Lloyd Blankfein - Revision history

Melissa Jones: /* Views */

2011-03-24T21:35:38Z

Views

Melissa Jones: /* Risk manager */

2011-03-24T21:06:22Z

Risk manager

Melissa Jones: /* Risk manager */

2011-03-24T20:44:25Z

Risk manager

Melissa Jones: /* Risk manager */

2011-03-24T20:42:38Z

Risk manager

Melissa Jones at 20:40, 24 March 2011

2011-03-24T20:40:57Z

Melissa Jones: /* Activities */ FSA findings on GS risk managment

2011-03-24T20:40:02Z

Activities: FSA findings on GS risk managment

Melissa Jones: /* Activities */

2011-03-24T20:32:17Z

Activities

Melissa Jones at 20:30, 24 March 2011

2011-03-24T20:30:40Z

Melissa Jones: Johnson letter

2011-03-24T20:29:34Z

Johnson letter

Melissa Jones: categories added

2011-03-24T20:16:02Z

categories added

@@ Line 5: / Line 5: @@
 ===Views===
-Blankfein provoked public fury when he described himself as a banker just "doing God's work" at a time when many people were feeling the hardship of the financial crisis.<ref>John Arlidge, [http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.ece “I'm doing 'God's work'. Meet Mr Goldman Sachs”, The Sunday Times, November 8, 2009] </ref>
+Blankfein provoked public fury when he described himself as just a banker "doing God's work" at a time when many people were feeling the hardship of the financial crisis.<ref>John Arlidge, [http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.ece “I'm doing 'God's work'. Meet Mr Goldman Sachs”, The Sunday Times, November 8, 2009] </ref>
 ===Risk manager===

@@ Line 10: / Line 10: @@
 Lloyd Blankfein ranks risk management as his no.1 daily priority, even ahead of doing God's work,” wrote the ''Financial Times'''s William Cohan in November 2009; he quotes him as saying: "I'm a risk manager and I've been that for a long time, a lot longer than I've been CEO.” <ref> [http://www.ft.com/cms/s/0/2a98b84e-d869-11de-b63a-00144feabdc0.html] Financial Times </ref>
-Yet SpinWatch points out in a report published March 2011, that even after the financial crash, risk practices among investment banks like Goldman Sachs were found wanting. Documents released under the Freedom of Information Act show that the Financial Services Authority (FSA) – in a review of risk management by leading investment banks in late 2009 – identified “Poor practices ”such as:
+Yet SpinWatch points out in a report published March 2011, that even after the financial crash, risk practices among investment banks like Goldman Sachs were found wanting. Documents released under the Freedom of Information Act show that the Financial Services Authority (FSA) – in a review of risk management by leading investment banks in late 2009 – identified “Poor practices ”such as: <br>
 • No real challenge evidenced by the Board and the lack of a focused risk discussion; <br>
 • Board engagement limited to set-piece Board meetings; <br>
@@ Line 16: / Line 16: @@
 • Insufficient time allocated to discuss risk. <br>
-The FSA also severely criticised the banks over their “risk framework”, detailing “poorer practices” that included:
+The FSA also severely criticised the banks over their “risk framework”, detailing “poorer practices” that included:<br>
 • Remuneration and performance assessment of risk staff predominantly based on revenue and profits
-of the business;
+of the business;<br>
-• A risk appetite that is not uniformly understood and embedded across the organisation;
+• A risk appetite that is not uniformly understood and embedded across the organisation;<br>
-• The firm failing to ask itself sufficiently about the downside of any deal, but instead focuses on the upside: client demand, league tables and revenues. Culturally, downsides should be presented as part and parcel of new business proposals.
+• The firm failing to ask itself sufficiently about the downside of any deal, but instead focuses on the upside: client demand, league tables and revenues. Culturally, downsides should be presented as part and parcel of new business proposals.<br>
 ===Backed by Politicians===

@@ Line 10: / Line 10: @@
 Lloyd Blankfein ranks risk management as his no.1 daily priority, even ahead of doing God's work,” wrote the ''Financial Times'''s William Cohan in November 2009; he quotes him as saying: "I'm a risk manager and I've been that for a long time, a lot longer than I've been CEO.” <ref> [http://www.ft.com/cms/s/0/2a98b84e-d869-11de-b63a-00144feabdc0.html] Financial Times </ref>
-Yet as SpinWatch points out in a report published March 2011, even after the financial crash, risk practices among investment banks like Goldman Sachs were found wanting. Documents released under the Freedom of Information Act show that the Financial Services Authority (FSA) – in a review of risk management by leading investment banks in late 2009 – identified “Poor practices ”such as:
+Yet SpinWatch points out in a report published March 2011, that even after the financial crash, risk practices among investment banks like Goldman Sachs were found wanting. Documents released under the Freedom of Information Act show that the Financial Services Authority (FSA) – in a review of risk management by leading investment banks in late 2009 – identified “Poor practices ”such as:
-• No real challenge evidenced by the Board and the lack of a focused risk discussion;
+• No real challenge evidenced by the Board and the lack of a focused risk discussion; <br>
-• Board engagement limited to set-piece Board meetings;
+• Board engagement limited to set-piece Board meetings; <br>
-• The CEO and CRO view their role as one of education, with the Board failing to influence the way the business is run;
+• The CEO and CRO view their role as one of education, with the Board failing to influence the way the business is run; <br>
-• Insufficient time allocated to discuss risk.
+• Insufficient time allocated to discuss risk. <br>
 The FSA also severely criticised the banks over their “risk framework”, detailing “poorer practices” that included:

@@ Line 8: / Line 8: @@
 ===Risk manager===
-The banker ranks risk management as his no.1 daily priority, even ahead of doing God's work,” wrote the Financial Times's William Cohan in November 2009, who quotes him as saying: "I'm a risk manager and I've been that for a long time, a lot longer than I've been CEO.” <ref> [http://www.ft.com/cms/s/0/2a98b84e-d869-11de-b63a-00144feabdc0.html] Financial Times </ref>
+Lloyd Blankfein ranks risk management as his no.1 daily priority, even ahead of doing God's work,” wrote the ''Financial Times'''s William Cohan in November 2009; he quotes him as saying: "I'm a risk manager and I've been that for a long time, a lot longer than I've been CEO.” <ref> [http://www.ft.com/cms/s/0/2a98b84e-d869-11de-b63a-00144feabdc0.html] Financial Times </ref>
 Yet as SpinWatch points out in a report published March 2011, even after the financial crash, risk practices among investment banks like Goldman Sachs were found wanting. Documents released under the Freedom of Information Act show that the Financial Services Authority (FSA) – in a review of risk management by leading investment banks in late 2009 – identified “Poor practices ”such as:

@@ Line 7: / Line 7: @@
 Blankfein provoked public fury when he described himself as a banker just "doing God's work" at a time when many people were feeling the hardship of the financial crisis.<ref>John Arlidge, [http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.ece “I'm doing 'God's work'. Meet Mr Goldman Sachs”, The Sunday Times, November 8, 2009] </ref>
-===Risk manager==
+===Risk manager===
 The banker ranks risk management as his no.1 daily priority, even ahead of doing God's work,” wrote the Financial Times's William Cohan in November 2009, who quotes him as saying: "I'm a risk manager and I've been that for a long time, a lot longer than I've been CEO.” <ref> [http://www.ft.com/cms/s/0/2a98b84e-d869-11de-b63a-00144feabdc0.html] Financial Times </ref>

@@ Line 2: / Line 2: @@
 ==Activities==
 Blankfein provoked public fury when he described himself as a banker just "doing God's work" at a time when many people were feeling the hardship of the financial crisis.<ref>John Arlidge, [http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.ece “I'm doing 'God's work'. Meet Mr Goldman Sachs”, The Sunday Times, November 8, 2009] </ref>
 The banker ranks risk management as his no.1 daily priority, even ahead of doing God's work,” wrote the Financial Times's William Cohan in November 2009, who quotes him as saying: "I'm a risk manager and I've been that for a long time, a lot longer than I've been CEO.” <ref> [http://www.ft.com/cms/s/0/2a98b84e-d869-11de-b63a-00144feabdc0.html] Financial Times </ref>
 Correspondence obtained by SpinWatch reveals that in January 2010 London Mayor [[Boris Johnson]] wrote to Blankfein to restate his support for the City: “I will strongly defend London's financial services industry against the threats of punitive taxation and new burdensome EU regulations”, he wrote.<ref name="SpinWatch">SpinWatch, [http://www.scribd.com/doc/51461467/Doing-God%E2%80%99s-Work-How-Goldman-Sachs-Rigs-the-Game Doing God’s Work: How Goldman Sachs Rigs the Game] - SpinWatch investigation detailing Goldman Sachs’ secret lobbying activities in the UK and Brussels and links to politicians. Published on Scribd, March 2011. p8. </ref>

@@ Line 7: / Line 7: @@
 Blankfein ranks risk management as his no.1 daily priority, even ahead of doing God's work,” wrote the Financial Times's William Cohan in November 2009, who quotes him as saying: "I'm a risk manager and I've been that for a long time, a lot longer than I've been CEO.” <ref> [http://www.ft.com/cms/s/0/2a98b84e-d869-11de-b63a-00144feabdc0.html] Financial Times </ref>
-In December 2009 London Mayor Boris Johnson wrote to Blankfein to restate his support for the City: “I will strongly defend London's financial services industry against the threats of punitive taxation and new burdensome EU regulations”, he wrote.<ref name="SpinWatch">SpinWatch, [http://www.scribd.com/doc/51461467/Doing-God%E2%80%99s-Work-How-Goldman-Sachs-Rigs-the-Game Doing God’s Work: How Goldman Sachs Rigs the Game] - SpinWatch investigation detailing Goldman Sachs’ secret lobbying activities in the UK and Brussels and links to politicians. Published on Scribd, March 2011. p8. </ref>
+In January 2010 London Mayor [[Boris Johnson]] wrote to Blankfein to restate his support for the City: “I will strongly defend London's financial services industry against the threats of punitive taxation and new burdensome EU regulations”, he wrote.<ref name="SpinWatch">SpinWatch, [http://www.scribd.com/doc/51461467/Doing-God%E2%80%99s-Work-How-Goldman-Sachs-Rigs-the-Game Doing God’s Work: How Goldman Sachs Rigs the Game] - SpinWatch investigation detailing Goldman Sachs’ secret lobbying activities in the UK and Brussels and links to politicians. Published on Scribd, March 2011. p8. </ref>
 ==Biography==

← Older revision		Revision as of 20:29, 24 March 2011
Line 6:		Line 6:

	Blankfein ranks risk management as his no.1 daily priority, even ahead of doing God's work,” wrote the Financial Times's William Cohan in November 2009, who quotes him as saying: "I'm a risk manager and I've been that for a long time, a lot longer than I've been CEO.” <ref> [http://www.ft.com/cms/s/0/2a98b84e-d869-11de-b63a-00144feabdc0.html] Financial Times </ref>		Blankfein ranks risk management as his no.1 daily priority, even ahead of doing God's work,” wrote the Financial Times's William Cohan in November 2009, who quotes him as saying: "I'm a risk manager and I've been that for a long time, a lot longer than I've been CEO.” <ref> [http://www.ft.com/cms/s/0/2a98b84e-d869-11de-b63a-00144feabdc0.html] Financial Times </ref>
		+
		+	In December 2009 London Mayor Boris Johnson wrote to Blankfein to restate his support for the City: “I will strongly defend London's financial services industry against the threats of punitive taxation and new burdensome EU regulations”, he wrote.<ref name="SpinWatch">SpinWatch, [http://www.scribd.com/doc/51461467/Doing-God%E2%80%99s-Work-How-Goldman-Sachs-Rigs-the-Game Doing God’s Work: How Goldman Sachs Rigs the Game] - SpinWatch investigation detailing Goldman Sachs’ secret lobbying activities in the UK and Brussels and links to politicians. Published on Scribd, March 2011. p8. </ref>

	==Biography==		==Biography==

← Older revision		Revision as of 20:16, 24 March 2011
Line 31:		Line 31:
	<references/>		<references/>

−	[[Category:?]]	+	[[Category: Financial sector lobbying]]
		+	[[Category:Banking and Finance Industry]]
		+	[[Category: EU Lobbying]]
		+	[[Category:Lobbying]]