Sense on Cents

Goldman Sachs CEO Lloyd Blankfein

Mea culpa, mea culpa, mea maxima culpa . . .

It is not everyday that the head of a major Wall Street bank issues an unsolicited and unspecified apology. In fact, in my 23 years on Wall Street I do not ever recall a Wall Street CEO issuing an apology in the manner that Lloyd Blankfein did today. What did Blankfein say? From a Bloomberg report, Goldman, Buffett Establish $500 Million Small-Business Program:

Blankfein, speaking at a conference today sponsored by Directorship magazine, apologized for Goldman Sachs’s role in some of the activities that led to the financial crisis, without providing specifics.

“We participated in things that were clearly wrong and we have reason to regret and we apologize for them,” Blankfein said at the New York event. The magazine named him its CEO of the year.

Wait a second. Blankfein admits that Goldman participated in activities that led to the crisis? Get Lloyd back in here and ask him for specifics. (more…)