Blankfein to Shareholders: We'll Rebuild Reputation

Goldman Sachs could split up top job today
By John Johnson,  Newser Staff
Posted May 7, 2010 10:48 AM CDT
Lloyd Blankfein testifies on Capitol Hill on April 27.   (AP Photo/Susan Walsh)
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(Newser) – Lloyd Blankfein faced a room full of Goldman Sachs shareholders today and vowed to rebuild the company's reputation and "renew the core principles that has sustained us for 141 years," reports the Wall Street Journal. He promised to set up a business standards committee and address the questions at "the heart of our most fundamental value: how we treat our clients."

We'll see later today how convincing he was: one of the proposals up for vote affects his own job—it would split the duties of chairman and CEO. He now handles both. Lawyers for the company, meanwhile, have begun meeting with representatives of the SEC as a first step toward a settlement, the Journal reports.

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