Intelligence Squared What Does It Take to Run Goldman Sachs During a Meltdown? With Former CEO Lloyd Blankfein
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Mar 4, 2026 
Lloyd Blankfein, former Goldman Sachs CEO who guided the bank through the 2008 crisis and wrote Streetwise. He discusses his rise from Brooklyn to the top of finance. He recalls leadership under pressure, how crises reveal true performers, the firm’s culture and public relations missteps. He also reflects on health, priorities and life after running a global bank.
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How An Acquisition Got Him Into Goldman Sachs
- Blankfein didn't join Goldman by direct hire but via Goldman's acquisition of Jay Aaron where he worked.
- He recounts being initially rejected by Goldman and later entering the firm through the buyout of his trading shop.
IPO Was Strategic For Balance Sheet Scale
- Going public was necessary to scale Goldman's balance sheet to compete with firms that could both advise and finance clients.
- Blankfein argues IPO solved capital constraints that smaller partnership structures couldn't fix, and later helped in crisis resilience.
How Counterparty Doubt Freezes The System
- Financial crises freeze the payment daisy chain when counterparties doubt each other's creditworthiness.
- Blankfein explains that even solvent firms can become functionally insolvent if everyone delays payments, risking systemic collapse.