The Difference Between Goldman & Lehman 'Partners'

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Here's something of interest we found in the excellent 'King of Capital' by David Carey and John E. Morris.

In the early 1980s, 'Robert Rubin, a Goldman Sachs partner (who went on to co-lead the firm) told Lehman President (Warren) Hellman that their two firms had equally talented partners. The difference, Rubin said, was that the partners at Goldman understood that their real competition came from beyond the walls of the firm. Lehman's partners seemed to believe that their chief competition came from inside.....

'I don't understand why all of you at Lehman Brothers hate each other', Bruce Wasserstein....once said to (Lehman partner) Stephen Schwarzman and another Lehman partner, 'I get along with both of you'.

'If you were at Lehman Brothers, we'd hate you too', Schwarzman replied'.

King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone

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