Tuesday, August 4, 2009

Blankfein to Goldman Employees: Lay Low with Your Riches

Goldman Sachs CEO Lloyd Blankfein has warned his employees to avoid making big-ticket, high-profile purchases, NyPo is reporting.

A source within the bank said Blankfein first began calling for an end to the conspicuous consumption late last year, but has stepped up his campaign in recent weeks as the White House has sought to rein in compensation and as the firm has gotten dinged by a pair of high-profile magazine articles.

As the late private banker, Edmond Safra, once told one a very wealthy client of mine , "Just because you have a stick of butter, doesn't mean you should take it out into the sun."

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