Its a lot harder than it looks. You looked really good. I knew i was going to interview you today. Unlike peter screen we get these free pictures of the picture i thought was perfect. A Rolling Green hill is a farm. Like where i grew up. It was exactly why there are all these people in the room. Because you are the farmer. You made the soil right. Out how to make it rain the figured out the magic they have this grits and intensity. I wish id deserve the cred credit. Was ten years ago theres two things that i learned, one is the power of great ideas and the second is what happened in places Like Community colleges partner with an Incredible Company like Goldman Sachs. Thank you for bringing Community Colleges into this analysis and in some ways that its a connection is to happen in a sauce. I been running around and got here and sets are you going on with gail you did such a spectacular job. You introduced me to that Great Institution which i was not familiar. I learned a lot about what gets accomplished. I think to this day i appear places but i never speak at graduations the only graduation i ever spoke it was in laguardia. You know laguardia has almost 700 businesses that have gone through. We have 6700 businesses that you have many difference difference. I want to ask you little bit about your beginnings. People from all different walks of life and i know you grew up not just in brooklyn but public housing. K talk about the journey and how you got here . I had no idea what coleman was the fact, life is funny because i had never joined i interviewed at a number of firms. Goldman did not hire me. A lot of other firms to hire me. I was at a small you have to be flexible but them having rejected me by you plan to do that. I grew up in the linden projects in East New York brooklyn. I would say it wasnt in that i would go to college. So went to college some didnt. How is wanted to go to way to college and got away to college. I applied for the State University system and i went to a college night. A lot of kids and go to college my High School Play which is somebody there is a guy there from wherever and to shows the randomness he said you should apply to harvard. I did. Of course i moved on and they gave me an application and i wrote it out like youre filling out your immigration form and that was my application. I didnt get into every school, but i got into there. That is a good thing. Somebody hundred years earlier came money and set up financially unlike a lot of people here you benefit from a lot of people you will never meet in the things you do benefit people youll never meet. Thats life. I have a good sense of where from i cant revel in it because life has been kind to me. I went to law school and worked at a fancy loft. So im not saying this is like a blank in walkin miles every day because i have many more advantages and disadvantages. But my dad works nights at the post office, before that he didnt have a job for time and i know what it is to be nervous and anxious about whether you can support your family a lot of people go through it. Im not a stranger to it it wasnt the biggest part of my life but it may have been the better part of my life. His Business Owners all around us. One of the things thats clear is they face uncertainty all of the time. Even a golden for 36 years now so your employment has not been so uncertain. It does, certain words. How do you maintain a sense of resilience in dealing with the ups and downs . Its different. Theres a lot of anxiety and jobs performing well and people criticizing legacy. From time to time after testify in front of people. They said nice things about me constantly. I dont read the papers. Because you make yourself crazy. They say nice things about me too. Since i graduated from school and started working i had a lot of times where it was really terrible and bad. I felt anxious about what my legacy would be whether the shareholders would like it if the employees went with you. Were facing the risk will tell you what i have not had since i was a kid, i never had to worry whether i would be able to afford my apartment for my kids could go to school, that risk is what a lot of Small Business people face. I know the difference between having that kind of anxiety and worrying about your legacy wallet you your weekends on your summer home. I know that difference and i have a lot of appreciation for the creature people have a stable life will exceed the position and put themselves at risk. Everybody comes up to me to say i am in the papers it is a big company and they talk to me in a very deferential and appreciative way. And i say it i work in a company i just work here. Im not a founder and i have a big safety net. So i do have a deep appreciation what people have done to go through their stable lives i think it is important to take a lot of courage to do that. So in your lives and i have gone through periods of times where everybody may not have done as well but the reputation is made that way and the most important is the one you make with yourself because you know if you do these things it instills courage and a lot of things. So i appreciate it. Another thing why i have always loved this program is if you are in any industry you want to make a good living but in the field you have some appreciation for the concept of what you do. If you work for farmers you must want to be involved if you go into constructions have an appreciation for buildings and the way to change the landscape. Et cetera et cetera if you are in finance we pick winners and losers in finance companies those that grow up and be businesses and we take risk away from Big Companies who have to hedge out there currencies or Interest Rates sometimes that grandscale isnt huge and a lot of times we deal with institutions and Big Companies but we believe in the capitalist system. We believe in writing checks but at the end of the day every year they need another check so that Economic System as a prophet you spend the money and you invest and have something left over that allows you to help other people. So it is very virtuous. I believe in it but at the level of Goldman Sachs you dont get to live that. So you do Something Like this. It is a just writing a check or giving people money because people lend money for financing but invest in education, people have mentors and advisors but Everybody Loves that because it is one thing to advise a 200 billiondollar Market Cap Company but it is another to advise a caterer of a Family Business maybe 12 employees and once to figure out if it makes sense to invest in a new truck or refrigerator. It is nice to practice what we do on a human scale. I know a lot of you have aspirations to leave behind the human scale but somebody who started on the low scale and now has achieved escape velocity. Small is the new big. I always say complement Small Business people but i never really match a Small Business person who really, really wants to stay small. [laughter] so to invest in the business, you are a great study so where are we . With that valuation of where we are . Let me just say where it is things evolve. Over the course of your careers, you will see highs and lows of multiple cycles. So you always have to be in the Contingency Planning business. And always have to make your plan if things go wrong can i survive. You dont really want to take that existential risk that im betting everything and then there are different periods of your life if you are your family doesnt want to live that way. So we are in a. Right now with the consensus things will go very well in the nearterm. Interest rates while high are part of the growth Regime Energy prices are fairly low and they can take credit at the federal level that is business friendly but even Small Business friendly like the regulation but i think im sure its not a political statement but it is true. Something should go well for a period of time like inflation but the risk is that things go a little too well and get a little hot then the fed fulfilling its obligations tries to forestall runaway inflation and Interest Rates faster than anybody thinks. And if they do that that causes them to seize up and that delicate balance the Federal Reserve has to do is to get Interest Rates up while simultaneously saying not too fast, dont worry, slow, if the market gets upset that we can wait a little longer. It is delicate to ease out of this. With easing many policy and that is what we have had. But you cant do that forever so how do we normalize to get Interest Rates back to a level where money isnt so cheap relative to how much they can invest . How do you get that in a way that does not trigger . That is the exercise taking place now. Chances are that it works the risk is that it doesnt. So all of these Business Owners really want to grow. So you have to have talent so talk about what you look for as talent when you hire people. We survey and analyze people what we will do. There are three categories for people in Small Businesses. Access to capital, redtape which is regulation and how you get the right talent . By the way that is a little bit of function part of it is just the right people but part of that is our people welltrained . Graduate school . What about Laguardia Community college . You cannot go forever to have the underperforming educational system is still have United States be an economic engine so access to financing which Means Community banks, redtape and regulation that means you have to spend one third of your time and to look for talent life is not a snapshot if they dont know some thing they can learn it and to take responsibility. Most important thing that i say so what have they learned . But if you ever replace that machine they will never learn another thing again. So to tell you the truth it is like people who bring me there are problems. That isnt the same also leaving peoples lives they go through Health Issues and divorce issues but of course they will come with baggage i would rather look at the next person. Goldman sachs brings everybody to the hill so why is it important for Small Businesses to get connected . It is good visuals of this good for people to petition their government and no doubt in my mind appealing to one place or another going to civic associations this is a Critical Mass Everybody Knows the backbone but there is nothing like a good revival meeting to show the good force and strength. [applause] in politics being local going to your district to see the weight of that they tell you stuff but then you tell them stuff and i think once you get used to it just like Goldman Sachs all of a sudden we are a factor in the world. Nobody thinks we are not influential. So you lobby . Of course. We dont vote on the legislation but we have an obligation what we would like them to do. You should too and by the way this is the first time walking through the halls of congress so get used to it. [applause] that is what this is about. So this is part of the Small Program educational process. Now will ask you my favorite question what about the ceo of Goldman Sachs told the 22yearold that you learned from your experience . I would be doomed to repeat every mistake. [laughter] here is what i would say. Instead of being so wired and learning about everything, ease up and enjoy things more to be more effective in any sport and of course i can say that because things will work out. My old self says what are you worried about . You are doing pretty well. But guess what . I didnt know that then. So let me tell you if when i was young i was insecure and what i have secure im not young. [laughter] so if you are telling me i could go back to be accomplished and is confident as i am today i will take it but i dont know if thats available. Now going to a lightning round. Answer in 30 seconds. Go to person for advice . Two my wife comes to me. I dont have to go to her. [laughter] [applause] always well intended, often his right but the advice is never welcome. [laughter] im glad shes not here right now. The most memorable career moment so far . The most memorable was the one not very well prepared for which was the whole financial crisis. You train for a marathon but not by practicing in the marathon you run 10 miles and then the big push. I prepared for a little crises but that went a little further than my preparation. One thing you could not live without . Being current with the papers in Current Events i am so addicted to that. The most interesting person you have met recently . [laughter] there are so many. Three words your children would use to describe you. [inaudible] [laughter] that was pretty cool. Your favorite thing about Goldman Sachs 10000 Small Businesses. My favorite thing is 10000 Small Business people. It really is. [applause] look, my idea in a metaphorical way i think talkshow host have a great life. Sent on stage a producer brings out people you talk to them for ten minutes then they slide down the couch. I like talking to people about what they do especially if it is passionate and that is what people here are. And they are great at it life is random i told you how quirky it was if you play ten hands hope you have good luck if you play 100,000 hands it isnt much over the large numbers everybody is the same proportion is how you play it i believe in both of those that some parts are luck because you dont get a lot of chances to start a business but also to where you want to go and it is important to believe in good luck and bad luck. If you dont believe in luck if you think everything that we have is because i deserve it then if you think that those who are poor deserve that and it makes people greedy and selfish. So it is a good thing to believe in hard work and you have a lot of control over stuff. But if you are believing you are in such total control and that is what you deserve that is what makes people miserable. [applause] so there is a tiny snippet of lloyd blank fine and extraordinary human being who created this program and nurtured it and believes in it believe me he is like a proud popper to all 6722 Small Businesses. [applause]
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