Lloyd Blankfein is the chairman and CEO of Goldman Sachs and has a net worth of $450 million. Lloyd Blankfein has earned his net worth partly as a corporate tax lawyer for Donovan, Leisure, Newton and Irvine but mainly from his time at Goldman. He joined J Aaron and Company in 1981, in the London office, and served as a precious metals salesman. J. Aaron & Company is Goldman's commodity trading arm. Blankfein is one of the highest paid executives on Wall Street and received a bonus of $27.3 million, along with his salary, as well as, stock and options. This gave him a grand total of $53,965,418 compensation for 2010. The Financial Times has awarded him the name of "2009 Person of the Year," and Forbes Magazine calls him one of "The Most Outrageous CEO's of 2009. Goldman Sachs has been taking a lot of criticizm from lawmakers about their involvement in hiding debts made by Greece, and for the operation of Goldman Sachs pay practices. Blankfein testified in front of the Financial Crisis Inquiry Commission, stating that the company was not a product maker, but only a primary market maker. He also told the Senate Permanent Subcommittee on Investigations, that they were under no obligation to tell clients that they were betting against the same products made by Goldman Sachs.
Blankfein and Goldman Sachs employees have been major contributors for Democratic candidates, such as, Hillary Clinton and Barack Obama. With almost a million dollar contribution from Goldman Sachs employees and Blankfein, their company helped to raise the most money for the 2008 campaign for Obama. Lloyd Blankfein made a statement, during an interview, that he was doing God's work. He later explained that it was merely a joke and it just came out the wrong way. He also stated that the company was sorry for unspeicified " things that were clearly wrong and have reason to regret." The company is offering $500 million to help out small businesses, as part of a 10,000 small businesses initiative.
Lloyd Blankfein was born in the Bronx, New York City, in 1954. His father worked at the U.S. Postal Service as a clerk, and his mother was a receptionist. He attended the public schools in the New York City Department of Education and attended high school at Thomas Jefferson High. He was their Valedictorian, in 1971. He earned his A.B. at Harvard College and a J.D. Degree at Harvard Law School. He married Laura Susan Jacobs,(a former lawyer) in 1983 and they have three adult children. Their two son's, Alex and Johnathan have positions at Goldman Sachs. Apparently, the boys are doing quite well at Goldman Sachs. Alex took home $155, 000 for his first year, which most recent college grads only bring home around $50,000. Johnathan Blankfied was given center seat at the energy trading desk, while most would have been stuck somewhere in the corners of the room.
Blankfein is also a Gala Chairman for the Rockefeller family's Asia Society, serves on the board of the Robin Hood Foundation, and on the board of overseers of Weill Cornell Medical College.
Lloyd Blankfein at the Economic Club in DC
Adam Bryant of The New York Times talks with Lloyd Blankfein, the chief executive of Goldman ...
Lloyd Blankfein, Chairman and CEO of Goldman Sachs, offers advice to summer interns during ...