Lloyd C. Blankfein

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Lloyd Blankfein (2011)

Lloyd Craig Blankfein (born September 20, 1954 in Bronx , New York ) is an American bank manager and was Chairman and Chief Executive Officer (CEO) of the investment bank Goldman Sachs from June 2006 to September 2018 . Blankfein has been married to former lawyer Laura Jacobs Blankfein since 1983. They have two sons and a daughter.

Origin and studies

Blankfein was born into a Jewish family in the Bronx and grew up as the son of a postal worker in simple circumstances in Brooklyn . He was the only member of his family to study and graduated in law from Harvard University , which he now supports financially. He financed his studies with grants and loans.

Time at Goldman Sachs

In 1981 he applied to Goldman Sachs , but was initially not hired. He worked as a tax lawyer for Donovan, Leisure, Newton & Irvine , and later for J. Aron & Co. , a specialist in gold and commodities trading. When Goldman Sachs bought his employer, he was automatically in the company he had previously unsuccessfully applied to. Here he quickly made a steep career.

In 2004 he was promoted to Vice President of Goldman Sachs, Deputy CEO Henry Paulson , who later became Secretary of the Treasury.

At the time, a trio of Paulson and Co-COOs and Presidents John A. Thain and John L. Thornton ruled the company. In 2003 alone, your business accounts included a total value of 393.4 billion dollars ( mergers and acquisitions ). But Thornton resigned in March 2003 and became a professor at Tsinghua University in Beijing , Thain became head of the New York Stock Exchange in December of the same year. Blankfein's department, on the other hand, became the most successful in-house and soon contributed over a third of the company's revenues (5.6 billion). He himself earned around $ 20 million in 2003. In 2007, Blankfein received the largest bonus paid to a Wall Street banker at $ 67.9 million .

When Paulson was appointed Secretary of the Treasury by US President George W. Bush in 2006 , Blankfein became CEO of Goldman Sachs.

In 2007, Blankfein supported Hillary Clinton as the Democratic Party's presidential candidate , as did his colleague John J. Mack of Morgan Stanley . Clinton, however, failed against Barack Obama .

In the summer of 2018, he announced his resignation as CEO of Goldman Sachs in late September. A few weeks after the business was handed over, the fraud scandal surrounding the Malaysian sovereign wealth fund 1MDB hit the headlines because he is said to have taken part in meetings.

capital

According to Bloomberg , Blankfein has private assets of $ 1.1 billion (as of July 2015).

Credit crunch

In July 2007 it became clear to the public that a credit crunch was looming, which Blankfein had already assessed as over in October 2007. Despite the deepening crisis, his bonus rose 25% to $ 67.9 million.

In September 2008, the New York Times published a list of financial bankers with their equity stakes in their own companies, comparing their January 2007 value with that of the time. Blankfein's stake in Goldman Sachs had decreased its value from $ 405.6 million to $ 291 million.

Apparently Blankfein took part in the small round, which was also attended by his former boss Paulson, who was responsible for rescuing the largest American insurance company, the American International Group , and in which Goldman Sachs invested around 20 billion.

In November 2009, Blankfein said he was doing “God's work”, but later withdrew this statement.

While Goldman Sachs' share price and profits fell 46 and 47 percent in 2011, Blankfein received $ 16.2 million, 14.5 percent more than in the previous year.

In the film Too Big to Fail, released in 2011 , which deals with the financial crisis since 2007, Blankfein was portrayed by Evan Handler .

Private

In September 2015 it became known that Lloyd Blankfein was suffering from lymph gland cancer .

Web links

Individual evidence

  1. ↑ a b Astrid Dörner: Article on the handover of the business at Goldman Sachs. Handelsblatt GmbH, October 1, 2018, accessed on February 17, 2019 .
  2. ↑ Norbert Kuls: The fighter from the Bronx. Frankfurter Allgemeine Zeitung Online from April 20, 2010.
  3. ↑ Wolfgang Reuter, Beat Balzli & Mathias Müller von Blumencron : We are in the spotlight . In: Der Spiegel . No. 39 , 2009, p. 94-97 ( online ).
  4. ↑ Astrid Dörner: Scandal over the Malaysian state fund scratches the reputation of the ex-Goldman boss. Handelsblatt GmbH, November 11, 2018, accessed on February 17, 2018 .
  5. ^ Lloyd Blankfein Is Now a Billionaire , Bloomberg News . July 17, 2015. Accessed February 13, 2020. 
  6. ↑ According to ecolot ( memento of the original from October 23, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / ecoblog.blog.de
  7. ↑ Torsten Holtz: Debate about top salaries: Verdi boss calls for higher taxes. Münchner Merkur, 24./25./26. December 2007.
  8. ^ As reported in the New York Times: Gretchen Morgenso: Behind Insurer's Crisis, Blind Eye to a Web of Risk. September 27, 2008 .
  9. ↑ I'm doing 'God's work'. Meet Mr Goldman Sachs. In: Times Online, Nov. 8, 2009 ( November 9, 2009 memento on the Internet Archive ).
  10. ↑ 35 percent less: Goldman boss can cope with lower wages , Focus Online, April 14, 2012.
  11. ^ Goldman Sachs boss seriously ill , faz.net, from September 22, 2015.
personal data
SURNAME Blankfein, Lloyd C.
ALTERNATIVE NAMES Blankfein, Lloyd Craig
BRIEF DESCRIPTION American bank manager
DATE OF BIRTH 20th September 1954
PLACE OF BIRTH Brooklyn , New York