Lloyd Blankfein: Day SEC Sued Goldman ‘One of the Worst Days in My Professional Life’


April 16, 2010. For most of us, it was just another Friday. The day you saw Kick Ass or drank one too many of the cocktails with brown liquid, or fell asleep passed out on your couch and woke up with New York 1 blaring at you at dawn, or all three. But for Lloyd Blankfein and team Goldman Sachs, April 16, 2010, was a Day that Will Live in Infamy, or so the CEO will tell members of the Permanent Senate Subcommittee on Investigations at tomorrow's roast.

From Lloyd's prepared testimony:

As you know, ten days ago, the SEC announced a civil action against Goldman Sachs in connection with a specific transaction. It was one of the worst days in my professional life, as I know it was for every person at our firm. We believe deeply in a culture that prizes teamwork, depends on honesty and rewards saying no as much as saying yes. We have been a client-centered firm for 140 years and if our clients believe that we don’t deserve their trust, we cannot survive.

He knows that it was one of the worst for everyone at the firm because he called around. Incidentally, another of Lloyd's worst days was the day he lost at beer pong to David Viniar, but that is neither here nor there. Oh, kidding. The statement, in which the CEO says point blank that the firm did not bet against their clients and attempts to recalibrate the firm's position away from "nexus of all evil" and closer to "bank," is actually pretty good. So if you're at all interested in opening your mind to hearing their side of things, it's probably not a bad idea to read it. God knows, you won't be able to tomorrow, not with all the screaming.

Testimony from Lloyd C. Blankfein [SEC]