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Blankfein Says Europe’s Leaders Will Calm Debt Crisis (Update3)
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By Erik Schatzker and Christine Harper
May 7 (Bloomberg) -- Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said he’s confident European leaders will find a way out of the Greek debt crisis and urged them to bolster flagging investor confidence.
“The market needs to be calmed down,” Blankfein said in a Bloomberg Television interview today after the annual shareholder meeting in New York. He compared the loss of confidence among investors to events in 2008, when credit markets froze. “We’re dealing with sentiment,” he said.
European leaders including German Chancellor Angela Merkel are meeting in Brussels to endorse a 110 billion euro ($140 billion) Greek bailout. Stocks and commodity prices fell on concern Greece may default even with the rescue plan and drag down Spain and Portugal as well. The selloff worsened after European Central Bank President Jean-Claude Trichet yesterday signaled no immediate steps to stem the worst crisis since the euro’s debut in 1999.
“I’m reasonably confident that the sovereigns in Europe will get together and do what’s necessary to restore confidence in the market,” Blankfein said. “But like 2008, I think we’re dealing more with a crisis of confidence than really the actual situation.”
Goldman Sachs held its shareholder meeting a day after global markets plunged, a rout spurred in part by speculation that more nations in Europe will struggle to pay their debts.
Company’s Image
Addressing a crisis closer to home, Blankfein said he’s also working to repair the New York-based company’s image after probes by U.S. regulators and prosecutors over its sale of mortgage-linked securities.
“Goldman Sachs’s reputation took a hit and that’s certainly reflected in people’s attitudes to the firm now,” he said in the interview. “Loss of reputation can bring down a firm. It will not bring down Goldman Sachs.”
Goldman Sachs shareholders re-elected Blankfein as chairman today and voted against splitting the two roles after Blankfein said he has “no current plans” to step down. All directors up for re-election, including Blankfein, received more than 95 percent support in preliminary results, Goldman Sachs co-general counsel Greg Palm said at the meeting.
Clients have remained “very, very loyal,” more than he would have expected, Blankfein said.
Show of Support
“I’m quite touched” by their enthusiasm and support, he said.
The U.S. Securities and Exchange Commission sued Goldman Sachs for fraud last month in connection with the sale of securities linked to mortgages, and Blankfein and other company executives were interrogated at a Senate subcommittee hearing probing the matter. Federal prosecutors are also investigating Goldman Sachs, which reported record profit last year.
Blankfein, 55, said the firm created a committee to examine business practices and whether Goldman Sachs is adhering to its “core” value that “our clients’ interests always come first.” It will make recommendations to the board and to management to bolster training and professional development, he said.
“A reputation, as we say to our people, can be hurt very quickly and regained in a longer period of time,” Blankfein said in the interview. “Our reputation is still quite, quite good and quite, quite high. I think a silver lining in this whole exercise is that it’s going to cause us to redouble our efforts and get out with clients. If we thought we were working hard before, we will be working that much harder now.”
Legal Risks
While shareholders generally support the company, some have been selling the stock to protect themselves against the legal and reputational risks, said Glenn Schorr, an analyst at UBS AG in New York who rates the stock “buy.”
“Shareholders love this company a lot and think it’s done incredibly well, and I think they’re incredibly supportive,” Schorr said in a Bloomberg Television interview. “As much as there is tremendous institutional support for this management team, you’ve got to do what you’ve got to do in terms of risk management.”
Goldman Sachs rose 67 cents to $142.99 at 4:01 p.m. in New York Stock Exchange composite trading.
To contact the reporters on this story: Erik Schatzker in New York at eschatzker@bloomberg.net; Christine Harper in New York at charper@bloomberg.net.
Share Business ExchangeTwitterFacebook| Email | Print | A A A
By Erik Schatzker and Christine Harper
May 7 (Bloomberg) -- Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein said he’s confident European leaders will find a way out of the Greek debt crisis and urged them to bolster flagging investor confidence.
“The market needs to be calmed down,” Blankfein said in a Bloomberg Television interview today after the annual shareholder meeting in New York. He compared the loss of confidence among investors to events in 2008, when credit markets froze. “We’re dealing with sentiment,” he said.
European leaders including German Chancellor Angela Merkel are meeting in Brussels to endorse a 110 billion euro ($140 billion) Greek bailout. Stocks and commodity prices fell on concern Greece may default even with the rescue plan and drag down Spain and Portugal as well. The selloff worsened after European Central Bank President Jean-Claude Trichet yesterday signaled no immediate steps to stem the worst crisis since the euro’s debut in 1999.
“I’m reasonably confident that the sovereigns in Europe will get together and do what’s necessary to restore confidence in the market,” Blankfein said. “But like 2008, I think we’re dealing more with a crisis of confidence than really the actual situation.”
Goldman Sachs held its shareholder meeting a day after global markets plunged, a rout spurred in part by speculation that more nations in Europe will struggle to pay their debts.
Company’s Image
Addressing a crisis closer to home, Blankfein said he’s also working to repair the New York-based company’s image after probes by U.S. regulators and prosecutors over its sale of mortgage-linked securities.
“Goldman Sachs’s reputation took a hit and that’s certainly reflected in people’s attitudes to the firm now,” he said in the interview. “Loss of reputation can bring down a firm. It will not bring down Goldman Sachs.”
Goldman Sachs shareholders re-elected Blankfein as chairman today and voted against splitting the two roles after Blankfein said he has “no current plans” to step down. All directors up for re-election, including Blankfein, received more than 95 percent support in preliminary results, Goldman Sachs co-general counsel Greg Palm said at the meeting.
Clients have remained “very, very loyal,” more than he would have expected, Blankfein said.
Show of Support
“I’m quite touched” by their enthusiasm and support, he said.
The U.S. Securities and Exchange Commission sued Goldman Sachs for fraud last month in connection with the sale of securities linked to mortgages, and Blankfein and other company executives were interrogated at a Senate subcommittee hearing probing the matter. Federal prosecutors are also investigating Goldman Sachs, which reported record profit last year.
Blankfein, 55, said the firm created a committee to examine business practices and whether Goldman Sachs is adhering to its “core” value that “our clients’ interests always come first.” It will make recommendations to the board and to management to bolster training and professional development, he said.
“A reputation, as we say to our people, can be hurt very quickly and regained in a longer period of time,” Blankfein said in the interview. “Our reputation is still quite, quite good and quite, quite high. I think a silver lining in this whole exercise is that it’s going to cause us to redouble our efforts and get out with clients. If we thought we were working hard before, we will be working that much harder now.”
Legal Risks
While shareholders generally support the company, some have been selling the stock to protect themselves against the legal and reputational risks, said Glenn Schorr, an analyst at UBS AG in New York who rates the stock “buy.”
“Shareholders love this company a lot and think it’s done incredibly well, and I think they’re incredibly supportive,” Schorr said in a Bloomberg Television interview. “As much as there is tremendous institutional support for this management team, you’ve got to do what you’ve got to do in terms of risk management.”
Goldman Sachs rose 67 cents to $142.99 at 4:01 p.m. in New York Stock Exchange composite trading.
To contact the reporters on this story: Erik Schatzker in New York at eschatzker@bloomberg.net; Christine Harper in New York at charper@bloomberg.net.
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