Lloyd Blankfein

Let's have a different set of people look at what risk-takers are doing because you can get loopy and go off in the wrong direction and not get reeled back in.

Let's have some more process.

And so after the crisis of 1994, again, there's a crisis all the time.

In 1994, if you recall, you won't

That's when the Europeans raised interest rates by 6%, not six basis points, 600 basis points.

In a few months, and everyone thought they weren't.

And so guess what?

When you lower interest rates, asset prices swell in value.

When you raise interest rates, they contract in value.

Yeah.

And like physics, like relativity.

That's what they are.

And so it was a shock, and we were not in great shape.

And guess what?

You discovered –

the riskiness of what we had, which didn't feel that risky when things were going well, but when they were going poorly, they suddenly felt a lot riskier.

And that was when we put in, after that, we put in a regular risk committee that met, that went over stuff, again, trying to walk the line between not being an entrepreneurial risk-taking enterprise, but having some

surveillance that we can rely on to let us avoid that which an extra set of eyes could prevent.

I have a whole series.

Somebody made a whole billboard for me.