of intellectual “ambition” to transcend “circumstances,” because as he asserts, education, “provides no more powerful force,” for assimilating knowledge. [xxiv] This seemingly inextinguishable motivation accompanied him throughout life. Blankfein also loves history. [xxv] He appreciates narratives that parallel his own personal account—proverbial “American Dream” anecdotes of “people who started out unimportant but ended up having a significant life.” [xxvi] How history imitates life. Blankfein surely superseded socioeconomic status. This conscientious quality to his personality—which moderately correlates with higher levels of task performance—may partly explain how he consistently overcomes resistance.[xxvii] Blankfein’s unbridled motivation paved Sachs’ remarkable resilience during the 2008 financial crisis, rebounding “faster than rivals,” culminating in unparalleled “post record profits.” [xxviii] Even with a cancer diagnosis he refuses to acquiesce. Thus, motivation demonstrates another sterling strength for Blankfein.
Weaknesses—Outspokenness, Partisanship, Questionable Health & Scandal
Much controversy surrounds Goldman Sachs. This controversy appears to stem from a consistent pattern of individualistic behaviors exhibited by Lloyd Blankfein. These traits include outspokenness, partisanship, questionable health-related decisions and possible scandal attributed to a perceived de-emphasized customer value perhaps exacerbated by criminal investigation. Such counterproductive incivility references a weaknesses because they risk jeopardizing citizenship. If so, such reduced citizenship may undermine Goldman Sachs’ global reputation, possibly detracting business by dissuading employees and clients alike. Consider the following:
For all his impeccable intelligence, Blankfein frequently lacks restraint. He often speaks without a filter. For example, Blankfein remarked, “I think people envy the Goldman culture.” [xxix] Even if true, some people may not appreciate the characterization. [xxx] The federal government also labeled Blankfein’s testimony during its criminal investigation, “a terrible performance,” exemplified by “…arrogance, condescension…the kind of minor-league junior-varsity delay tactics,” reflecting “very poor crisis management.” [xxxi] He even jested that, “his firm is doing God’s work,” perhaps further dividing public sentiment following criminal accusations concerning the credit crisis. [xxxii] Blankfein also entangles himself in polarizing political issues—e.g., pro-gay marriage support, which he even conceded “came at a price.” [xxxiii] He contends his political comment about conservative politicians, “legislating how you live your life,” “cost Goldman Sachs at least one client.” [xxxiv] Why risk “turning away potential customers?” [xxxv] Assuming no diminished investment potential, Blankfein’s words still risk discrediting Goldman. The prudent man ponders “his steps,” tempering one’s words because he knows an untamed tongue typically exposes folly. [xxxvi] Regardless of ideology, homosexual marriage lacks relevance to maximizing profits on investments. Politicizing the subject serves no profitable purpose. [xxxvii] By voicing these sentiments rather than, “giving to Caesar” separating politics from business, Blankfein’s indiscretion evidently cost him. [xxxviii] Ultimately, he risked business. His outspokenness thus reveals a weakness.
Liberal Lloyd’s outspokenness unnecessarily politicizes. [xxxix] He exudes political partisanship. His notorious involvement in politics may detract from investment. Ironically, Blankfein, “a self-described Democrat,” apparently affiliates with “Hillary Clinton and Barrack Obama,” despite that they each advocate exorbitant tax increases on capital gain investments for wealthy Americans. [xl] The Obama administration projects a tax rate rise to “28% from 23.8% on all investment” [xli] If elected Hillary proposes a federal capital gain tax rate increase to “39.6% for maximum “two year” short-term investments.” [xlii] This same Hillary supposedly identified “income inequality” among the “biggest issues” in America. [xliii] Yet, Blankfein seems content with Clinton. He apparently even permitted Goldman Sachs to invest “$1,034,615” in Obama’s 2008 election. [xliv] Blankfein supposedly affirmed his stance with Obama about increased tax rates.[xlv] If true, his affinity with politicians espousing such fiscally socialistic sentiments contradicts Blankfein’s status symbol of American wealth. If true, Blankfein’s explicit partisanship, particularly his political penchant, ideologically aversive to wealth, may distance Goldman’s targeted demographic—capitalistic-oriented, affluence aggrandizing investors. Therefore, this potential risk of loss highlights his vulnerability.
Questionable Health Issues
Ambivalence surrounds Blankfein’s choice to continue as Goldman’s CEO notwithstanding compromised health from a recent cancer diagnosis.[xlvi] After announcing a “highly curable form of Lymphoma,” Blankfein’s decision not to abdicate may risk endangering Goldman Sachs’ livelihood.[xlvii] An inveterate worker, his continued leadership, persisting pertinaciously as per doctors’ “optimistic” orders, may yield greater detriment than good. [xlviii] Questions may arise regarding his diminished capacity on Sachs’ sustained productivity. If true, his alleged ability to “work substantially as normal,” remains uncertain. Still, this possible weakness attenuates when compared with five other eminent CEOs who weathered Cancer—e.g. “Andy Grove, Intel, Robert Benmosche, AIG, Warren Buffet, Berkshire Hathaway, and Jamie Dimon, J.P. Morgan.” [xlix] Nonetheless, time may reveal the viability of his decision.
The notion of scandal attributed to Goldman Sachs emerged almost coterminous with Lloyd Blankfein’s rising leadership. Blankfein appeared to symbolize for Goldman a paradigmatic transition in perspective that presumably emphasized “profits overtaking customer care,” as its primary “priority.” [l] According to one Goldman banker, this perceived precedence for profit over customer value seemingly embodied by Blankfein circulated the “explicit suggestion” of “client exploitation” as plausibly inferred from “Lloyd’s” interest in “monetizing client relationships.”
Goldman Sachs in 2015.
Goldman Sachs appears to project mixed reviews for its cultural environment. Brandishing arguably the brightest, brainiest of “ambitious and talented,” people, superior intelligence ranks among its distinguishing cultural features.[lvii] Warren Buffet recognizes Goldman Sachs for sporting “the best brains in the business,” and Bill Gates raved how its “high IQs” competitively challenge even software companies.[lviii] This composite of collective genius inherent to its cultures assumes an “opportunity for personal growth and expansion.” However, this intelligence culture may suggest stringent hiring standards, perhaps exacerbating the “exceeding difficulty” to land a job there. [lix] Alternatively, some consider the culture prestigious but personally unsuitable. Others find Goldman for all its intelligence “overrated.” [lx] Still, Vault Banking ranks Goldman’s overall culture 14th. [lxi]
Goldman Sachs “shapes the global economy” with macroeconomic insights. [lxii] Featuring a # 1 Fortune industry-rating, ranking first in “global competitiveness,” with “long-term investment value, products/services quality, and financial soundness,” consistently rated top-two, people presumably trust Goldman for its reliable investment predictions.[lxiii] The global bank specializes in “investment banking, trading/principal investments, and asset management/securities services.” [lxiv] Goldman’s extensive portfolio investment applications feature “customizable solutions” for “global, multi-asset class and multi-currency reporting,” to “scale with clients,” as they expand into new markets. [lxv] Since 1994, Goldman Sachs investments exceed, “$4 billion in strategic capital for entrepreneurs to execute long-term growth plans.”[lxvi] Goldman identifies some of its “most significant challenges and opportunities,” residing outside the U.S., reasoning that it needs, “to compete successfully in non-U.S. based markets,” especially against financial institutions with “a longer operating history.” [lxvii]
Perhaps due to its dominant intellectual culture, Goldman boasts an attractive environment. Evidently, Vault values Goldman’s “ability to challenge, satisfaction, and transferability of skills,” all at # 5. [lxviii] The firm shows strong social value among MBA students, reportedly ranking 8th out of 100 MBA employers in 2008. [lxix] Non-profit activity also appears prosperous at Goldman. Since 2010 Goldman Sachs Gives recommended at least “14,500 grants exceeding $750 million” for over “3,500 charities in 38 countries,” [lxx] Other philanthropic projects include “10,000 Women” designed to improve the plight of women and “10,000 small businesses” fostering financial potential by creating jobs. [lxxi] This conscious charitable effort supports Goldman’s social reputation. On September 10, 2015, Dow Jones awarded Goldman with its annual Sustainability North American Index, the “only Diversified Financial” company” recognized for 2015. [lxxii] Yet, Sachs ranks only 7th in social responsibility, low compared to its people management and financial soundness. Public perception perhaps influenced by recent controversy may partly explain its comparatively weaker ranking.
Goldman Sachs’ record reveals a history of legal trouble. On April 16, 2010, the SEC sued Goldman, alleging Goldman knowingly omitted information relevant to a bank transaction about one of its customer’s attempted fraud. This omission implicated Goldman with Fraud. Goldman allegedly violated its disclosure duty by not informing banks about “subprime mortgages the customer recommended to bet against low credit loan borrowers.” [lxxiii] Ultimately Goldman prevailed, though likely at a reputational loss. This “subprime mortgage incident” branded Goldman as the infamous “vampire squid.” Over the years Sachs’ flippant attitude toward conflict of interests shows an undervalued legal ethic, which if continued, may predispose foreseeable liability for fiduciary violations. Clients entrust companies with fiduciary responsibilities, a relationship obligation of loyalty in confidence from agents to clients. CEO Lloyd Blankfein represents an agent acting on Goldman’s behalf. His agency capacity assumes a fiduciary responsibility to the company, but also vicariously for clients via Sachs’ client relationship. Ignoring conflicts of interests—situations which may adversely affect clients’ financial interests, consequently implicating liability. Yet, Blankfein appears to neglect conflicts with impunity. He dismissed conflicts of interests as inevitable—a necessary condition—proclaiming it, “naïve to think we can operate without conflicts.” [lxxiv] Rather than avoiding such conflicts, the former lawyer “embraces” them at his imperiled risk as a company fiduciary. [lxxv] Why risk liability? His over-inflated attitude perhaps exacerbated by the 2010 lawsuit, leaves Goldman Sachs legally in a precarious position. Such dubious practices imprint a “blotted public image.” [lxxvi]
Goldman’s physical environment reflects its culture. Its predilections for selecting “athletic, team-oriented individuals,” particularly preferring those who played competitive high school and/or college sports, may add dimension to the firm’s cerebral crew. [lxxvii] The “culture of teamwork” from various versatile, competitive personalities may enrich Goldman’s learning experience to perhaps drive innovative improvement, as some profess.[lxxviii] But such a competitively intelligent culture may suggest an extremely “intense” environment as compared with “other Wall Street firms.” [lxxix] Some employees allege “early meetings,” arduously, “long hours,” with others expressing a “plethora of processes that stifles innovation.” [lxxx] Other employees less emotionally adjusted individuals may become overwhelmed working alongside “many smart people,” accompanied by a “feeling that every high school valedictorian worked there.” [lxxxi]
Goldman’s political atmosphere parallels the liberalism of Lloyd Blankfein, donating profligately to typically anti-capitalistic politicians. See Supra p. 4. Goldman Sachs, however, as a proprietary “pioneer” extends its social responsibility by collaborating with the federal government, consolidating “Social Impact Bond” to financially accommodate underserved communities. Here, Goldman asserts a positive, proactive leadership initiative, transferring the burden of public funding into “private investment” to subsidize education through loan disbursements.[lxxxii] One such effort raised “$ 7 million” to finance “pre-school readiness among at-risk 3 and 4-year-olds in the Utah district.” [lxxxiii] Thus, Goldman becomes an equalizing egalitarian force by promoting opportunity otherwise inaccessible for others in the private sector, while mitigating wasteful government expense.
The Sachs culture spearheads development. At the vanguard of technological sophistication, Goldman ranks first in its industry among top 50 admired companies for innovation. [lxxxiv] Such advances include “wireless spectrum auctions,” featuring alternatives to conventional cable TV as discussed at the September 16-18 Goldman Sachs Communicopia Conference headquartered in New York City. [lxxxv] This past May launched a podcast series called “Exchanges at Goldman” and available on iTunes. The series featured Lloyd Blankfein emphasizing how “9,000 programmers” distinguishes Goldman as a technology company. [lxxxvi] This year Goldman ranks top five for all technological categories, including, “investment in technology, technology strategy, and technology community,” earning it the title “Best Banking Firms for Tech Professionals” by Vault.[lxxxvii]
Goldman Sachs—Financial Analysis
In the short run, Goldman Sachs reflects an overall economic downturn. The NYSE shows Goldman, Monday, October 12, 2015, climbing 1% to close at -.81%. [lxxxviii] The analyst associates this climb to supposedly receiving an “upgrade in valuation from Citigroup.” [lxxxix] Though volatile market fluctuations render such conclusions unpredictable such an inference appears plausibly consistent as elucidated from stocks declining over “14%” in three months. [xc] Even so, the three-month declivity instantiates short-term depreciating stock values for Goldman. [xci] Thus, the short-term market appears bearish.
Mixed Midterm Market Trends
In the interim, Goldman Sachs displays a current price-earnings ratio, share of price divided by after-tax earnings (P/E) of 10.60. [xcii] That value shows a low individual share for Goldman Sachs, which likely suggests the stock market functioning at lows overall since Goldman reflects general economic trends. According to Richard Koch from his book “The 80/20 Principle—The Secret to Achieving more with less,” a P/E “under 12 may signal buying potential,” and “less than 10”, the strong signal to buy in supposedly capturing higher value with less expense. [xciii] However, as one analyst contends Goldman Sachs “outperformed the market by more than 6%.” [xciv] Likewise, on October 6, 2015, both “Goldman Sachs and J.P. Morgan won back trading businesses previously lost to European rivals,” with Goldman leading at a “9.6% leverage ratio” as per requisite regulatory filings.”[xcv] Goldman also experience a “63%” surge in “stock trading revenue” for its second quarterly period, plausibly strengthened by “prime brokerage.” [xcvi] Goldman’s stock presently trades at putatively “10.9% times its 2015, earnings estimates,” equaling, “10% premium to its book value.” [xcvii] Additionally, 2014 represented a strong deal-making year for Goldman, ranking once again at number one in mergers and acquisitions—with announced deals totaling $ 1 trillion. [xcviii] According to Bloomberg, the deal increased by nearly 55% in overall value from 2013. [xcix] However, mergers and acquisitions supposedly comprise only 18.7% of Goldman’s total revenues. Moreover, Goldman’s average earnings revenues appear to average an 8.3% decrease. [c] Furthermore, the burgeoning “$3 billion dollars” in legal costs probably precipitated by residual blemishes of prior brand damage from the criminal investigation—lingering doubts to prevent shenanigans—presents additional financial issues. [ci] If true, these issues may support the inference of less than auspicious prospects for Goldman Sachs as one financial analyst espouses, discouraging his present investment based on these trends. To strengthen this conclusion, Goldman’s stock reveals a 3% lox of value despite the S&P 500 referencing roughly no change. [cii] Assuming arguendo the accuracy of these assertions, one may want to remain vigilant, viewing Goldman with caution.
Long-Term: Goldman Prevails
Nonetheless, in the long run, Goldman still constitutes a financially viable international financial company known for its intelligence, prestige, and accuracy in rendering market projects. After all, Goldman consistently ranks at the top in investment categories, and for its “16th consecutive year,” ranks as “most prestigious banking employer in North America,” among annual surveys of top banks.[ciii]
Written Plan of Action
Marketing Overhaul: Amazon Paradigm
As aforementioned, Goldman Sachs as represented by its CEO Lloyd Blankfein failed to exercise discretion at times in denigrating its image. Goldman’s reaction to the global financial crisis generated much unnecessary negative publicity, creating concern for its subsequent corporate reputation. After all, references to a “giant vampire squid wrapped around the face of humanity,” hardly projects a “positive brand opinion.” Goldman should learn to practice what it preaches about integrity. By building long-term customer value, Goldman Sachs may refashion its image innovatively as a trend-setter that trends prevailing industry standards, become the global leadership paragon for other companies. Replacing “individualism,” with “boosterism,” while simultaneously listening to customers on multiple fronts through social media, Goldman may help achieve that end. Therefore, Lloyd Blankfein and Goldman Sachs may stand to grow from the example of Amazon Founder Jeff Bezos and Dell’s CEO Michael Dell.
Recommendation—Replacing Incivility with Team-Driven Boosterism & Customer Value
Amazon’s Bezos assumes every measure possible to generate customer value.[civ] His philosophy: “237 million stores should accommodate 237 million customers.” [cv]Amazon develops Kindle to satisfy a growing customer desire for accessible e-books. For Lloyd Blankfein with Goldman Sachs that means detaching from an ego-driven insouciance toward conflicting interests, and perceiving clients as positive resources to facilitate growth. It means caring more about how your targeted client base might react to outspokenness, neglecting conflicts of interests, and over-politicized involvement. This strategy might help Goldman much controversy. Goldman also may need to consider listening on multiple fronts. Michael Dell learned this lesson fast, after the disparaging diatribes of one grievance nearly destroyed Dell. Dell now implements a social media employee certification training program that tracks approximately “25,000 conversations daily” about Dell—annually exceeding “6 million online conversations.”[cvi] Blankfein’s “embracing conflicts” mentality may take this issue for granted, as elucidated from discouraging quality employees and possibly clients. Goldman like Dell needs damage-control, not disruptive outspokenness, politicized conduct, and/or violating ethical trust. Installing “new metrics to rate the effectiveness of public opinion,” similar to Dell—an online, social media task force might positively represent Goldman with boosterism, legitimizing integrity, and deliberately bolstering its social reputation without compromising innovation.
[i] See Lianna Brinded, “Goldman Sachs CEO Lloyd Blankfein is Now a Billionaire” July 17, 2005, p. 1, http://www.businessinsider.com/goldman-sachs-billionaire-ceo-lloyd-blankfein-net-worth-2015-7.
[ii] See Goldman Sachs, “Who We Are—Leadership—Board of Directors—Lloyd C. Blankfein.” 2015, http://www.goldmansachs.com/who-we-are/leadership/board-of-directors/lloyd-c-blankfein.html.
[iii] See Jeanette L. Nolen, “Lloyd Blankfein—American Executive,” Encyclopedia Britannica, Inc., 2015, http://www.britannica.com/biography/Lloyd-Blankfein.
[iv] See Tom Huddleston, Jr., “Goldman’s CEO Lloyd Blankfein on His Rise to Power, and What Worried Him in 2008,” Fortune.com, September 22, 2015, http://fortune.com/2015/09/22/goldman-blankfein-cancer/.
[v] Corporate Executives, “Lloyd Blankfein,” 2013, http://corporate-executives.com/executives/lloyd-blankfein/.
[vi] See Jason A. Colquitt, Jeffery A. LePine, Michael J. Wesson, “Organizational Behavior—Improving Performance and Commitment in the Workplace,” 4th Edition, 2015, p. 245.
[vii] See Bou-Llusar, J.C., and M. Segarra-Cipres. “Strategic Knowledge Transfer and Its Implications for Competitive Advantage: An Integrative Conceptual Framework.” Journal of Knowledge Management 10 (2006), pp. 100-12; Nonaka, I. “The Knowledge Creating Company.” Harvard Business Review 69 (1991), pp. 96-104; and Nonaka, I. “A Dynamic Theory of Organizational Knowledge Creation.” Organizational Science 5 (1994), pp. 14-37.
[viii] See Lewis Rice, “Goldman Sachs’ CEO at HLS,” Harvard Law Today, the President and Fellows of Harvard College, January 1, 2014, p. 1, http://today.law.harvard.edu/goldman-sachs-ceo-at-hls/.
[ix] See Daily Finance, Peter Cohan, “Did Lloyd Blankfein Cost His Alma Mater $100 Million?,” April 29, 2010, 3 P.M., p.1, http://www.dailyfinance.com/2010/04/29/did-lloyd-blankfein-cost-his-alma-mater-100-million/.
[x] See Public Intelligence, “Lloyd Blanfein,” People, December 16, 2009, p1.
[xi] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World,” DoubleDay, division of Random House, Inc., 2011, pp. 458, 464; See Greg Smith, “Why I Left Goldman Sachs—A Wall Street Story,” Grand Central Publishing, division of Hachette Book Group, Inc., 2012, pp. 108-110.
[xii] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World,” DoubleDay, division of Random House, Inc., 2011, p. 461.
[xiii] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World,” DoubleDay, division of Random House, Inc., 2011, p. 458.
[xiv] See Jessica Pressler, “It’s Too Bad. And I Don’t Mean It’s Too Bad Like ‘Screw’Em,’” New York Magazine, News & Politics, 2011, p. 5, http://nymag.com/news/business/lloyd-blankfein-2011-8/index4.html.
[xv] See Salvoy, P. and J.D. Mayer. “Emotional Intelligence.” Imagination, Cognition, and Personality 9 (1990), pp. 185-211; and Mayer, J.D.; R.D. Roberts; and S.G. Barside. “Human Abilities: Emotional Intelligence.” Annual Review of Psychology 59 (2008), pp. 507-36; See Davies, M.; L. Stankov; and R.D. Roberts. “Emotional Intelligence: In Search of an Elusive Construct.” Journal of Personality and Social Psychology 75 (1998), pp. 989-1015; See Jessica Pressler, “It’s Too Bad. And I Don’t Mean It’s Too Bad Like ‘Screw’Em,’” New York Magazine, News & Politics, 2011, p. 5, http://nymag.com/news/business/lloyd-blankfein-2011-8/index4.html.
[xvi] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World,” DoubleDay, division of Random House, Inc., 2011, p. 437; See Greg Smith, “Why I Left Goldman Sachs—A Wall Street Story,” Grand Central Publishing, division of Hachette Book Group, Inc., 2012, p. 108.
[xvii] ValueWalk, “Lloyd Blankfein, Goldman’s Chairman and CEO Sees Monster Year,” 2013, p. 2, http://www.valuewalk.com/2014/04/lloyd-blankfein-goldmans-chairman-compensation/.
[xviii] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World,” DoubleDay, division of Random House, Inc., 2011, p. 462.
[xix] See Lubinski, D. “Introduction to the Special Section on Cognitive Abilities: 100 Years after Spearman’s (1904) ‘General Intelligence,’ ‘Objectively Determined and Measured.’ Journal of Personality and Social Psychology 86 (2004), pp. 96-111; See Hunter, J.E., and F.L. Schmidt. “Intelligence and Job Performance: Economic and Social Implications.” Psychology, Public Policy, and Law 2 (1996), pp. 447-72; See Schmidt F.L., and J. Hunter, “General Mental Ability in the World of Work: Occupational Attainment and Job Performance.” Journal of Personality and Social Psychology 86 (2004), pp. 162-73; and See Virginia Common Wealth University, ScienceDaily, “Emotional Intelligence Predicts Job Performance,” Science News, October 27, 2010, p. 1, http://www.sciencedaily.com/releases/2010/10/101027153041.htm.
[xx] See Goldman Sachs, “Who We Are—Leadership—Board of Directors—Lloyd C. Blankfein.” 2015, http://www.goldmansachs.com/who-we-are/leadership/board-of-directors/lloyd-c-blankfein.html.
[xxi] See Cohan at 464.
[xxii] See Id. at 464.
[xxiii] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World,” DoubleDay, division of Random House, Inc., 2011, p. 457.
[xxiv] See Julia La Roche, “Goldman Sachs’ newly minted billionaire CEO Lloyd Blankfein grew up in the projects of Brooklyn,” Business Insider, July 18, 2015, 12:26 A.M., p. 2, http://www.businessinsider.com.au/lloyd-blankfein-rags-to-riches-story-2015-7.
[xxv] See Julia La Roche, “Lloyd Blankfein: It’s going to be ‘very hard’ to disrupt Goldman Sachs because it’s so heavily regulated,” Business Insider, May 20, 2015, 10:31 A.M., p. 3, http://www.businessinsider.com/goldman-launches-podcast-on-itunes-2015-5.
[xxvi] See Julia La Roche, “Lloyd Blankfein Gave This Super Thoughtful Speech to 100 College Graduates Today,” Business Insider, June 6, 2013, 11:06 P.M., p. 3, http://www.businessinsider.com/lloyd-blankfeins-graduation-speech-2013-6.
[xxvii] See Jason A. Colquitt, Jeffery A. LePine, Michael J. Wesson, “Organizational Behavior—Improving Performance and Commitment in the Workplace,” 4th Edition, 2015, p. 298.
[xxviii] NewsmaxFinance, “Blankfein’s Grit, Goldman’s Bench are Solace in Cancer Fight.” Newsmax Media, Inc., Bloomberg News, September 23, 2015, p. 6, http://www.newsmax.com/Finance/Companies/goldman-sachs-lloyd-blankfein-cancer-lymphoma/2015/09/23/id/692892/.
[xxix] See Jessica Pressler, “It’s Too Bad. And I Don’t Mean It’s Too Bad Like ‘Screw’Em,’” New York Magazine, News & Politics, 2011, p. 5, http://nymag.com/news/business/lloyd-blankfein-2011-8/index4.html.
[xxx] See Pressler at 5.
[xxxi] See Id. at 5.
[xxxii] See Douglas McIntyre, “Goldman Sachs CEO Blankfein says firm is doing ‘God’s Work,’” DailyFinance, Nov. 9, 2009, 9:32 A.M., p. 1, http://www.dailyfinance.com/2009/11/09/goldman-sachs-is-doing-gods-work/.
[xxxiii] See Tom Braithwaite, “Pro-gay stance cost Goldman, says Blankfein,” Financial Times, May 2, 2012, 6:42 P.M., p. 1, http://www.ft.com/intl/cms/s/0/fdcda25c-9468-11e1-bb0d-00144feab49a.html#axzz3oNi6xhUE.
[xxxiv] See PinkNews, “Goldman Sachs lost clients due to pro-gay campaign, says CEO,” May 3, 2012, 8:50 P.M., p. 2, http://www.pinknews.co.uk/2012/05/03/goldman-sachs-lost-clients-due-to-pro-gay-campaign-says-ceo/.
[xxxv] See Shelley DuBois, “The Case for the Outspoken CEO,” Fortune, Feb. 15, 2012, p.2, http://fortune.com/2012/02/15/the-case-for-the-outspoken-ceo/.
[xxxvi] See Holy Bible (NIV), Proverbs 15:2, 17:20, 18:21; Matthew 12:37; James 3:8.
[xxxvii] See Holy Bible (NIV), 1 Corinthians 10:23.
[xxxviii] See Holy Bible (NIV), Mark 12: 17.
[xxxix] See Rick Newman, “The Most Liberal and Conservative CEOs,” Yahoo Finance, July 8, 2015, 10:17 A.M., p. 2, http://finance.yahoo.com/news/the-most-liberal-and-conservative-ceos-141752151.html;_ylt=A0LEVjEPUBxWHM0AH_0nnIlQ;_ylu=X3oDMTByOHZyb21tBGNvbG8DYmYxBHBvcwMxBHZ0aWQDBHNlYwNzcg–.
[xl] See Washington Free Beacon Staff, “Goldman Sachs Succeeds Where Gore Fails,” January 3, 2013, 3:40 P.M., p. 2, http://freebeacon.com/politics/goldman-sachs-succeeds-where-gore-fails/; See Linda Qiu, “Had the Goldman Sachs CEO said his picks are Hillary Clinton or Jeb Bush?,” June 2, 2015 at 4:21 P.M., p. 1, http://www.politifact.com/truth-o-meter/statements/2015/jun/02/martin-omalley/had-goldman-sachs-ceo-said-his-picks-are-hillary-c/.
[xli] See Carol E. Lee, Colleen McCain Nelson, John D. McKinnon, “Obama to Propose Tax Increases on Investments, Inherited Property,” Wall Street Journal, Jan. 17, 2015, 8:01 P.M., p. 2, http://www.wsj.com/articles/obama-to-propose-tax-hikes-on-investments-inherited-property-1421542876.
[xlii] See Victor Fleischer, “Hillary Clinton’s Capital Gains Tax Change Misses the Mark,” Andrew Sorkin, New York Times, July 28, 2015, p. 2, http://www.nytimes.com/2015/07/29/business/dealbook/clintons-capital-gains-tax-change-misses-the-mark.html.
[xliii] See Richard Eskow, “Hillary’s Challengers—and the Anti-Wall Street Wave,” TheHuffingtonPost.com, Inc., March 24, 2015, 1:10 A.M., p. 3, http://www.huffingtonpost.com/rj-eskow/hillarys-challengers—-a_b_6928820.html.
[xliv] See OpenSecrets.org, “Top Contributors 2008 Cycle,” http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638.
[xlv] See Washington Free Beacon Staff, “Goldman Sachs Succeeds Where Gore Fails,” January 3, 2013, 3:40 P.M., p. 2, http://freebeacon.com/politics/goldman-sachs-succeeds-where-gore-fails/.
[xlvi] Tom Huddleston, Jr., “Goldman’s CEO Lloyd Blankfein on his rise to power, and what worried him in 2008,” Fortune.com, Finance, September 22, 2015, p. 1, http://fortune.com/2015/09/22/goldman-blankfein-cancer/.
[xlvii] See Michael J. de la Merced, “Lloyd Blankfein, Goldman Sachs C.E.O. Has Lymphoma,” Andrew Ross Sorkin, New York Times, September 22, 2015, p. 1-4, http://www.nytimes.com/2015/09/23/business/dealbook/goldman-ceo-lloyd-blankfein-has-lymphoma.html?_r=0.
[xlviii] See Maggie McGrath, “Goldman Chief Lloyd Blankfein Discloses ‘Highly Curable’ Cancer,” Forbes, September 22, 2015, p. 2-4, http://www.forbes.com/sites/maggiemcgrath/2015/09/22/goldman-chief-lloyd-blankfein-discloses-highly-curable-cancer/.
[xlix] See Michael Addady, “Goldman’s Lloyd Blankfein is not the only CEO to continue working through a cancer diagnosis,” Fortune.com, September 22, 2015, p. 2-3, http://fortune.com/2015/09/22/lymphoma-lloyd-blankfein/.
[l] Gretchen Morgenson, Joshua Rosner, “Reckless Endangerment—How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon,” Henry Holt and Company, LLC, 2011, p. 282.
[lii] See Kevin Dugan, “Goldman Sachs CEO Lloyd Blankfein has Cancer,” New York Post, September 22, 2015, 8:42 A.M., p. 2, http://nypost.com/2015/09/22/goldman-sachs-ceo-lloyd-blankfein-has-cancer/; See Cohan at 440.
[liii] Shahien Nasiripour, “Goldman Sachs Chief Blankfein Could Face Criminal Prosecution For Role In Financial Crisis,” The Huffington Post, Business, April 14, 2011, 8:19 A.M., p. 3, http://www.huffingtonpost.com/2011/04/14/goldman-financial-crisis-prosecution_n_848994.html.
[liv] See Michael J. Moore, Pamela Roux, “Lloyd Blankfein is Now a Billionaire,” Bloomberg Business, July 17, 2015, 2:00 A.M., p. 4, http://www.bloomberg.com/news/articles/2015-07-17/blankfein-becomes-billionaire-riding-goldman-s-shares-to-riches; See Smith at 189.
[lv] See Smith at 189.
[lvi] See Greg Smith, “Why I Left Goldman Sachs—A Wall Street Story,” Grand Central Publishing, division of Hachette Book Group, Inc., 2012, p. 178-79.
[lvii] Vault.com, “Goldman Sachs & Co.—2016 Vault Overview,” p. 2, http://www.vault.com/company-profiles/commercial-banking-and-investment-banking/goldman-sachs-co/company-overview.aspx.
[lviii] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World,” DoubleDay, division of Random House, Inc., 2011, p. 466; See Rodrigo, “Strategic Analysis (SWOT, Porter and PESTEL) of Goldman Sachs,” The Write Journal Pass, December 20, 2012, 12, http://writepass.com/journal/2012/12/strategic-analysis-swot-porter-and-pestel-of-goldman-sachs/.
[lix] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World” at 465.
[lx] Vault.com, “Goldman Sachs & Co.—2016 Vault Overview,” p. 2, http://www.vault.com/company-profiles/commercial-banking-and-investment-banking/goldman-sachs-co/company-overview.aspx.
[lxi] See Vault.com, “Goldman Sachs & Co.—2016 Vault Rankings,” p. 2, http://www.vault.com/company-profiles/commercial-banking-and-investment-banking/goldman-sachs-co/company-rankings.
[lxii] See Goldman Sachs, Inc., “Macroeconomic Insights,”2015, p. 1, http://www.goldmansachs.com/our-thinking/macroeconomic-insights/index.html.
[lxiii] Fortune, “Most Admired 2015,” p. 1, http://fortune.com/worlds-most-admired-companies/walt-disney-6/.
[lxiv] See The Goldman Sachs Group, Inc., “Business Overview,” p. 1, http://www.goldmansachs.com/s/prospectus/Business.html;
[lxv] See Goldman Sachs, “Prime Brokerage—Reporting & Technology,” 2015, p. 1, http://www.goldmansachs.com/what-we-do/securities/prime-brokerage/reporting-and-technology.html.
[lxvi] See Goldman Sachs, “Direct Private Investing Equity-Growth Strategy,” p. 1, http://www.goldmansachs.com/what-we-do/investing-and-lending/direct-private-investing/equity-folder/growth-strategy.html.
[lxvii] See The Goldman Sachs Group, Inc., “Business Overview,” p. 25, http://www.goldmansachs.com/s/prospectus/Business.html.
[lxviii] See Vault.com, “Goldman Sachs & Co.—2016 Vault Rankings,” p. 2, http://www.vault.com/company-profiles/commercial-banking-and-investment-banking/goldman-sachs-co/company-rankings.
[lxix] See Goldman Sachs, “Why Goldman Sachs?—Awards,” p. 2, http://www.goldmansachs.com/careers/why-goldman-sachs/awards-main-page.html.
[lxx] See Goldman Sachs, “Goldman Sachs Gives,” p. 1, http://www.goldmansachs.com/citizenship/goldman-sachs-gives/index.html.
[lxxi] See Goldman Sachs, “10,000 Women,” 2015, p.1, http://www.goldmansachs.com/citizenship/10000women/index.html; See Goldman Sachs, “10,000 Small Business,” 2015, p.1 http://www.goldmansachs.com/citizenship/10000-small-businesses/US/index.html?redirect=true.
[lxxii] See Goldman Sachs, “Goldman Sachs Added to Dow Jones Sustainability North American Index,” September 14, 2015, p.1, http://www.goldmansachs.com/careers/blog/posts/dow-jones-sustainability-north-america-index.html.
[lxxiii] See Rodrigo, “Strategic Analysis (SWOT, Porter and PESTEL) of Goldman Sachs,” The Write Journal Pass, December 20, 2012, 12, http://writepass.com/journal/2012/12/strategic-analysis-swot-porter-and-pestel-of-goldman-sachs/.
[lxxiv] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World” at 440-41.
[lxxv] See Greg Smith, “Why I Left Goldman Sachs—A Wall Street Story” at 113.
[lxxvi] See Rodrigo, “Strategic Analysis (SWOT, Porter and PESTEL) of Goldman Sachs,” The Write Journal Pass, December 20, 2012, 12, http://writepass.com/journal/2012/12/strategic-analysis-swot-porter-and-pestel-of-goldman-sachs/.
[lxxvii] See William D. Cohan, “Money and Power—How Goldman Sachs Came to Rule the World” at 465.
[lxxviii] See Vault.com, “Goldman Sachs & Co.—2016 Vault Rankings,” p. 2, http://www.vault.com/company-profiles/commercial-banking-and-investment-banking/goldman-sachs-co/company-rankings.
[lxxix] See Cohan at 465.
[lxxx] See Vault.com, “Goldman Sachs & Co.—2016 Vault Rankings,” p. 2, http://www.vault.com/company-profiles/commercial-banking-and-investment-banking/goldman-sachs-co/company-rankings.
[lxxxi] See Cohan at 465.
[lxxxii] See Goldman Sachs, “Social Impact Bonds,” October 2014, p. 1, http://www.goldmansachs.com/our-thinking/pages/social-impact-bonds.html.
[lxxxiii] See Goldman Sachs, “Impact Investing—Social Bond For Early Childhood Education,” Oct. 2014, p.1, http://www.goldmansachs.com/what-we-do/investing-and-lending/impact-investing/case-studies/salt-lake-social-impact-bond.html.
[lxxxiv] Fortune, “Most Admired 2015,” p. 1, http://fortune.com/worlds-most-admired-companies/walt-disney-6/.
[lxxxv] Goldman Sachs, “Technology Driving Innovation—Cord Cutting: The End of Television as We Know It?,” September 2015, p. 1, http://www.goldmansachs.com/our-thinking/pages/cord-cutting.html.
[lxxxvi] See Julia La Roche, “Lloyd Blankfein: It’s going to be ‘very hard’ to disrupt Goldman Sachs because it’s so heavily regulated,” Business Insider, Finance, May 20, 2015, 10:31 A.M., p.2, http://www.businessinsider.com/goldman-launches-podcast-on-itunes-2015-5.
[lxxxvii] See Vault.com, “Goldman Sachs & Co.—2016 Vault Rankings,” p. 2, http://www.vault.com/company-profiles/commercial-banking-and-investment-banking/goldman-sachs-co/company-rankings.
[lxxxviii] Tomi Kilgore, “Goldman Sachs’ Stock Gains After Analyst Upgrade,” October 12, 2015, p.1, http://www.marketwatch.com/story/goldman-sachss-stock-gains-after-analyst-upgrade-2015-10-12.
[lxxxix] See Id. at 1.
[xc] See Id. at 1.
[xci] MarketWatch, NYSE, “Goldman Sachs Group, Inc.,” October 14, 2015, p.1 http://www.marketwatch.com/investing/stock/gs?mod=MW_story_hoverquote.
[xcii] Tomi Kilgore, “Goldman Sachs’ Stock Gains After Analyst Upgrade,” October 12, 2015, p.1, http://www.marketwatch.com/story/goldman-sachss-stock-gains-after-analyst-upgrade-2015-10-12.
[xciii] See Richard Koch, “The 80/20 Principle: The Secret to Achieving More With Less,” 2008, Crown Business, a division of Random House, p. 213.
[xciv] Oguz Erkol, “Goldman Sachs Needs a Clearer Outlook,” May 30, 2015, 5:11 P.M., p. 4, http://seekingalpha.com/article/3039766-goldman-sachs-needs-a-clearer-outlook?page=2.
[xcv] Reuters, “Goldman, Morgan Stanley, Wink Back Hedge Fund Trading Business,” Oct. 6, 2015, 2:15 P.M., p. 2-3.
[xcvi] Reuters, “Goldman, Morgan Stanley, Wink Back Hedge Fund Trading Business,” Oct. 6, 2015, 2:15 P.M., p. 2-3.
[xcvii] Oguz Erkol, “Goldman Sachs Needs a Clearer Outlook,” May 30, 2015, 5:11 P.M., p. 4, http://seekingalpha.com/article/3039766-goldman-sachs-needs-a-clearer-outlook?page=2.
[xcviii] Oguz Erkol at 5.
[xcix] Oguz Erkol at 5.
[c] Id. at 5.
[ci] Id. at 6.
[cii] Id. at 4.
[ciii] Goldman Sachs, “Goldman Sachs Named Most Prestigious Banking Employer,” p. 1, http://www.goldmansachs.com/careers/blog/posts/gs-named-most-prestigious-banking-employer.html.
[civ] See Jason A. Colquitt, Jeffery A. LePine, Michael J. Wesson, “Organizational Behavior—Improving Performance and Commitment in the Workplace,” 4th Edition, 2015, p. 245.
[cv] See Gary Armstrong, Philip Kotler, “Principles of Marketing, sixteenth edition,” 2016, 2014, 2012, Pearson Education, Inc., p. 2-3.
[cvi] See Jennifer Rooney, “In Dell Social Media Journey, Lessons For Marketers About The Power Of Listening” p. 3.