Lloyd Blankfein is clearly Good With Parents. The Goldman Sachs CEO penned a lovely thank-you to Barney Frank and pals in advance of his company’s repayment of the $25 billion TARP loan in which he was equal parts flattering and contrite. “While we regret that we participated in the market euphoria and failed to raise a responsible voice, we are proud of the way our firm managed the risk it assumed on behalf of our client before and during the financial crisis,” he said in the note, which was obtained by DealBook (we can only assume it was written on vintage Mrs. John L. Strong and accompanied by a nice flower arrangment). “We believe that repayment of the government’s investment is a strong sign of progress and one measure of the ability to recover from the crisis. But real stability can return only if our industry accepts that certain practices were unhealthy and not in the long-term interests of individual institutions and the financial system, as a whole.” Well played. Watch your back, Jamie Dimon.
Goldman Regrets ‘Market Euphoria’ That Led to Crisis [DealBook/NYT]