Lloyd C. Blankfein, chairman and chief executive officer of Goldman Sachs Group Inc. for the past six years, said it’s a “tough job to leave” and he’s unlikely to follow his predecessors into government.
George Doty, an accountant by training who helped establish Goldman, Sachs & Co.’s rigorous rules on finances and conduct as partner in charge of administration for two decades until 1984, has died. He was 94.
John F. W. Rogers is known on Wall Street for four initials and an enviable fact of corporate geography. The F. and W. stand for Francis and William, though why Rogers uses them both is one of several mysteries he has either gone out of his way to cultivate or never seen fit to explain.
For Goldman Sachs Group Inc. , the moment of truth came as December 2006 bled into 2007. That’s when the investment bank got a chance “to flip the switch and get short,” recalls trader Joshua Birnbaum in William D. Cohan ’s imposing history of the firm, “Money and Power.”
What will it take for Americans to finally get the message that much of Wall Street, in its current form, is a corrupt enterprise in need of a top-to-bottom overhaul, a task that the year-old Dodd-Frank law, for all its verbosity, barely attempts?
Wall Street banks led by JPMorgan Chase & Co. and Morgan Stanley stand to make a combined $120 million on General Motors Co.’s initial public offering. If it weren’t for Goldman Sachs Group Inc. , they could have made four times as much.