Goldman Sachs CEO Lloyd Blankfein Days are Short According to Charlie Gasparino – Similiarites to Sandy Weill
Posted on | July 19, 2010 | Comments Off
In a recent article written for Huffington Post, Charlie Gasparino points out the many similarities of Goldmans Sachs CEO Lloyd Blankfein and former Citigroup CEO Sandy Weill. With Goldman reaching a settlement with the SEC for $550 million some feel that Goldman has the 2007 mortgage debt issue completely in its past.
Unfortunately, settling with the SEC does not always put issues in the past. Even though it was just a few years ago many people forget the issues that Citigroup faced with its then CEO Sandy Weill. The “kid pro quo” case not only hurt Citigroup’s image but it also ended the days of Sandy Weill as the King of Wall Street. When looking at Citi’s stock today you can clearly see that the firm is still attempting to recover the image they once had.
The Sandy Weill and Citigroup case was settled for $400 million with the SEC while the Goldman Sachs case settled for $550 million. The imagine of Citi was tarnished and the stock has seen difficult times since. Goldman Sachs stock rallied on the news of the settlement but is currently well off year-to-date highs of around $185. Even with the rally over the last few days Goldman still sits at $145.
When comparing Sandy Weill and Lloyd Blankfein the similarities continue as both were/are heads of firms that are in the financial services sector and image is (almost) everything. Although the Goldman image is not as bad as BP many Americans are not happy with the wrongdoings of the firm. It will be interested to see how long Lloyd Blankfein stays CEO of Goldman Sachs. If history repeats itself he will likely step down sometime in 2010.
Author: Jesse Wojdylo
Ask Wojdylo Column – Financial, Entertainment and Sports news with a money spin.
Tags: charlie gasparino lloyd blankfein > goldman ceo > goldman lloyd blankfein > goldman sachs ceo > goldman sec > lloyd blankfein