Blankfein told shareholders pushing for a "lid on excessive pay" at GS's annual meeting that he was very concerned about the company adopting the proposal, as it would “create a feedback loop. It would create a cloud, a constraint, a limitation on decisions that have been at the heart of what a board has done." The whole thing was said to be very impassioned and that at several moments, one could detect a slight cracking in Blankfein's voice. Huge mistake. Obviously Blankfein, who was paid $70 million last year would like to keep himself in the lifestyle he's become accustomed to. But as the CEO on Wall Street who's fucked up the least in recent memory, he should be playing it cool. He should've walked in there and said "I am Lloyd fucking Blankfein. There will be no say on my pay. In fact, bitches, just because you have offended me, I want my 2008 bonus package to be determined today. $100 million. That's right, a unit, baby." Then dropped the mic and walked off. And you know what? They would've said okay. You want say on pay, I have two words for you, people: Jimmy Cayne. I hear he's looking for work, and will agree to just about anything.
Goldman Chief Says ‘Say on Pay’ Would Be Damaging [DealBook]

The Wall Street Journal's Carol Hymowitz reports this morning that today's CEOs are devoting far too much time to actually failing at their jobs and not enough to determining who will get to be CEO next when those failures are made public, and they get canned. According to Hymowitz, "Chief execs are too busy focussing on the shit of the present so that when new shit comes to light, their companies are shit out of luck." I think-- I think but I'm not sure-- she might be referring to Chuck Prince/Citigroup and Stan O'Neal/Merrill Lynch. She's obviously not talking about Jimmy Cayne/Bear Stearns, because Big C spent at least an hour last Tuesday afternoon coming up with a few options for what BSC should do in case of an emergency. Unfortunately, Cayne couldn't choose one ("I can't decide, I love them all. It would be like asking me to choose between White Widow and Northern Lights-- impossible.") and in a voicemail he probably regrets leaving, asked us to "put it to the DealBreaker audience." So:
We first heard about the alleged hookers and drugs adventures of former Broadcom chief executive Henry Nicholas while we were live on Squawk Box. 



Against all odds, the story of Overstock continues to get worse. The company has been a laughing stock to almost anyone who can be bothered to think about it anymore. It’s the focus of an SEC investigation. It is run by a chief executive whose name—Patrick Byrne—long ago became synonymous with wacky conspiracy theories. It regularly deploys nasty tactics to defame reporters who dare mention its deterioration. An it’s bleeding directors.
Are you a CEO (who found his/her way over here from SuperMogul)? If so, drop the blow, dead hooker and, for those of you driving, the bottle of Jack. Your shareholders may try and use these things against you! CNBC reports that—in addition to
Eddie Lampert may be betting that former US Treasury Secretary Robert Rubin is poised to take over as chief of Citigroup, according to a former colleague of both Lampert and Rubin. Earlier this week, 