Book excerpt: “Streetwise” by Lloyd Blankfein
Penguin Press
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In his new memoir, “Streetwise: Getting to and Through Goldman Sachs” (published on March 1 by Penguin Press), Lloyd Blankfein, the former CEO, delves into his journey from the streets of New York City to the pinnacle of Wall Street.
Read the exclusive excerpt below, and catch Jo Ling Kent’s interview with Lloyd Blankfein on “CBS Sunday Morning” on March 1!
“Streetwise” by Lloyd Blankfein
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Chapter I: Advantages
When I go into a room full of people, I have to decide whether I’m going to be the member of the establishment or the kid from Brooklyn.
Hailing from East New York, Brooklyn, where he spent his formative years in public housing, Blankfein’s upbringing in a family striving to make ends meet and his education in struggling public schools have significantly shaped his perspective. He reflects on the dichotomy of wanting to provide for his children while also challenging them for having what he did not have.
Blankfein’s earliest memories take him back to the South Bronx, where his family resided in a tenement building on Leggett Avenue. The sights and sounds of the coal delivery and the organ-grinder’s music playing outside his window linger vividly in his mind. A move to East New York in 1957 brought a semblance of prosperity to his family, residing in the newly constructed Linden Houses, a stark contrast to the dilapidated state the neighborhood would later succumb to.
Residing in a modest apartment with his parents, sister, and grandmother, Blankfein’s childhood was characterized by frugality and discipline. He shares the immigrant roots of his Blankfein ancestors, who pursued a modest living in the garment industry, contrasting with the professional paths taken by other branches of the family.
Reflecting on his maternal lineage, Blankfein recalls his grandmother’s resilience and involvement in Bronx politics, contrasting with his mother’s more reserved nature at home. The dynamics of his parents’ marriage and their shared aspirations for a better future underscore the values instilled in him from a young age.
Blankfein’s narrative weaves together the threads of his family history, from his paternal great-grandfather’s tailoring business to his mother’s role as a floorwalker at S. Klein department store. These anecdotes paint a picture of perseverance and adaptability in the face of adversity, shaping Blankfein’s worldview and approach to life.
As he navigates the complexities of identity and social mobility, Blankfein’s memoir offers a poignant reflection on the intersections of privilege and disadvantage, resilience and ambition. His story resonates with the immigrant experience, the pursuit of the American Dream, and the enduring spirit of perseverance that defines his journey from the streets of New York to the corridors of power on Wall Street.
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“Streetwise” by Lloyd Blankfein
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