Not Lonely at the Top

Not Lonely at the Top

JPMorgan Chase shows that two CEOs can be better than one.

Posted Monday, June 15, 2009 - 7:16am

While Corzine was titular head of Goldman Sachs in the late 1990s, he effectively shared power with Paulson. Chaos around the firm's decision to go public-and the embarrassment of pulling the IPO in 1998 amid capital markets losses-gave Paulson the edge he needed to oust Corzine and take sole control of the investment bank. He hung around for almost a decade before becoming treasury secretary under George W. Bush.

WINNER: Paulson, hands down. Corzine went on to become a senator and then the governor of New Jersey, however, which isn't a bad consolation prize.

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PARTNERS: Robert Rubin and Stephen Friedman, Goldman Sachs, 1990-92

These two served as co-chairmen of Goldman Sachs from 1990 to 1992. Rubin left to join the Clinton White House in 1993 and later served as treasury secretary. Friedman stayed on at Goldman until 2004, when he retired.

WINNER: Draw. These two worked pretty well together, and each is still held in high regard among Wall Street's elite. Still, the firm they ran is a fraction of the size of JPMorgan under Black and Winters.

View of JPMorgan Chase building by AFP/Getty Images
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