Goldman CEO gets a break from shareholders

For once, the spotlight wasn't on Goldman Sachs.

The bank that Wall Street critics love to hate enjoyed a relatively calm shareholder meeting Thursday while two of its peers, Morgan Stanley and JPMorgan Chase, grappled with public relations nightmares.

Goldman CEO Lloyd Blankfein was peppered with questions about the bank's political lobbying, but the vitriol and the shouting protesters that have haunted other banks' meetings this spring were absent.

The tranquillity was partly a product of timing. Earlier this month, JPMorgan announced a surprise $2-billion trading loss, which has bolstered the banking industry's critics but also taken pressure off Goldman.

And this week, Morgan Stanley has fielded questions about how it handled analyst reports ahead of the initial public offering of Facebook stock.

At the Goldman meeting, in an undecorated conference room at Goldman's Jersey City offices, several shareholders said the bank should disclose more about what it is spending to lobby politicians and regulators.

Blankfein, 57, the CEO for six years, made no apologies for approaching lawmakers and regulators.

"There's requests for comments. We provided our comments," Blankfein said.

One shareholder asked whether Goldman would renegotiate loans to the city of Oakland, Calif. Blankfein said the bank couldn't just lower interest rates for anyone unhappy with their terms.

"That's not how the financial system works," he said.

For the most part, though, the meeting was placid.

When Sister Barbara Aires, of the Catholic organization Sisters of Charity of St. Elizabeth, asked for more information about Goldman's new business standards, Blankfein told her she sounded a lot like a Goldman Sachs executive.

"Maybe you can hire me," Aires replied.

"I don't think we can outbid your current boss," Blankfein quipped.