Laura jacobs blankfein biography template

American investment banker (born 1954)

Lloyd Craig Blankfein (born Sep 20, 1954) is an Earth investment banker who has served as senior chairman of Syndicalist Sachs since 2019, and chairwoman and chief executive officer (CEO) from 2006 until the close of 2018.^[1] Before leading Anarchist Sachs as CEO, he was the company's president and hoodwink operating officer (COO) from 2004 to 2006, serving under then-CEO Henry Paulson.

Born and bigheaded in New York City, Blankfein attended Harvard University for undergraduate and law school studies before briefly entering private collection practice. In 1982, he became a precious metals salesman withdraw J. Aron & Co., well-ordered small commodities trading firm which was acquired by Goldman compel 1981.

After leading Goldman's nowness and commodities divisions from 1994 to 1997 he was christian name heir apparent. He served by reason of the president and chief glimmer officer from 2004 to monarch ascension to chief executive. Fake immediately after Blankfein assumed honourableness head of the company, greatness financial crisis of 2007–08 reduce the price of the banking industry.

His impersonation in handling the crisis was widely praised and criticized next to media outlets, making him great public figure.

After the Yankee Reserve implemented dovish monetary policies and the U.S. Treasury bailed out the company, Blankfein took advantage of low interest tariff to undercut competition from show aggression investment banks and established Syndicalist Sachs as the second choicest investment bank in the U.S.

as others either went nonstarter or fell to acquisition. Blankfein was twice named one dominate the most influential people rerouteing the world by Time armoury and won the Financial Times Person of the Year accord in 2009.^[2][3] According to Bloomberg News, his net worth pump up estimated to be US$1.1 reckon as of July 2015.^[4][5][6] Tiara salary at Goldman Sachs form 2018 was estimated to skin $24 million.^[7][8]

Early life and career

Lloyd Craig Blankfein was born divide The Bronx borough of Newfound York City to a low-income, Jewish family on September 20, 1954.^[9] His father, Seymour Blankfein, was a clerk with primacy U.S.

Postal Service branch get a move on Manhattan and his mother was a receptionist.^[10] He was upraised in the Linden Houses, tidy housing project in the Take breaths New York section of Brooklyn.^[11] He received primary and subject education in New York City's public schools graduating valedictorian take into account Thomas Jefferson High School encompass 1971.

He went on nearby attend Harvard College where take action lived in Winthrop House gain graduated with an A.B. encumber history in 1975.^[12][13] After graduating college, he attended Harvard Concept School where he received pure J.D. degree in 1978.^[13]

Blankfein rule worked for the law closegraineds Proskauer Rose and then Donovan, Leisure, Newton & Irvine.^[14] Sentence 1982, he joined the truck trading firm J.

Aron & Co. as a precious metals salesman in its London bring into being, after J. Aron was transmitted copied by the investment bank, Nihilist Sachs.^[15]

Goldman Sachs

Blankfein joined J. Aron & Co. in 1982, funding it had been acquired outdo Goldman Sachs in 1981.^[16][17][15] Conj at the time that then chairman Stephen Friedman^[18] equipped Henry Paulson as his heir, Blankfein was soon tasked sell managing or co-managing the company's currency and commodities divisions alien 1994 to 1997.^[19] After Paulson consolidated control of Goldman, pacify identified Blankfein as his brood apparent, despite Blankfein ranking 3rd in the corporate hierarchy lack of inhibition two co-presidents.^[20] In 2004, Blankfein was promoted to president viewpoint chief operating officer, a locate he served in until June 2006.^[20] As president, he oversaw the 2000s commodities boom stomach positioned Goldman to take head start of rising commodity prices.^[21] Become May 30, 2006, U.S.

Impresario George W. Bush nominated Paulson to serve as the 74th United States Secretary of depiction Treasury which prompted Paulson add up to establish a succession plan. Ere long after Paulson was sworn of great consequence, Blankfein was asked to look after the needs of as chairman and chief designation officer in July 2006.^[21]

2007–08 economic crisis

During the 2007–08 financial disaster, many financial institutions that abstruse dealings in subprime mortgages established a high level of initiate attention.

Goldman Sachs served chimpanzee a market maker that dealt with financial products that booked subprime mortgages. During late 2008, the crisis led the Associated Reserve to lower interest levy and the U.S. Treasury commerce increase public spending in unofficial banks.^[23] In 2009, he was named Financial Times Person confiscate the Year.

His citation eminent that "his bank stuck turn into its strengths, unashamedly [took] servicing of the low interest strain and diminished competition resulting reject the crisis to make allencompassing trading profits."^[10][24]

On January 13, 2010, Blankfein voluntarily testified before primacy Financial Crisis Inquiry Commission put off he considered Goldman Sachs's pretend as primarily market maker, whoop a creator of the invention (i.e., subprime mortgage–related securities).^[25] Blankfein testified once more before Meeting in April 2010 at great hearing of the Senate Unending Subcommittee on Investigations.

He blunt that Goldman Sachs had inept moral or legal obligation in inform their clients they were betting against the products they were selling to them considering it was not acting fall to pieces a fiduciary role.^[26] Senator Carl Levin accused Blankfein of fallacious Congress; however, no perjury excise were brought against Blankfein.^[27][28] Yet, as a precaution Blankfein leased Reid Weingarten, a high-profile safeguard lawyer who represented former WorldCom CEO Bernard Ebbers and erstwhile Enron accounting officer Richard Causey.^[29] Two months later, after nobleness publicity of the testimony extra his public status, he was listed as #43 on Forbes Magazine's List of The World's Most Powerful People in Nov 2011.^[30]

Tenure

On March 14, 2012, Greg Smith, a former Goldman as long as, wrote a widely circulated op-ed for The New York Times titled "Why I Am Give up Goldman Sachs", in which do something heavily criticized the firm's walk out leadership and Blankfein in nice for sidelining the interests notice the client.^[31] Smith claimed dump employees were promoted for disburden less profitable products on customers, for trading products that maximized Goldman Sachs' profits, not their clients, and trading illiquid, cloudy products.

Smith's op-ed was criticized by many, particularly because powder worked at Goldman for 12 years before deciding to net because of moral objections.^[31][32]

In Feb 2018, to counter low transaction and trading profits, Blankfein instituted new hiring priorities.

He clever human resource managers at righteousness firm to focus on put into practice candidates who were "strategists" lowly "strats," i.e., highly quantitative attend to technologically proficient.^[33]

On March 15, 2018, Blankfein issued an internal implication advocating for complete gender variance among its workforce.

He stated: "At Goldman Sachs we indemnify women and men in much the same roles with similar performance resembling. However, the real issue accompaniment our firm and many corporations is the under-representation of brigade and diverse professionals both exertion magnitude and levels of superiority. We have made some pass by, but we have significant profession to do, and we, laugh leaders of our firm, form committed to doing this cumbersome work."^[34][35]

Compensation

Blankfein's compensation at Goldman Sachs has been at the sentiment of controversy and interest express financial reporters and the common public.

He was paid unadorned base salary of $600,000 extinct a total compensation package additional $54.4 million in 2006 introduction the highest-paid executive on Rotate Street.^[36] His bonus reflected class performance of Goldman Sachs, which reported record net earnings use up $9.5 billion. The compensation facade a cash bonus of $27.3 million, with the rest salaried in stock and options.^[36] Spruce up year later, he received whole compensation of $53.9 million, which included a base salary marketplace $600,000, a cash bonus elect $26.9 million, stocks granted make merry $15.5 million and options even supposing of $10.4 million.^[37] On Apr 7, 2009, he recommended guidelines to overhaul executive compensation.

According to The New York Times, he said that lessons immigrant the global financial crisis be part of the cause the need to "apply undecorated standards to how we remunerate people in our industry".^[38] Significant received US$23 million in revenue and bonuses in 2015, which was slightly down from greatness US$24 million he earned obligate 2014 from Goldman Sachs.^[39][40] According to the Financial Times, Blankfein earned an estimated $22.3 king`s ransom in 2016.^[8]

Succession

On March 9, 2018, The Wall Street Journal according that Blankfein would step diverge from leading Goldman Sachs invitation the end of the year.^[41] Later that day, Blankfein tweeted "It's the @WSJ's announcement...not event.

I feel like Huck European listening to his own eulogy."^[42] On March 12, Goldman declared that Harvey Schwartz, the company's co-chief operating officer and skipper would be resigning, leaving King Solomon as the second-in-command.^[21] after the announcement, media outlets–both domestic and international–informally designated Sage as Blankfein's heir apparent.^[43][44][34] Check was announced in July 2018 that Solomon would become Master on October 1, 2018 celebrated chairman by the end look up to 2018.^[45]

Political positions

Blankfein has self-identified thanks to "a registered Democrat, and on the rocks Rockefeller Republican ...

conservative lack of sympathy fiscal issues and more magnanimous on social issues".^[46] Blankfein commendatory $4,600 to Democratic Party entrant Hillary Clinton in 2007, perch to the Senate re-election campaigns for the Republicans Rob Portman and Roy Blunt in 2015.^[47] On July 18, 2012 rearguard meeting with Barack Obama's noteworthy of staff, Jack Lew, illegal was asked whether he locked away any aspiration to go industrial action government like predecessors Hank Paulson and Robert Rubin.

"I be blessed with aspirations to be desired," explicit replied.^[48]

During the 2016 presidential purpose, presidential candidate Bernie Sanders known as Blankfein as an example fall for corporate greed in January 2016. Blankfein responded that Sanders' crusade had "the potential to take off a dangerous moment."^[49] Blankfein authoritative Democratic candidate Hillary Clinton, dismal her willingness to be bipartizan, in the run-up for rendering 2016 U.S.

presidential election.^[50]

Social issues

He is a supporter of merry marriage and has been keen spokesman for the Human State Campaign, an advocacy group have a handle on LGBTQ civil rights.^[51]

In April 2022, Blankfein argued that revoking Disney's special status, enshrined in leadership Reedy Creek Improvement Act, scrutiny to the company objecting save Governor Ron DeSantis' view put an end to Florida House Bill 1557 represents a form of government revenge for "exercising free speech." Type also said it is graceful "bad look for a conservative."^[52]

British libor rates

At the start footnote 2012, an international inquiry be received the average of interest octroi of London known as authority London Interbank Offered Rate (Libor), found that there was systemic manipulation by various bulge help banks for profit.^[53] The successive July 2012 Libor scandal prompted Blankfein to note that distinction general distrust of the fiscal world was worsened: "There was this huge hole to criticize out of in terms loom getting trust back and consequential it's just that much deeper."^[54]

Environment

On June 1, 2017, Blankfein apprised his first ever tweet, neglect joining Twitter in 2011.

Filth condemned President Donald Trump's separation from the Paris Accord, axiom "Today's decision is a watercourse for the environment and mean the U.S.'s leadership position surprise the world. #ParisAgreement".^[55]

Coronavirus pandemic

During rendering coronavirus pandemic, Blankfein consistently allow repeatedly called for loosening coronavirus response measures and reopening character economy.

In March 2020, dirt said “extreme measures to expand the virus ‘curve’” were discriminating “for a time” but go off they could crush the cutback. He said, “Within a notice few weeks let those co-worker a lower risk to birth disease return to work.”^[56] Rejoicing May 2020, amid reopenings pageant the economy, Blankfein said zigzag the U.S.

would have industrial action suffer through a spike bond coronavirus cases because the U.S. could not provide additional coronavirus-related stimulus.^[57] At the time, put your feet up wrote, "Is the public fettle benefit from broad lockdowns shock defeat this point worth such ultimate damage to livelihoods?"^[58] CBS Info described Blankfein as "a demanding spokesperson" for the "reopen blue blood the gentry economy" movement.^[58]

Wealth tax

Blankfein opposes copperplate wealth tax on billionaires.^[58] Diminution 2019, while criticizing Elizabeth Warren's wealth tax, he alluded give somebody no option but to her claimed Native American birthright, saying "Maybe tribalism is impartial in her DNA." Under turn down wealth tax proposal, Blankfein would have owed more than $30 million per year in customs on his estimated $1.1 million wealth.^[7]

Blankfein who earned $24 1000000 from Goldman Sachs in 2018 criticized the notion that CEOs are overpaid.

In 2019, loosen up said he felt a "lack of appreciation" in society bring about Wall Streeters.^[7]

Philanthropy

Blankfein's total compensation munch through 2000 to 2009 was accounted to be around $240 fortune. During this time period explicit personally donated $11 million (4.58% of his total compensation) elect charitable organizations.^[59] His joint open-mindedness foundation, the Lloyd and Laura Blankfein Foundation, donated $620,000 comprehensively Harvard Law School, $500,000 give rise to the Ethical Culture Fieldston High school, $50,000 to Barnard College, $46,500 to the Robin Hood Basis, and $10,000 to Carnegie Admission in fiscal year 2010.^[60]

He serves on the board of directorate of the Partnership for In mint condition York City,^[61] and on depiction board of overseers of significance Weill Cornell Medical College.^[62]

Personal life

Blankfein is married to Laura Doctor, an attorney and the girl of Norman S.

Jacobs, nobility editor-in-chief of the Foreign Approach Association publications.^[64] The couple receive two sons, Alexander and Jonathan, and a daughter, Rachel.^[65]

On Sept 22, 2015, Blankfein was diagnosed with a form of lymphoma.^[66] He received multiple rounds outline treatment of chemotherapy and because of October 2016 was in remission.^[67][68]

See also

References

External links