Lloyd Blankfein

And guess what?

You sometimes go five rounds with people and, you know, you may change your mind or you may not change your mind and you may slow it because you think the organization can't take it.

In a public company, you know, it's more of a chain of command, response, obedience, the buck.

And it's and the people don't, you know, don't honor it.

And so there's real consequences in terms of your feeling if you're if you're

A junior person in the firm, you come away with a sense of ownership.

And if you're running the firm, you have to respond to people as if you're there by the consent of the other owners, which in a partnership you are.

And so the firm kept that philosophy and had the discipline at the senior most level.

Hank, me, my successor, David.

to run the firm that way.

It's a lot easier to say, this is the way we're going to do it.

It's a lot harder when you feel the need to build consensus with people who are entitled to question you and second guess you.

But at the end of the day, you get a more stable... I think it's a difference between the American military command structure and the Soviet.

You don't just push it.

People in the field are expected to think, to have ownership.

to have the rules of war that transcend other things that you may be told from time to time.

So I think that made for a stronger firm and it was certainly something that I appreciated.

And by the way, one of the cultural things of Goldman, which you're an example of, is the firm always stayed close to its alumni, made an effort to, so that people you're out 30 years

And if you're describing yourself to someone, at or near the top of your list is your ex-Goldman.

So you're at the firm seven years, gone 30, and you still partially identify as Goldman.