Botched trade may spur pay cut for JPMorgan CEO

"(Reuters) - In 2004, Harvey Schwartz, who was then head of the financing business at Goldman Sachs Group Inc's investment bank, came up with a new way for the bank to make money from a seemingly mundane activity: helping companies buy back their shares.

He created a product that could save companies money by getting them improved pricing on buybacks while generating fees and trading profits for the bank. To build what became a multibillion-dollar market, Schwartz had to convince dozens of skeptical Goldman sales people, derivatives traders, corporate finance specialists and lawyers that they could make buybacks more enticing, said Martin Chavez, a Goldman quantitative analyst who worked with Schwartz.

"He said, 'I know the details are going to be immensely complicated, and it's going to seem impossible. But there is a solution here. We're all going to work until we figure it out,'" Chavez recalled Schwartz as saying. "And when Harvey says that, people listen."

At the end of this month, Schwartz will need many more to listen when he takes over as Goldman's chief financial officer from David Viniar, the firm's long-time finance chief who is seen by insiders, analysts and investors as a tough act to follow. Viniar, 57, will remain a Goldman director.

How Schwartz, 48, who has so far worked in relative anonymity as co-head of the firm's securities and trading unit, fills those shoes could have far-reaching impact on Goldman's outlook and even its culture."

Feel free to read the rest of this article (partially pasted) here. It's about a silver spoon type who has zero life and no legitimacy in the real world. Middle aged, didn't marry just lives-with, in a condo and has a black belt. Sounds like a typical juvenile with the right connections. He's the CFO at GS, or a pariah in a pariah. We really don't need these financial monsters thriving, we need America to. The best thing we can do is abolish the Gramm Leach Bliley Act and divest Big Banks into self-funded portfolio handlers toxic only in the state they HQ in. Schwartz sounds like a Bankfein butt-sniffer... like we needed anymore of them.

Boo hoo!  He should go to jail with the rest of them! Unbelievable.  Why should the tellers and people loose their jobs so he and the rest of them get their BONUSES??? He and the others should be held responsible.  Does anyone remember that word in business these days?  I've had to taken dozens of anti laundering classes and tests, and I've never touched money.  It was his job to oversee that things like this DIDN'T happen! I just don't understand why these people still have jobs, I really don't and never will. Mindboggling!