Goldman Sachs CEO Lloyd Blankfein
dedicated a part of his annual letter to defending his
firm’s tradition of sending alumni to governing administration positions.
“Gary was not the initially person from Goldman Sachs to be a part of the
governing administration, and we hope and hope that he will not be the past,”
Blankfein wrote of Gary Cohn, his former no. 2 government who
left in December to be a part of President Trump’s administration.
He said the varieties of individuals that Goldman recruits “establish
the capabilities to make a contribution in huge, complex organizations
and the experience to assist drive financial progress and occupation
Cohn is a single of several former Goldman Sachs workers to
have joined Trump’s administration. Other folks are
Treasury Secretary Steven Mnuchin chief
strategist Steve Bannon James Donovan, who will
be Mnuchin’s deputy and the former president of the Goldman
Sachs Foundation, Dina Powell, who has been named deputy national
The craze extends beyond Trump’s tenure. At the very least five
Goldman Sachs CEOs have absent into governing administration services,
including Hank Paulson, who in 2006 left his part as chief
government to grow to be Treasury Secretary.
“We will keep on to inspire our individuals to add to
governing administration services if they are fortuitous enough to be questioned,”
Here’s Blankfein’s full remark:
“Gary was not the initially person from Goldman Sachs to be a part of
the governing administration, and we hope and hope that he will not be the
past. 5 of my most modern predecessors went into governing administration
services, and that has not been by happenstance. 1 ethic that
has lengthy pervaded Goldman Sachs is a commitment to community services
if a single is specified the possibility to serve. And that has been accurate
over time and in quite a few of the geographies in which we
We recruit individuals who are oriented to the bigger globe, and
their work opportunities need them to be each outwardly and inwardly struggling with.
In the system, they establish the capabilities to make a contribution in
huge, complex organizations and the experience to assist drive
financial progress and occupation development.
We have been criticized for the truth that some of our
colleagues, after lengthy professions at the business, have moved to get the job done in
the community sector. The charge is that Goldman Sachs is equipped to
extract certain strengths that some others can not. In truth, the
opposite is accurate. These in governing administration bend over backward to prevent
any perception of favoritism.
We are happy of our tradition of leadership and community
services and believe that it is a main part of our tradition. That is why
we will keep on to inspire our individuals to add to
governing administration services if they are fortuitous enough to be
We also have contributed our experience and knowledge to
broader community coverage concerns, these kinds of as fiscal coverage. And, when
certain concerns effects our individuals, we have not hesitated to talk
up on their behalf. In the past, we have commented on marriage
equality, and a lot more not too long ago, immigration coverage, because they
each impact our ability to employ the service of and keep individuals from the
broadest pool of talent. We will keep on to categorical our sights on
insurance policies that impact our individuals, our enterprise and the lengthy-expression
pursuits of financial development.”
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