Four days after the S.E.C. filed a devastating suit against the firm, Goldman's partners gave Mr. Blankfein a standing ovation, according to Brad Hintz, an analyst who spoke to several executives. Mr. Hintz said Goldman's employees have "closed ranks" and "are pulling together like a team under pressure."

The standing O would seem to indicate that Goldman's brass likes Mr. Blankfein's spirited defense against charges that it misled investors. Which is good, since Mr. Blankfein seems to be planning a network t.v. offensive.