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August 18, 2022

Financials Matter

"It's Not Just About Finance"

Beware of Bald Men in Suits

This is not an anti-bald guy observation.

However, when it comes to bald guys in suits, you can’t help but notice how one major investment firm consistently promotes the hairless ones as their top executives.

Ironically, (or maybe not) this particular investment house has been instrumental in the greatest transfer of wealth (from us to them) in history.

Let’s start with Henry (Hank “…tanks in the street, Mr. President”) Paulson, who with a three-page law, gave us TARP and managed to steal get $700 Billion in taxpayer money to bail out his former company from going broke.  (HERE)

His partner in crime business, and former Governor of the state he drove into bankruptcy (New Jersey) Jon Corzine, also single handedly caused the collapse of MF Global in 2013.

Corzine was replaced by Lloyd “Doing God’s Work” Blankfein, who latched on to the government trough and received the largest taxpayer handouts in history after the 2008 meltdown.  (HERE)

Interestingly and prior to Blankfein, the two best CEO candidates-in-waiting were lieutenants of Hank Paulson who never got the nod.

(John Thain and John Thorton both had a full head of hair).

The eminently qualified Gary Cohen was next in line to succeed Blankfein.  However, he jumped to be chief economic advisor to the White House.  Then mysteriously resigned over alleged “tariff disputes” with Trump early in 2018.

So, that brings us to David Solomon, the next CEO of Goldman Sachs.

Solomon started his career selling commercial paper and junk bonds at Drexel, Burnham, Lambert (who went bankrupt).  After the collapse he went to Bear Stearns (who also collapsed) and now finds himself as CEO of Goldman.

Besides being bald, the common link among these CEO’s is leaving a path of destruction in their wake.

Lord only knows how this story ends.

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