...by the SEC reminds me of the Treasury note scandal back in 1991 that brought down Salomon Brothers and its CEO, John Gutfreund. Salomon, like Goldman today, was the premier investment bank at the time and Gutfreund a legend on Wall Street. (You know the two were the "Best in Show" because Warren Buffett was a big investor in both.)
Goldman's troubles may or may not bring down the venerable securities firm, but CEO Lloyd Blankfein will probably go the way of Chuck Prince, Ken Lewis, John Thain, and Dick Fuld. (Am I leaving anyone out?) Even if they beat the rap, Goldman's reputation of "putting clients first" has been horribly tarnished. Someone will have to go in order to rebuild the brand.
Blankfein, get your hat and coat.
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