[ by Melanie Gretchen ]

Goldman Sachs, you've been had.

When the investment banking bought commodities broker J. Aron & Company in 1981, Goldman's new colleagues fell to the bottom of the food chain - J. Aron staff members were even forced to ride in a separate elevator bank.  In a (surprise?) twist, the taken over have risen to the top, amid Goldman's rise as a trading powerhouse.  

The Changing Face of Goldman. Whether it was a conscious move by the firm to evolve from a investment banking or it was the ambition of J. Aron alumni, there's no denying J. Aron has made a name for itself in its new home.  To name a few high risers:

• Harvey Schwartz, who joined J. Aron in 1997, will succeed David Viniar as CFO
• Lloyd Blankfein, who began as a gold salesman just months after Goldman bought the firm, has been CEO since June 2006
• Gary Cohn, who was hired as a metals trader in 1990 and quickly established himself as a go-to guy to fix tricky situations, has been president and chief operating officer also since June 2006

Other former outcasts include Edith Cooper, who runs human resources; Timothy O'Neill, co-head of the investment management division; and the co-heads of securities, Pablo Salame and Isabelle Ealet.  [C-I Note: Technically, J. Aron is not extinct, though it is rarely referred to as an independent group.]

C-I Note: Is Goldman getting its due, or are its current officers getting what they've earned?  Are other firms able to create success out of similar situations or has Goldman made gold out of lemonade?  Either way: cheers to Mr. Blankfein.

For further details, go to [Dealbook, 10/1/12].