Suzanne McGee just found something new to pin on Goldman: the bankrupting of nearly every other bank on Wall Street.In a new book, Chasing Goldman Sachs, she writes that banks were so jealous of Goldman that they blindly tried to do everything they could to be just like them.
So Newsweek asked her which banks were the most jealous.
Merrill Lynch, for sure. Former CEO Stan O’Neal explicitly set out to beat Goldman. The saying there was to not go near him the day Goldman reported its earnings.
At Citigroup, Bob Rubin actually had people put together a report on how Citi could generate more Goldman-like returns. They came back and basically said they needed high risk, and high talent.
And then at UBS they commissioned a similar study to increase market share and return on equity. Their recommendations were to dial up risk.
The situation kind of reminds us of the movie Single White Female, only there were three Jennifer Jason Leighs in this one, the three CEOs who wanted to be just like Lloyd…
Marcel Rohner erased his voicemail messages.
Bob Rubin wanted to copy Lloyd Blankfein’s haircut (but it didn’t look as good on him).
And the freakiest Goldman wanna-be, Stan O’Neal, threw his dog out the window.
Funny how Merill Lynch is now exactly like Bank of America instead.