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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

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