Just a banker but often a PR disaster
In 2009, Blankfein joked to The Times of London that he was just a banker "doing God's work".
That was in the same year as Rolling Stone magazine described Goldman Sachs as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money".
Blankfein also had this to say about the amount of compensation Goldman Sachs staff received despite the financial crisis: "Is it possible to make too much money ... to have too much ambition? As the guardian of the interests of the shareholders and, by the way, for the purposes of society, I'd like them to continue to do what they are doing. I don't want to put a cap on their ambition. It's hard for me to argue for a cap on their compensation."
Blankfein's appearances before the US Senate in 2010 have become legendary. It was there that he denied his investment bank had a moral obligation to tell its clients it was selling them complex financial products that it was also betting against. "I don't think we would have to disclose that," he told Senator Carl Levin.
Goldman Sachs has been running a charm offensive recently with Mr Blankfein appearing more in public, with more off-the-cuff quips.
In Sydney on Friday, on how bond markets work: "Bankers may not mature, but debt matures."
On China's industrialisation: "If all you cared about was growth, you could leave those machines and old factories churning away, [but] if you care about breathing you'd better do some other things and sacrifice some growth in the short term."
Frequently Asked Questions about this Article…
Goldman Sachs has endured several high-profile PR disasters in recent years with CEO Lloyd Blankfein often at the centre. Examples cited in the article include Blankfein's controversial 2009 remarks, Rolling Stone's 'vampire squid' description of the bank, and his widely publicised 2010 appearances before the US Senate.
Blankfein made that remark as a joke to The Times of London in 2009. The comment drew attention because it came during a period of intense criticism of banks, and it is cited in the article as one of several comments that contributed to Goldman Sachs' PR problems.
In 2009 Rolling Stone ran a scathing line calling Goldman Sachs 'a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.' The article uses that quote to illustrate the intense public criticism and reputation damage the bank faced.
Blankfein questioned whether it was possible to make 'too much money' but said he did not want to cap employees' ambition. He told the press he found it 'hard for me to argue for a cap on their compensation,' reflecting his reluctance to limit pay despite post-crisis public anger.
During his 2010 testimony before the US Senate, Blankfein denied that his investment bank had a moral obligation to tell clients it was selling complex financial products the firm was also betting against, telling Senator Carl Levin, 'I don't think we would have to disclose that.' The hearings became widely discussed and added to his public controversies.
Yes — the article says Goldman Sachs has been running a 'charm offensive' with Blankfein appearing more in public and offering more off‑the‑cuff quips, suggesting an effort to repair the bank's reputation after earlier controversies.
Speaking in Sydney, Blankfein quipped, 'Bankers may not mature, but debt matures.' The line was presented in the article as part of his more public, off‑the‑cuff remarks about markets.
Blankfein said that if you only cared about growth you could keep factories churning, but if you cared about 'breathing' you'd 'better do some other things and sacrifice some growth in the short term.' The quote highlights his view that environmental or health concerns can justify short‑term trade‑offs in growth.
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