Lloyd Blankfein, CEO of Goldman Sachs, once claimed he was performing “God’s work.” Yet, after Goldman tripled Mr. Blankfein’s base salary last year–even as profits fell–some of “His” more dedicated employees were inclined to disagree. In Jersey City on May 6, at the 2011 annual meeting of Goldman Sachs shareholders, investors will vote on a Read More
Goldman Sachs issued its third press release about the S.E.C. suit today–each one a little longer and more defiant than the previous one.
Dealbreaker thinks they’re setting up their young trader, Fabrice Pierre Tourre, to take the fall. Felix Salmon thinks they’re being misleading.
I happened to Read More
“It’s just a building when it comes right down to it,” 91-year-old George Doty, the former Goldman Sachs managing partner, said last month. His firm had just started moving out of 85 Broad Street, its headquarters for the past three decades, and into a shiny new West Street tower. “Buildings, to me, don’t have a Read More
As Goldman Sachs trades its old headquarters for the new, there is a notable constant: the financial firm’s desire for the nondescript.
The company’s new headquarters-to-be, at 200 West Street, is no avant-garde architectural statement, just as its old building, at 85 Broad Street, was entirely missable. The anonymity is on purpose: At a time Read More
For today’s sermon, let us return to the always popular subject, Your Dollars and Mine at Work and Play. I doubt that 1 in 10,000 of We the Taxpayers (and 0 in 535 on Capitol Hill) has a grasp of what has really been going on in the Great Geithner Giveaway, so let me lay Read More
Last week I turned 73. In all that time (as it seems to me), I cannot recall seeing anything in a newspaper that filled me with as much disgust and outrage as this, which appeared on the front page of Sunday’s New York Times: “After Off Year, Wall Street Pay Is Bouncing Back.”
I Read More
When one looks at the financial/economic mess, one cannot help but be moved and saddened by the “collateral damage,” as functionaries call innocent bystanders killed and maimed in a terrorist or counterterrorist assault. Among the victims, start with the people who owned good stocks in 401(k) and investment accounts who’ve seen their retirement accounts down Read More
Jesse, a 27-year-old former New York City investment banker, moved to Buenos Aires 11 months ago. In the last few months, he says the trickle has turned into a full spray: On average he meets two new arrivals a week. “There is a huge global migration of newly unemployed bankers to Buenos Aires,” he said. Read More
With jobs in jeopardy and investments limping, it’s understandable that Main Street takes comfort in finding a bogeyman to blame for the country’s current economic miseries. And last month, when the New York State comptroller announced that Wall Street handed out $18.4 billion in bonuses for 2008, Main Street didn’t even have to get up Read More
Li & Fung Group, a consumer goods behemoth, has taken a full floor in press-shy Lloyd Goldman’s 1372 Broadway, which the quietly powerful developer bought from the struggling Wachovia Bank for a decidedly under-market $274 million in October. (Even better, Wachovia financed the purchase.)
Li & Fung didn’t respond to our requests for comment. Read More