Lloyd Blankfein was just on CNBC talking about everything from Greg Smith to regulation.There was one quote that really got our attention.
CNBC’s Gary Kaminsky asked Blankfein about regulation, and he gave a rundown on how he and his firm were cooperating with regulators, and giving as much advice as possible. Basically, he’s confident Goldman will be a good business, no matter what. Cool.
Kaminsky was about to change the subject, but Blankfein had one more thing to add. He said that no one would profit from regulation more than the financial services industry itself.
And then he dropped a bomb… He told everyone watching what the greatest threat to Goldman Sachs was — and ears on the Street are probably still ringing:
The biggest threat to Goldman Sachs, the existential threat to Goldman Sachs, was the poor performance and bad risk management practices of some of our competitors with whom we had relationships.
Hear that Wall Street? It’s all your fault.
Whatch the video below, and if you missed everything else he said, you can check that out here>