Goldman staff told to grab market share
Wednesday 30 September 1998
In a transatlantic rallying call, Mr Corzine, who joined co-chairman Henry "Hank" Paulson on the telephone, said: "Our watchword is steady as you go, full steam ahead." He went on: "We have important work to do."
Mr Corzine who was appointed in 1994 with a specific mandate to see the business through to a stock market listing, said : "It is our view based on market conditions that there is a clear execution risk for Goldman Sachs IPO."
He added that the recommendation not to go ahead adopted by the strategy committee the night before "is the advice that we would give a client in similar circumstances".
"Market dislocations have often provided opportunities for the firm in the past," he said. "Great institutions can distinguish themselves in difficult times."
He pointed to the role Goldman played in the Long-Term Capital rescue: "We were a leader in seeking to dampen the systemic risk,"and offered the hand of co-operation to other governments around the world battling to prevent financial collapse.
He concluded with a call to arms: "Let us go forward", followed by the sound of telephone receivers being clumsily put down.
Hank Paulson said the way financial markets had behaved since the Russian default in August was tantamount to an "earthquake without historical precedent". The firm's own estimates were that $100bn had been lost by Western banks in the Russian default and its aftermath "The subterranean shifts," he added, "are still playing themselves out."
Goldman yesterday named 160 new managing directors, of which 36 were in Europe, most working out of Goldman Sachs' European headquarters in London's Fleet Street. The appointment, which involves a profit-related bonus as well as a substantial salary increase, is usually seen as the "fast track" to partnership.
New partners will be appointed within the next few weeks.
Malaysia Airlines plane crash exposes alarming flaw in airline security: over one billion flights made last year without stolen-passport check
Kim Jong-un wins 100% of the vote in North Korean elections
Teacher shows sex tape featuring herself to pupils during class by mistake
Malaysia Airlines Flight MH370: Oil slicks in South China Sea ‘not from missing jet’, officials say
Swarm of killer bees sting woman 1,000 times
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
If you're horrified by a flame-roasted dog, you should be shocked at a hog roast
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
Exclusive: Impact of immigrants on British workers ‘negligible’
Vince Cable: Teachers 'know absolutely nothing' about the world of work
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
- 1 International Women's Day 2014: The shocking statistics that show why it is still so important
- 2 Australian man Rod Sommerville reacts to bite from deadly snake by reaching for cold beer
- 3 Teacher shows sex tape featuring herself to pupils during class by mistake
- 4 David Cameron resorts to paying for Facebook fans because not enough people like him
- 5 Steve Irwin’s final words: Cameraman present at death opens up about deadly stingray attack for the first time
iJobs Money & Business
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£55000 - £70000 per annum + benefits: Pro-Recruitment Group: In-House Corporat...
£80000 - £100000 per annum + benefits: Pro-Recruitment Group: In-House Opportu...
£30000 - £35000 per annum + generous benefits: Pro-Recruitment Group: Mixed Ta...