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Goldman CEO Blankfein Regrets Being #1 On This List

August 11, 2011

Goldman Sachs CEO Lloyd Blankfein has had an especially rough August [C-I: Haven't we all], but he never imagined being in this most undesirable position.  Based on regulatory filings, Blankfein lost about $52mn of his personal wealth in just the past 2 weeks.

That feat enabled Lloyd Blankfein to beat out the CEOs of Goldman's direct competitors - Bank of America, Citigroup, JPMorgan, Morgan Stanley.  That's not to say the runners-up aren't hurting, too. All told, those 5 CEOs saw their shareholdings fall a collective $94 million (on paper) since July 29.  Much of that drop - $40mn - came in yesterday's market crash.  The S&P 500 Index is down 18% in August, and Bank of America has been hit the hardest, losing nearly a third of its market value. 

Mr. Blankfein owns 2.1 million shares of Goldman that, as of yesterday's close, were worth $232 million.  That's a drop of 18%, or $52 million from the start of the month. 

By comparison, JPMorgan CEO Jamie Dimon is in 2nd place with his 5.1 million shares losing about $31mn - a 15% unrealized loss. 

Rounding out the list:  Morgan Stanley's James Gorman lost $5.4mn, Citigroup's Vikram Pandit lost $4.6mn, and BofA's Brian Moynihan lost $1.4mn.  [C-I:  He would have lost more, but he's the new guy on the block and hasn't received as many BofA shares.  Lucky him.]    [Bloomberg, 8/11/11]