Goldman Sachs CEO joins the billionaires club

Discussion in 'The Howard Stern Show' started by rory, Jul 17, 2015.

  1. rory

    rory Well-Known Member

    Reputations:
    -5,540
    Joined:
    Feb 13, 2014
    Messages:
    974
    Likes Received:
    1,228
    [​IMG] Goldman Sachs CEO joins the billionaires club

    Goldman Sachs' CEO Lloyd Blankfein is officially a billionaire.

    The bank CEO now has an estimated $1.1 billion net worth thanks to the rise in Goldman's stock price. (About $500 million of his worth is in Goldman's shares, Bloomberg calculated).

    What's really remarkable about Blankfein, though, is that he's someone who comes from humble beginnings. He's the epitome of the "American dream."

    Blankfein was born in the Bronx. He grew up in Brooklyn in the Linden Housing projects. He shared a small apartment with his extended family, including his grandmother, his sister, and his nephew.

    His father sorted mail for the post office. He worked the night shift because it paid about 10 percent more than the day shift. His mother worked as a receptionist at a burglar alarm company. Blankfein later joked that it was "one of the few growth industries" in the neighborhood.

    To earn extra money, Blankfein began working as a lifeguard. He also served concessions at Yankee stadium, according to Fortune magazine.

    [​IMG]Google MapsHe grew up in the Linden Housing project in Brooklyn.

    Blankfein was a good student. He attended Thomas Jefferson high school, which no longer exists as a high school.

    He did well because he wanted to succeed. One of his favorite pastimes was, and still is, reading historical biographies. He later said he especially liked biographies about people "who started out unimportant but ended up having a significant life."

    Blankfein, who was a champion swimmer, graduated as his class' valedictorian. He earned a scholarship to Harvard. Leaving for college was the first time Blankfein left New York City.

    College life wasn't easy.

    Blankfein came from a lower-income background compared to many of his peers and he had to work in the cafeteria to makes ends meet. He later said he found college "intimidating" and he felt "insecure." Those feelings made him want to work harder.

    As he became more comfortable at Harvard, Blankfein became even more driven by ambition. he realized that he belonged. He was driven to succeed.

    Blankfein described that sense of ambition to a group of college graduates in 2013.

    "Ambition is your inner voice that tells you you can and should strive to go beyond your circumstances or station in life. You have overcome obstacles, pressures and self-doubt and you have done it because you have ambition. You want to succeed for your families and yourselves. And there is no more powerful force through which to do that than through education and know how."

    [​IMG]Thomas Jefferson High SchoolBlankfein graduated top of his class in high school and attended Harvard.

    After graduation, Blankfein attended Harvard Law. He practiced for a while, but he wanted to get into finance.

    He applied to a number of firms, including Goldman Sachs, but was turned away by all of them. He took a different route for getting to Goldman.

    He took a job at J. Aron & Company, a commodity trading firm. It wasn't a very prestigious company. Last summer Blankfein said it was about as prestigious as selling toasters.

    But then J. Aron & Company was acquired by Goldman Sachs, and Blankfein was in.

    During his time at Goldman, he has led the Fixed Income, Currency and Commodities (FICC) division. He also served as president and COO. He became the CEO of Goldman since 2006.

    Of course, with the 2008 financial crisis, there's been a lot of ire directed toward the leaders of major Wall Street investment banks. And for obvious reasons, too. Blankfein is one of two remaining bank CEOs from the crisis. The other, JPMorgan's CEO Jamie Dimon, is also a billionaire when you factor in his ownership of JPMorgan's shares.


    Lloyd Blankfein is officially a billionaire.
     
    babybear likes this.
  2. Awesomesauce

    Awesomesauce Active Member

    Reputations:
    837
    Joined:
    Apr 21, 2015
    Messages:
    132
    Likes Received:
    170
  3. rory

    rory Well-Known Member

    Reputations:
    -5,540
    Joined:
    Feb 13, 2014
    Messages:
    974
    Likes Received:
    1,228
    Just goes to show you. Cheat , lies and deception can pay off. There is a special place in the underworld for people like this. But I guess he's just another innocent victim of prejudice.
     
    Turtle Man, Humongous and isabella like this.
  4. Calloused Shins

    Calloused Shins Well-Known Member

    Reputations:
    68,863
    Joined:
    Oct 17, 2014
    Messages:
    4,857
    Likes Received:
    8,154
    I'm real happy for this guy....
     
    babybear likes this.
  5. vaporizer

    vaporizer Well-Known Member

    Reputations:
    44,726
    Joined:
    Mar 13, 2015
    Messages:
    3,572
    Likes Received:
    7,763
  6. rory

    rory Well-Known Member

    Reputations:
    -5,540
    Joined:
    Feb 13, 2014
    Messages:
    974
    Likes Received:
    1,228
    [​IMG]
    i have more respect for this guy,at least you know what your dealing with.
     
    jackieavenger likes this.
  7. suckemnuckledus

    suckemnuckledus Well-Known Member

    Reputations:
    20,048
    Joined:
    Mar 17, 2012
    Messages:
    3,190
    Likes Received:
    4,701
    I want my fucking money back! But then again thanks to him rigging the system I bought 100,000 shares of SIRI between .07 and .20! Citi at 1.07!!
     
    Calloused Shins likes this.
  8. Rip mcdivvit

    Rip mcdivvit Well-Known Member

    Reputations:
    12,087
    Joined:
    Feb 4, 2015
    Messages:
    1,487
    Likes Received:
    1,917
    Why did you buy?
     
  9. isabella

    isabella VIP Extreme Gold

    Reputations:
    64,564
    Joined:
    Sep 14, 2010
    Messages:
    14,359
    Likes Received:
    10,659
    blankfein is an evil, ugly, rat faced prick and gives jews a bad name. he and goldman sucks have done more to enrich themselves and bankrupt nations and entities with the exception of maybe george soros.
    yet the liberals are always shrieking about those "evil" koch brothers.
     
    rory, rockstarhair and jackieavenger like this.
  10. Drungle

    Drungle VIP Extreme Gold

    Reputations:
    6,662
    Joined:
    Dec 17, 2014
    Messages:
    2,359
    Likes Received:
    12,106
  11. supernaut

    supernaut Well-Known Member

    Reputations:
    1,067
    Joined:
    Jan 15, 2014
    Messages:
    204
    Likes Received:
    288
    aren't the r & d nominees bought and paid for by goldman sacks every time?
     
  12. Anyonenow

    Anyonenow Well-Known Member

    Reputations:
    119,578
    Joined:
    Dec 14, 2011
    Messages:
    7,481
    Likes Received:
    5,597
    He should run for President!
     
  13. HowieStearn

    HowieStearn HateClub

    Reputations:
    80,080
    Joined:
    Dec 13, 2011
    Messages:
    14,490
    Likes Received:
    14,263
    more proof money cant buy hair
     
    scoobyla likes this.
  14. Stew Nod

    Stew Nod Hello VIP

    Reputations:
    313,771
    Joined:
    Feb 9, 2012
    Messages:
    55,641
    Likes Received:
    41,345
    "doing God's work"


    They are the devil and have been at the center of every banking crisis since 1929...profiting. Scum of the Earth



    http://www.thenation.com/article/goldmans-greek-gambit/

    How Goldman Sachs Profited From the Greek Debt Crisis
    The investment bank made millions by helping to hide the true extent of the debt, and in the process almost doubled it.
    By
    Robert B. Reich

    JULY 16, 2015


    The Greek debt crisis offers another illustration of Wall Street’s powers of persuasion and predation, although the Street is missing from most accounts.

    The crisis was exacerbated years ago by a deal with Goldman Sachs, engineered by Goldman’s current CEO, Lloyd Blankfein. Blankfein and his Goldman team helped Greece hide the true extent of its debt, and in the process almost doubled it. And just as with the American subprime crisis, and the current plight of many American cities, Wall Street’s predatory lending played an important although little-recognized role.

    In 2001, Greece was looking for ways to disguise its mounting financial troubles. The Maastricht Treaty required all eurozone member states to show improvement in their public finances, but Greece was heading in the wrong direction. Then Goldman Sachs came to the rescue, arranging a secret loan of 2.8 billion euros for Greece, disguised as an off-the-books “cross-currency swap”—a complicated transaction in which Greece’s foreign-currency debt was converted into a domestic-currency obligation using a fictitious market exchange rate.

    As a result, about 2 percent of Greece’s debt magically disappeared from its national accounts. Christoforos Sardelis, then head of Greece’s Public Debt Management Agency, later described the deal to Bloomberg Business as “a very sexy story between two sinners.” For its services, Goldman received a whopping 600 million euros ($793 million), according to Spyros Papanicolaou, who took over from Sardelis in 2005. That came to about 12 percent of Goldman’s revenue from its giant trading and principal-investments unit in 2001—which posted record sales that year. The unit was run by Blankfein.

    Then the deal turned sour. After the 9/11 attacks, bond yields plunged, resulting in a big loss for Greece because of the formula Goldman had used to compute the country’s debt repayments under the swap. By 2005, Greece owed almost double what it had put into the deal, pushing its off-the-books debt from 2.8 billion euros to 5.1 billion. In 2005, the deal was restructured and that 5.1 billion euros in debt locked in. Perhaps not incidentally, Mario Draghi, now head of the European Central Bank and a major player in the current Greek drama, was then managing director of Goldman’s international division.

    Greece wasn’t the only sinner. Until 2008, European Union accounting rules allowed member nations to manage their debt with so-called off-market rates in swaps, pushed by Goldman and other Wall Street banks. In the late 1990s, JPMorgan enabled Italy to hide its debt by swapping currency at a favorable exchange rate, thereby committing Italy to future payments that didn’t appear on its national accounts as future liabilities.

    But Greece was in the worst shape, and Goldman was the biggest enabler. Undoubtedly, Greece suffers from years of corruption and tax avoidance by its wealthy. But Goldman wasn’t an innocent bystander: It padded its profits by leveraging Greece to the hilt—along with much of the rest of the global economy. Other Wall Street banks did the same. When the bubble burst, all that leveraging pulled the world economy to its knees.

     
    rory likes this.
  15. Sickboy

    Sickboy Latverian Monarch

    Reputations:
    48,234
    Joined:
    Jan 18, 2012
    Messages:
    4,196
    Likes Received:
    6,464
    Der ewige Jude
     
  16. rory

    rory Well-Known Member

    Reputations:
    -5,540
    Joined:
    Feb 13, 2014
    Messages:
    974
    Likes Received:
    1,228
    This is wrong, on so many levels. GS took billions of dollars in the bailout while millions of Americans lost anywhere from 20-50 % of their retirement funds, because these crooks made bad loans, bundled unscrupulous deals, and took obscene salaries and bonuses. Now, 7 seven years later we're making this guy out as a hero, and flaunting his "success" and wealth, while the rest if us who carried his thieving carcass, are still trying to rebuild our retirement plans