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...record payout the firm made in 2007, at the height of the bubble. Thanks to Andrew Cuomo, the New York State attorney general, we know that in 2008, while Goldman earned $2.3 billion for the year, it paid out $4.82 billion in bonuses, giving 953 employees at least $1 million each and 78 executives $5 million or more (although Goldman's top five officers, including Blankfein, declined a bonus...
...president of the New York Fed. "Now, that was AIG week," he says, "but it was also breaking the buck on [money-market firm] First Reserve week, and it was the week when Lehman's bankruptcy caused huge problems in the prime brokerage system in London. There were a million things that I would have been talking to Geithner or [Paulson] about...
...says. "I don't think we're going to go far in this country if we make it a bad thing for people to migrate from business into other activities like writing or philanthropy or public service." Goldman, he notes, has already paid back the $10 billion - plus $318 million in dividends and an additional $1.1 billion to buy back warrants (at above-market value, he adds) - that Paulson forced it to take last October from the $700 billion Troubled Asset Relief Program. Taxpayers' annualized return on their nine-month investment in Goldman Sachs? A cool...
...either). "It wasn't a nutty decision. I was a lawyer," he says. "I didn't have a finance background." Instead, in 1982 he landed a job as a gold salesman for J. Aron & Co., an obscure commodities firm that Goldman had purchased in November 1981 for about $100 million. According to the Wall Street Journal, when Blankfein told his then fiancée Laura - now his wife and the mother of their three children, one of whom is at Harvard - that he was leaving law for J. Aron, she cried, thinking that he was burning a high-paying career. (Ironically...
Over time, Blankfein became a major part of J. Aron's success. But at first, he says, he was not very good at the job. "I had trouble with the language, with the speed and the pacing." Soon enough, though, he designed a lucrative $100 million trade - then the largest of its kind Goldman had ever handled - for a Muslim client to comply with the religion's rules against receiving interest payments. In 1984, Goldman partner and J. Aron chief Mark Winkelman put Blankfein in charge of a group of foreign-exchange salesmen and later in charge of all foreign...