Kaminsky's Call: Goldman's Human Capital

Will Blankfein jump off Oprah's couch and profess his love for prop desk profits?


Probably not. But the fact that some are questioning whether the most powerful CEO in the financial services industry should appear on Oprah Winfrey's show is proof positive that Goldman is a firm in disarray.

My "Call-to-Action" is to look past the Securities and Exchange Commission (SEC) and FinReg and focus on what really matters: Goldman's human capital.

When I was at Neuberger Berman, once considered the crown jewel of Lehman Brothers, I saw firsthand how peripheral matters distracted talent from producing. People started watching the company's stock price and stopped watching their customers.

The same dynamic is probably happening at Goldman Sachs. Even those who are trying to focus are probably distracted by those who can't stop obsessing about the company's many PR problems and ever lower stock prints.

It is a distraction—and when people are distracted, they are not servicing their clients with their best ideas. When that happens, a firm cannot be at its most successful.

In short, Goldman Sachs is not being Goldman Sachs.

The internal obsession with the stock must subside. It is a paranoid approach that is just as unnatural as the idea of Mr. Blankfein on Oprah.

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Gary Kaminsky does not hold any equity positions.

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