26th
Blankfein should speak publicly more often. (Unsurprisingly) very articulate and reasonable (although to be fair interviewer was playing softball.) I’ve been saying for years, the problems in these firms don’t (or rarely - Lehman is probably an exception) come from the top, but through emergent organisational pathologies that are extremely hard to do anything about in very large, complex & essentially hierarchical organisations. I continue to believe they will remain hostage to events so long as they don’t evolve into more loosely coupled networks. Interestingly, one of the reasons I think GS has been more resilient and successful than many of their competitors is that they are further down the hierarchy vs network spectrum in relative terms vs their peers.
