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INFORMATIONSTATION.ORG KITCHEN TABLE ECONOMICS First Job Fridays: Lloyd Blankfein Posted on December 18, 2015 https://informationstation.org/kitchen_table_econ/first-job-fridays-lloyd-blankfein/ When people say “Wall Street,” we im- public housing project in Brooklyn. But he recognizes a deeper importance: mediately think power and wealth. But From an early age, there were two “[You] also know what people go many of New York’s top money-movers things on Blankfein’s mind: His favorite through in the world who don’t grow weren’t born with it—they spent early baseball team, the New York Yankees, out of that, but that’s what they do for mornings and late nights working and the best way to make a living. This a living.” their way up the corporate ladder. A led the young baseball fan to the old life of luxury was something these Yankee Stadium, where he found a job Now leading one of America’s most executives earned on their own, rather as a concession vendor. recognizable investment banks, Blank- than inherited. fein applies that steady sense of humili- Selling soft drinks and peanuts in “the ty to his corporate life, “I need my boss- In our regular First Job Friday feature upper decks” was his first major respon- es’ goodwill, but I need the goodwill of on Information Station, we profile sibility, and Blankfein realized he had to my subordinates even more.” Those who American business leaders whose first take it seriously—the job was “all com- know him best praise his modesty and step on the ladder was anything but mission-based,” meaning no guarantee self-deprecating humor, an approach- “Wall Street.” of personal income. This meant walking able brand of leadership unusual for up and down the bleachers for a “10 the finance industry. Blankfein often This month, it’s Lloyd Blankfein, the percent or 11 percent commission” on interacts with Goldman Sachs’ new- CEO of investment bank Goldman a soda selling for 25 cents—a profit of est interns, answering questions and Sachs. Corporate events and conference less than 3 cents per soda, by Blankfein’s putting himself in their shoes. And he calls didn’t run in his blood from the estimation. But he kept climbing for thanks the “very steep stairs” of Yankee start, but New York always did. Blank- extra cash and the independence that Stadium for that—which taught him to fein was born in the Bronx to a mail- came with it. “It’s character building for work hard and stay grounded. man and a receptionist, who raised him yourself,” Blankfein fondly recalls. and his sister in the Linden Houses—a Sometimes, selling (and making) pea- nuts is the best recipe for success..

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