Lloyd Blankfein Misses Being Goldman Sachs CEO—Mostly When There’s a Market Crisis

Blankfein discusses lessons learned from the financial crisis, emphasizing the importance of not delegating risk management to rating agencies and preparing for improbable events by maintaining strong capitalization and marking positions to market. He highlights Goldman Sachs' culture of running 'to the problem' rather than away from it, a trait carried over from its partnership days.

The interview also touches upon CEO succession planning, the firm's ethos regarding public service, information flow within the flat organization, the skills sought in team members (wisdom, experience with stress, diversity), and the rationale behind high compensation, which is the firm's largest expense. Blankfein acknowledges concerns about the company's image and the industry's reputation, stating that Goldman Sachs aims to be good allocators of capital and contribute to business growth and job creation.