Lloyd Blankfein: Day Trader
One might think that former Goldman CEO Lloyd Blankfein has his days full with meetings and potential new opportunities.
But the truth, according to a new Bloomberg writeup, seems to be much more dull. Blankfein spends his days day-trading and really doesn’t have too much on his agenda.
“I’m not scheduled,” he told Bloomberg. “I don’t set my clock most mornings.”
He toyed with the idea of becoming a consultant but said he didn’t want to “get on a horse with a sample case and try to build that business.”
But what he does do is spend the day trading. In fact, Blankfein trades “multiple times a day”, buying and selling both stocks and commodities, the report says.
It’s a stark contrast to former Goldman Sachs leaders, like Hank Paulson, who went on to become Treasury Secretary.
When asked if he would like that job post-retirement, Blankfein replied: “Who, offered that job, would decline that? You’d have to be preparing for your end of life or jumping off a cliff or something like that. Of course, to make that kind of a contribution, to be at that fulcrum of that very large lever, of course you’d want to do it.”
But that’s the thing: he hasn’t been offered the job. And since the 2008 crisis, there has been nary a Goldman-alumnus that has made the transition to government, but for current SEC Chair Gary Gensler. This means his future prospects of landing the gig could be impaired.
In his interview, Blankfein weighed in on the current state of the economy. When asked about whether he supports Fed Chair Jerome Powell’s plans to raise rates (or not raise rates), he said: “If you had to err on one side or another, you would err on allowing a certain amount of inflation to take place and not want to get yourself into a deflationary — see Japan for 25 years as a reference. I respect the Fed for standing up to a lot of pressure.”
He also says he sees potential pitfalls with the digitization of finance, fearing “a mistake or a flawed program that sells all your assets for a quarter of the value, and you can’t pull it back.”
On crypto, however, he commented: “This may be one of the thousand things that I never in a million years thought would work, and it may work.”
When asked about Senator Bernie Sanders, he replied: “I wouldn’t be looking to put more of the economy in government control.”
But now, the lazy days just fly by for Blankfein.
He spends most of his days in Miami or the Hamptons, the report says. He says he has “few regrets” and still gets up during the middle of the night to check the markets – a habit he developed over four decades..
He told Bloomberg: “Those are habits that don’t die easily, and I’m not sure I want them to. It’s fun.”
Thu, 10/21/2021 – 05:45