Goldman Sachs and leadership talent pool – NYT article

Bykeatingcwk

Just read a great article in the New York Times which talks about Goldman Sachs and how it has managed to avoid devastation in the wake of the credit crunch.

From the article, one thing that struck me as amazing was the stable of leaders that have come from the firm and permeated through the business and political world.  I knew about most of them from media references, but I hadn’t really linked them all together before.

Pretty impressive hiring…

http://www.nytimes.com/2007/11/19/business/19goldman.html?_r=1&oref=slogin

“There is no mystery, or secret handshake,” said Stephen Friedman, a former co-chairman and now a Goldman director. “We did a lot of work to build a culture here in the 1980s, and now people are playing on the balls of their feet. We just have a damn good talent pool.”

That pool has allowed Goldman to extend its reach across Wall Street and beyond.

Last week, John A. Thain, a former Goldman co-president, accepted the top position at Merrill Lynch, while a fellow Goldman alumnus, Duncan L. Niederauer, took Mr. Thain’s job running the New York Stock Exchange. Another fellow veteran trader, Daniel Och, took his $30 billion hedge fund public.

Meanwhile, two Goldman managing directors helped bring Alex Rodriguez back to the Yankees, a deal that could enhance the value of Goldman’s 40 percent stake in the YES cable network — which it is trying to sell — while also pleasing Yankee fans. The symmetry was perfect: like the Yankees, Goldman, more than any other bank on Wall Street, is both hated and revered.

Robert E. Rubin, a former Goldman head, is the new chairman of Citigroup. In Washington, another former chief, Henry M. Paulson Jr., is the Treasury secretary, having been recruited by Joshua B. Bolten, the White House chief of staff and yet another former Goldman executive.

The heads of the Canadian and Italian central banks are Goldman alumni. The World Bank president, Robert B. Zoellick, is another. Jon S. Corzine, once a co-chairman, is the governor of New Jersey. And in academia, Robert S. Kaplan, a former vice chairman, has just been picked as the interim head of Harvard University’s $35 billion endowment.

7 Comments

  1. Goldman\’s got some great people (albeit pretty arrogant imho) – perhaps that\’s just my bias as someone that was very close to going there as a quant nerd.  It reminds me in many ways of the business school "network" that folks talk about.  Good to great folks that self-reinforce and help out their fellow good to great friends end up being more successful.  I remember one of my strategy professors at HBS who liked to talk about how the "business" of HBS was to find folks most likely to be successful and just put them together for 2 years and hopefully not screw anything up too bad.  Just knowing/meeting each other, their careers should be even more successful afterwards.
     
    As for the stability re: credit market.  Folks don\’t talk too much about the fact that Goldman has something like a half trillion dollars of assets that can\’t be properly valued (i.e. for all intents and purposes, completely illiquid).  Can\’t find a link for the source, but it\’s in that ballpark.  With that kind of a balance sheet, there\’s a lot they can do with their financials and still be in the realm of fiscally sound.  But who knows, maybe Goldman was just more conservative in their credit investments – MS certainly was with our ~$30B of cash.  The impact to us was so minimal that as far as I know, it hasn\’t been disclosed in any of our public statements either.

  2. I wonder if the managing directors will get a cut of A-Rod\’s salary for the instrumental role they played 🙂

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