T.T.F.N. That's the message that's being sent to Goldman Sachs' top boss Lloyd Blankfein, New York Post says.
Over the past two weeks, a growing number of industry players have been suggesting the Goldman chief executive might have to relinquish his post in order to get the firm out from under the Klieg lights of negative press and appease Uncle Sam.
Yesterday, analyst Dick Bove at Rochdale Securities added his voice to the chorus betting that Blankfein will be forced to turn over the keys to the executive washroom.
Goldman -- dinged by a record $550 million penalty to settle fraud charges with the Securities and Exchange Commission last year -- has since been dubbed in some circles as "a great vampire squid wrapped around the face of humanity," an infamous quote that dates from a 2009 Rolling Stone article.
Since then the world's most profitable investment bank hasn't been able to improve its deteriorating image even after launching its first-ever ad campaign and pursuing an extensive overhaul of its business practices. Also looming is an ongoing Department of Justice probe sparked by a recommendation by Sen. Carl Levin (D-Mich.), head of the Permanent Subcommittee on Investigations. The committee's 650-page report laid much of the blame for the mortgage meltdown and resulting financial crisis at Goldman's doorstep.
"If the Justice Department acts upon recommendations by Congress, there's no way that Blankfein will be able to stay. He will have to leave," Bove told The Post.
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http://www.nypost.com/p/news/business/goldman_sacked_C5eb7PfLozO00drv53U4OI
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