The phone call lasts just a few seconds. The words “congratulations, you’ve become a partner,” are just about all Lloyd Blankfein, the boss of Goldman Sachs, will have time to say to the 85 or so bank high-flyers he will ring next Wednesday to invite into one of the most prestigious and lucrative cliques on Wall Street…Those aspiring partners who pick up their phones next week and hear not Blankfein’s New York tones but, perhaps, the more familiar voice of their divisional boss on the end, will know their time has not come. Some will walk. But others, as Sherwood puts it, “will go back to their desk, and work hard” and try again in two years’ time. [Guardian, Earlier]
A Third Group Will Lay In Wait For Twenty Or So Years Before Bulldozing The House Of The Guy Who Did This To ThemBy Bess Levin
Amateur Hour At West Side YMCA Prevented Lloyd Blankfein From Exercising His Civic Duty This MorningBy Bess Levin
Already exhausted from a massive cleanup and nightmarish commutes to work, thousands of U.S. voters in storm-struck New York and New Jersey encountered confusion and long lines as they tried to cast ballots in a cliffhanger presidential election…Voting at the YMCA on West 63rd Street in Manhattan was delayed because election officials could not find the ballot cards and scanners were not working properly. Among those arriving to vote there was Lloyd Blankfein, the chief executive of investment banking powerhouse Goldman Sachs. He left before voting there began. [Reuters]
Speaking on CNBC, Blankfein said he hasn’t read Smith’s Book, “Why I Left Goldman Sachs: A Wall Street Story,” which hit bookstores on Monday. He noted some reviewers said it wasn’t worth the hour and a half it would take to read. [Deal Journal]
Bloomberg: Not One Bank CEO Can Fill Jamie Dimon’s Shoes, Especially Not That Guy From Australia Who Doesn’t Own An IronBy Bess Levin
Earlier today, Bloomberg ran a lengthy piece about the latest crisis on Wall Street: a lack of Jamie Dimon. Specifically, a lack of Jamie Dimon telling meddlesome regulators, anti-industry populists, know-nothing Congressmen, and hypocrite bastard newspapers where they can go and what they can suck. True, it’s not as though he’s gone anywhere, and he’s still reminding people “it’s a free fucking country” but “juggling multiple investigations and a $5.8 billion trading loss on wrong-way bets on credit derivatives” has left his hands a little tied and, some believe, cost him his once untouchable “stature” in the industry.
And while one should never simply offer problems without solutions, Bloomberg isn’t gonna sugarcoat this one: when it comes to “any kind of credible statesmen” to step in for JD, Wall Street is shit out of luck and not just because no one besides Lloyd came close in sales of their respective Bankers At Work And Play pin-up calendars. Among current CEO’s, Lloyd Blankfein, Brian Moynihan and Vikram Pandit are deemed too busy “fixing their own firms or repairing their reputations,” while Wells Fargo chief John Stumpf, though respected among his peers, is ruled out due to geography (“Part of Jamie’s fitting into that role was his natural brashness as a Wall Streeter and New Yorker, and that is not John”).
Mr. Blankfein did not rule out working in government after his tenure as the chief of Goldman is over. “I have aspirations to be desired,” he said eliciting laughter from the several hundred attendees. “By any president; I didn’t mean to limit it to the United States.” [Dealbook via DI]
the boy who would be king
Gary Cohn Is Very Happy Doing What He’s Doing i.e. Waiting For Someone To Pick Up The Hints He’s Been Dropping And Retire AlreadyBy Bess Levin
“Of course I would like to be CEO of Goldman Sachs, but I am very happy in the role and job I’m in now and I’ve a great job and a great opportunity in front of me. I am very happy doing what I am doing.” Read more »
Meredith Whitney Not Worried About Jamie Dimon’s Ability To Handle House Financial Services Committee, Unlike Some Chief Executives She KnowsBy Bess Levin
As you may have heard, later today Jamie Dimon will once again testify on Capitol re: a certain whale’s multi-billion dollar losses. Unlike last week’s hearing, conducted by the relatively reasonable Senate Banking Committee, this time Dimon will face questions and screeching from the relatively bat-shit House Financial Services Committee, a group of people we hope will not hold back. Yet despite the HFSC’s history of making witnesses look good, not matter how egregious their offense, by conducting inquiries in a manner that would suggest recreational bath salts abuse by the Congressmen and women, Bloomberg’s Tom Keene was still worried earlier this morning about Dimon’s ability to navigate the hearing. One person who wasn’t? Keene’s Bloomberg TV Surveillance guest Meredith Whitney. According to the analyst, Dimon be more than fine and while we’re on the subject, not that you asked, she can think of another bank CEO who’d crack under Congressional questioning on account of the fact that he doesn’t have Dimon’s eyes, which you could get lost in. Read more »