Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Goldman's Blankfein leaves pep-talk voicemail

By Annalyn Censky, staff reporter


NEW YORK (CNNMoney.com) -- Goldman Sachs chief executive Lloyd Blankfein gave employees a motivational pep talk via voicemail this weekend, following fraud charges filed by the Securities and Exchange Commission.

In the voicemail on Sunday, Blankfein assured employees he is taking "appropriate steps to defend the firm and its reputation."

The SEC is suing the investment bank for failure to disclose conflicts in a 2007 sale of a portfolio of securities heavily tied to subprime mortgages. Investors in the so-called Abacus 2007-AC1 portfolio, ultimately lost $1 billion.

In the voicemail, Blankfein describes the extensive media coverage following the SEC's complaint as "certainly uncomfortable, but given the anger directed at financial services, not completely surprising."

He points out that Goldman Sachs (GS, Fortune 500) -- and not just investors -- lost money in the deal scrutinized by the SEC and urges employees to stay focused on their clients in the coming weeks.

"We have faced challenges before and our people have always responded through their skills, talent and focus on our clients. We will do that now, and in the process, re-affirm everything that defines Goldman Sachs," he said. To top of page

Index Last Change % Change
Dow 18,432.24 -24.11 -0.13%
Nasdaq 5,162.13 7.15 0.14%
S&P 500 2,173.60 3.54 0.16%
Treasuries 1.46 -0.05 -3.51%
Data as of 6:10pm ET
Company Price Change % Change
KeyCorp 11.70 0.05 0.43%
Bank of America Corp... 14.49 -0.19 -1.29%
Ford Motor Co 12.66 -0.05 -0.39%
General Electric Co 31.14 -0.11 -0.35%
Chesapeake Energy Co... 5.42 0.23 4.43%
Data as of 4:04pm ET
Sponsors

Sections

For the first time ever, Amazon and Facebook are more valuable than Berkshire Hathaway, the storied company run by legendary investor Warren Buffett. More

Venezuela's government issues a decree recently that makes it possible to force workers to work in the country's fields amid food shortages. More

Sheryl Sandberg says she supports Hillary Clinton for president, because she would help close the gender gap, and because she's 'the most qualified candidate.' More

It's about to get harder for some luxury all-cash home buyers to hide their identity from the U.S. government. More