It looks like the worst-kept secret on Wall Street is even less well-kept than it was back in March.
Goldman Sachs' achingly boring and sadly obvious succession plan is back in the headlines today with The New York Times reporting that Lloyd Blankfein will more than likely announce his retirement in December and hand the reins over to part-time Goldman president and full-time EDM DJ David Solomon. The report is a nice companion piece to a very familiar story that ran in the WSJ a few weeks ago.
It's odd to us that everyone is so caught up with how and when Lloyd will abdicate his throne to Solomon considering that anyone who really knows Goldman knows that that this saga only ends when Marty Chavez walks out of 200 West St brandishing the severed bloody heads of Lloyd and DJ D-Sol, with a naked, gagged and chained Bill George trailing behind him.
And the constant fascination with Lloyd's retirement is not being ignored inside Goldman where people are getting pretty annoyed by all the manufactured hullabaloo. In fact, one senior Goldman exec who claims to have suddenly misplaced their Twitter password asked if we could share this tweet on their behalf:
"Can understand why the @NYT seems so focused on our succession process…not every public company has the tradition of passing leadership from father to son."
So, we'll leave it here...until Bloomberg breaks this very same story in early July.