About Lloyd Blankfein
Lloyd Craig Blankfein (born September 20, 1954 in The Bronx, New York City) is the current Chief Executive Officer (CEO) and Chairman of Goldman Sachs. After the May 31, 2006 nomination of former CEO Hank Paulson as Secretary of the Treasury, Blankfein was announced as his replacement.
Blankfein was raised in the Linden Houses, part of the New York City Housing Authority. His father was a clerk with the Postal Service in Manhattan. He received primary and secondary education in the public schools of the New York City Department of Education, and was a valedictorian at Thomas Jefferson High School in 1971. He attended Harvard College, where he lived in Winthrop House, and earned his A.B. in 1975, and in 1978 received a J.D. from Harvard Law School.
Blankfein worked as a corporate tax lawyer for the law firm Donovan, Leisure, Newton & Irvine. In 1981, he joined Goldman's commodities trading arm, J. Aron, as a gold bar and coin salesman.
He is the Gala Chairman of the Rockefeller family's Asia Society in New York. He also serves on the board of the Robin Hood Foundation, a charitable organization seeking to alleviate poverty in New York.
Blankfein earned a total of $53.4 million in 2006, making him one of the highest paid executives on Wall Street. His bonus reflected the performance of Goldman Sachs, which reported record net earnings of $9.5 billion. The compensation included a cash bonus of $27.3 million, with the rest paid in stock and options. Blankfein earned a total of US$67.9 million in 2007, he will receive US$26.8 million in cash, and US$41.1 million in restricted stock and options. The Guardian commented on Goldman's recent success:
The bank's success is becoming a tiny bit embarrassing. Goldman's annual profits, announced on Tuesday, were up 22% to $11.6bn ... Any day now, Blankfein will feel an unwelcome glow of scrutiny when details of his own pay package are disclosed in an SEC filing. He is set to get something around the $70m mark, compared with $54m a year ago. For all Goldman's undeniable canniness this year, that's a phenomenally big sum for one individual - particularly in an economy dipping close to recession in which two million people are in danger of losing their homes to foreclosure.
Moreover, compounding the bad press are numerous news reports stated that Goldman Sachs under his reign has sold or peddled CDOs or CDO-like products, while another department or departments at the firm were at the same time shorting those sorts of instruments.
Nevertheless, the continued success of the company is an indication that human capital and corporate teamwork are instrumental in adverse economic conditions. Without the leadership of Blankfein, the firm could have faced similar competitor losses. Thus, consistent with market levels and competitor compensation rates, Blankfein's remuneration is not unfounded.
He now resides in New York with his wife, Laura Jacobs Blankfein an attorney, and three children, the two oldest attend Harvard as well. He is a member at Manhattan Woods Golf Club in West Nyack, N.Y.
It's hard to imagine a financial institution that has weathered the economic crisis as well as Goldman Sachs has. Wall Street's most watched and talked-about erstwhile investment bank took just seven months to shake the government off its back - it repaid its tarp funds ($10bn) in June - and return to doing what it does best: making money.In Goldman's Blankfein hits bottom in Vanity Fair survey