Lloyd Blankfein went from being a poor kid on a Brooklyn housing project to a Harvard graduate, a corporate tax lawyer, then the CEO of Goldman Sachs.
His titanic change in circumstances required a major shift in mindset, Blankfein explained in "Streetwise," his memoir published this spring.
He wrote that "growing up in public housing, in a family that was just getting by, and attending public schools that were failing, left its mark on me."
When counting every dollar and applying for scholarships was the norm, it was the "furthest thing from your mind to give money away," Blankfein wrote. "It required an adjustment on my part when I started to earn a lot and had to learn to enjoy donating some of it."
Blankfein recalled several times in his life when his hardscrabble upbringing clashed with the affluence around him. At Harvard, he watched his crewmates on the rowing team "ripping towels into shreds" for use as makeshift headbands.
"Where I came from, you used a towel for approximately forty years," he wrote. "Here people didn't husband everything or feel that they always had to defer gratification."
Blankfein also told the story of an awkward dinner at a wealthy girlfriend's house:
"The first course looked like the top of a pineapple, and I picked off leaves and started eating with everyone else. I chewed and chewed and wasn't getting anywhere. Everyone was looking at me. It turns out I was trying to chew and swallow the leaves of an artichoke, which I had never seen before."
His girlfriend's parents kept requesting their guest "do things they knew were outside my comfort zone, like opening a bottle of champagne. When the cork shot out of the bottle, I almost lost an eye, to everyone else's amusement."
Blankfein wrote that after living at both ends of the wealth spectrum, he has mixed feelings about raising affluent children.
"I spend half my time wanting to give stuff to my kids, the other half tormenting them for having stuff I gave them that I didn't have," he wrote.
Retiring in style
Blankfein retired as Goldman's CEO in 2018 after years of weathering crises, battling the press, wrangling with regulators, flying across the world every few weeks, and even surviving cancer.
That last experience made him think hard about how he wanted to spend the rest of his life, and what meaning it would have.
"It couldn't be about one more weekend when I said goodbye to my family on a Saturday afternoon so I could travel for more than twenty hours to arrive in China for a meeting first thing on Monday," he wrote.
Since retiring, Blankfein has been free to spend his days taking courses in physics and linguistics, perusing military histories and biographies, and taking on other intellectual pursuits.
"Being able to pursue my curiosity freely over the last few years has felt like a luxury and a gift," he wrote.
Blankfein also trades his personal account daily because "it's fun for me to make bets on the market," offers advice and punditry, supports nonprofits, and spends more time with his family as well as exercising and traveling for leisure.
He recalled in his memoir that when he made partner at Goldman, he was advised that his goal in life should be that if his obituary runs nine paragraphs, no more than three of them should be about his time at the firm.
"In other words, I was to contribute to the world separately from Goldman and was supposed to have a life after Goldman," he writes.
By the sound of it, Blankfein has taken that advice to heart.
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Theron Mohamed is a London-based correspondent on the Trending team at Business Insider. His coverage spans finance, investing, wealth, markets, and the economy.Theron joined BI in 2019 as a reporter at Markets Insider and rose to the rank of correspondent before moving to the Trending team in 2024. He previously covered tech, media, and telecom stocks for Investors Chronicle magazine and had a brief stint on the Financial Times' Data team. He interned at the Wall Street Journal in New York where he primarily wrote for Heard on the Street.Theron has freelanced for The Independent, The Telegraph, WIRED, and several smaller publications. He holds an undergraduate degree in geography from the London School of Economics, and a master's degree in journalism from Columbia University.Theron often covers Warren Buffett, Michael Burry, Jeremy Grantham and other top-flight investors. He also writes about the world's wealthiest people and shares financial advice from all manner of rich and successful people.Email Theron at [email protected] and follow him on X @theron_mohamed.Expertise
- Corporate finance
- Stocks and investing
- Wealth and philanthropy
- Business history
- US economy
- Warren Buffett and Berkshire Hathaway
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