Lloyd Blankfein

And the firm works at that.

There'll be times when great people, I'm sure people didn't want you to leave.

And you go, oh my God, my heart's breaking.

This guy is leaving.

I'm mad on this.

Go into a room, count to 100, come back out and wish the person luck and say, what can we do to help you?

Am I wrong in saying that?

It's like anything else.

You could find examples on both sides of the ledger.

If you live in Silicon Valley and you'd rather apologize and get approval and things don't always – you may not – you could see people have evolved a whole ethic and a sense of –

You know, management style by eschewing process.

Now, that may work.

And by the way, you hear about the success stories.

You don't hear about the other 99 that crash and burn.

Right.

But in a place like Goldman, which is very big and very consequential and a big balance sheet.

Where if you make a mistake, and by the way, this has come up a number of times, where your big balance sheet, which is levered, and you make wrong judgments, you can do damage to the economic system, to the markets as a whole.

And so we found out, and I found out, this found out in 1994 when the firm had very little process, that, you know,

We are so proud of our non-bureaucracy, but I think we've taken that pride to an excess.

And let's get a little bit more regular surveillance on what we're doing.