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 17,779.09 -34.30 -0.19%
Nasdaq 5,119.43 3.29 0.06%
S&P 500 2,087.98 -0.89 -0.04%
Treasuries 2.22 -0.01 -0.63%
Data as of 10:33am ET
Company Price Change % Change
General Electric Co 30.25 -0.11 -0.36%
Bank of America Corp... 17.43 -0.01 -0.06%
Pfizer Inc 32.68 -0.19 -0.58%
Walt Disney Co 114.56 -4.11 -3.46%
Freeport-McMoRan Inc... 8.13 0.03 0.39%
Data as of 10:18am ET


It's been a lousy year for almost all major retailers. Sales have been sluggish. But consumers are buying more things online. And Amazon's stock has more than doubled. More

Brazilian police arrested a prominent senator and billionaire CEO for interfering in the investigation of Petrobras, which has pushed Brazil into recession. More

Watsi crowdfunds donations to cover healthcare costs of those in need. And it's seeing a surprising trend: micro-donations via the popular Chinese social networking app, WeChat. More

Some of the coolest toys this year are from small businesses. Here are 10 hot toys that just might be a smash hit this holiday season. More

Facebook just increased the amount of paid time off new dads working at its international offices can take. More