Jay W. Lorsch, a Harvard Business School professor, said the bank's focus has shifted toward "more immediate greed" from long-term gains because Blankfein and many of his deputies come from a trading background instead of investment banking. Lorsch, who helped run an education program for new Goldman Sachs partners in the late 1980s, is "probably the world's expert on governance," said his Harvard colleague and Goldman Sachs board member William W. George.

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