Notes from Goldman's annual meeting

"That's amazing," says Goldman Sachs (GS -0.4%) chief Lloyd Blankfein after not receiving a single question from shareholders at the annual meeting today in Texas. It's the first time since at least the financial crisis management hasn't been queried at this event.

In other news, roughly 83% of shareholders approved the executive pay package.

Asked by reporters about whether Goldman is feeling pressure to exit or whittle down its commodities and fixed income trading businesses, Blankfein tweaked rivals who are doing just that: “I’ve been doing this over 30 years. I think it’s a vanity to say that something that has worked is not going to work from this moment forward.”

Perhaps the most interesting part of the meeting is the location itself - Irving, Texas is a long way from Goldman's NYC headquarters. Some say the bank did this to avoid questions/protests, but Goldman - which has been busily expanding in lower-cost locations - says it wants to highlight this trend.

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Comments (7)
  • King Rat
    , contributor
    Comments (1833) | Send Message
    Turning Texas blue by sending over one white collar worker at a time.


    Or maybe they are just taking advantage of the lower tax rate in Texas. What is the income tax rate in Texas compared to New York again? Rhetorical question, sorry.


    I am indifferent to politics but having spent much of my life in California, I don't understand how so many hard blue voters move to red states to escape the policies they voted for, then proceed to vote to establish the same laws that they tried to escape. They are like crossing a phoenix with a moth. They keep flying into a flame, then rise from the ashes only to fly into the flame again.


    All you Texans out there sick of regulation, you may consider Australia. More freedom, lots of open space, copious amounts of alcohol, and the flag is still red, white, and blue.
    16 May 2014, 02:37 PM Reply Like
  • Exit Strategy
    , contributor
    Comments (33) | Send Message
    > All you Texans out there sick of regulation, you may consider Australia. More freedom...


    Thanks for the vote of confidence in Australia :) But note, Australia is a massive nanny state compared to Texas. In my home state of NSW, even a slingshot is a Schedule 1 prohibited weapon.
    16 May 2014, 05:53 PM Reply Like
  • ThetaDecay
    , contributor
    Comments (103) | Send Message
    King Rat,


    Can you give some examples of these blue staters bringing their overregulation to Texas? I really don't see Texas in danger of turning purple anytime soon.


    Colorado is a better example of the migration of progressivism. Texas, however, seems to be insulated by the fact that many die-hard liberals from California would consider it sacrilege to move to the poster-child state of the GOP. The people that move to TX from out West tend to subscribe to a more moderate political ideology.


    I'm not saying it could never happen -- I just think it might be a little too early to go and contact a real estate agent in Melbourne.
    16 May 2014, 10:07 PM Reply Like
  • Rootarmo
    , contributor
    Comments (373) | Send Message
    Why do you assume that anyone who works for Goldman or on Wall Street is Blue ?
    16 May 2014, 10:41 PM Reply Like
  • User 509088
    , contributor
    Comments (1747) | Send Message
    examples of the white east coast corporate establishment moving to texas? ummm, what is the bushes, alex? 'ceptin' they turned the state red.


    lbj was from texas. remember? texas used to be a little more complicated than it's currently given credit for.


    rednecks and scorpions- that's arizona.
    17 May 2014, 07:59 AM Reply Like
  • al roman
    , contributor
    Comments (18329) | Send Message
    Have answered the questions ourselves.
    17 May 2014, 10:25 AM Reply Like
  • minecanary
    , contributor
    Comments (1361) | Send Message
    Of course Lloyd forgets to mention he can continue breaking the commodity laws w/impunity because GS is too big to jail and the bastard father of central bankers everywhere. He won't give it up until the masses pry control from his slimy hands.
    17 May 2014, 11:20 AM Reply Like
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