Newsweek's Jeff Stein has a story exposing the CIA's National Resources Division, the domestic unit tasked with gathering information on Americans who have traveled to (what the CIA deems) suspicious places.

But tucked away in the story is this interesting nugget about banking giants Jamie Dimon and Lloyd Blankfein. 

"NR," as the agency is known, loves keeping in touch with Wall Street's top brass. And Wall Street's top brass, as it happens, is just fine with being fawned over. From Newsweek:

It also knows some titans of finance are not above being romanced. Most love hanging out with the agency's top spies - James Bond and all that - and being solicited for their views on everything from the street's latest tricks to their meetings with, say, China's finance minister.

JPMorgan Chase's Jamie Dimon and Goldman Sach's Lloyd Blankfein, one former CIA executive recalls, loved to get visitors from Langley.

And the CIA loves them back, not just for their patriotic cooperation with the spy agency, sources say, but for the influence they have on Capitol Hill, where the intelligence budgets are hashed out.

How cozy.

Read the full story at Newsweek »

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Lloyd Blankfein and private equity tycoon Leon Black are among those said to have purchased a spot in a new $1 billion Miami luxury condominium development, Bloomberg Businessweek's Katya Kazakina reports. 

Faena Miami Beach is an 18-story ocean condominium featuring 47 residences ranging from $3 million to $50 million, the report said.

The development won't be complete until December 2014.

It looks like it's a hot spot. On Faena's website there are only seven units that are still listed. 

We've included some renderings in the slides that follow.  

Faena Miami is an 18-story oceanfront luxury condo building. It was the vision of Argentinean hotelier Alan Faena and designed by architects Foster+Partners.

Source: Faena Miami Beach

The floor to ceiling windows allow residents to enjoy panoramic views of the Atlantic Ocean and the bay.

Source: Faena Miami Beach

The luxury condominium tower is located on the widest stretch of beach in Miami.

Source: Faena Miami Beach

Some of the biggest names in finance worked a variety of jobs before heading to Wall Street. 

We're talking about things from bagging walnuts to selling peanuts to delivering newspapers and attending parking lots. 

Some of these jobs were things they did as kids to earn some extra spending money, while others were to pay for college or make an actual living.

We've compiled a detailed list of these titan's gigs. 

Bill Ackman dug ditches and waxed cars as a kid.

First Job: Growing up, Ackman had a car waxing business and a ditch digging business. 

Wall Street Career: Ackman, an activist investor, runs Pershing Square Capital Management. He has an estimated networth of $1.2 billion.

Dan Loeb made skateboards.

First Job: When he was 12, he had a skateboard company where he would make boards for his friends. 

Wall Street Career: Loeb currently runs hedge fund Third Point LLC. He has an estimated networth of $1.5 billion.

Source: Vanity Fair

Lloyd Blankfein sold concessions at Yankee stadium and lifeguarded.

First Job(s): Blankfein grew up in a housing project in Brooklyn. To earn extra money, Blankfein sold concessions at Yankee stadium and worked as a lifeguard.

Wall Street Career:  He's the CEO and chairman of Goldman Sachs.  

Source: Money And Power

Emerging market currencies and bonds have been taking a beating.

But Goldman Sachs CEO Lloyd Blankfein told CNBC that he'd be long emerging markets.

He also said he sees long-term opportunities there:

"If somebody said, 'Take a position on the emerging markets and you can't change your mind for fill-in-the-blank—one year, five years', I'd be long, not short. It doesn't mean I'm going to feel good about it," he said in an interview at the World Economic Forum in Davos. 

"You see growth, education, mobility in these countries. Basically, the flattening of the world has given tremendous opportunities in these countries."

He also added that emerging markets felt like a credit business. 

"What is the creditworthiness of this country? What is the balance of payments there? What is the government of this country saying versus that country? It feels like a credit business name by name," he said. 

"At a point of time when things get bad, it tips over into a bad market, forget the names, they're all the [same] it's emerging markets, forget about the differences, its emerging markets."

Watch an excerpt here:

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Goldman Sachs CEO Lloyd Blankfein will earn $23 million for 2013, the Financial Times' Camilla Hall and Stephen Foley report.

That's a 10% increase. From the FT:

Mr Blankfein was awarded 88,422 in restricted share units, according to a filing with the Securities and Exchange Commission, that are worth $14.7m based on Goldman’s closing share price of $165.84 on Thursday.

The restricted stock units, which typically total about 70 per cent of his bonus, mean he is expected to be paid another $6.3m in cash. That is in addition to his $2m salary, taking his overall package to $23m.

Blankfein rival and JP Morgan CEO Jamie Dimon also got a raise (amid the bank's legal troubles) after taking a massive $11.5 million pay cut in 2012.

Read the full report at the FT »

SEE ALSO: Jamie Dimon Is Getting A Raise

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In honor of Valentine's Day, we've decided to feature some of the hottest power couples on Wall Street. 

The range here is wide. We have fund managers who date well-known actresses. We have bankers who are married to attorneys and television anchors. We even have someone who is married to a princess.

We wish them all a Happy Valentine's Day.  

Now let's meet them. 

Princess Madeleine and hedge funder Chris O'Neill

Status: Married

Him: O'Neill, 39, is a partner and head of research at Noster Capital, a value investing hedge fund. He doesn't have a royal title. 

Her: She's a Swedish princess. 

Fun Fact: They're expecting the birth of their first child very soon. They plan to have the baby in New York.

Socialite Pippa Middleton and stockbroker Nico Jackson

Status: Dating 

Her: She's the younger sister of Kate Middleton, the Duchess of Cambridge. 

Him: He's a tall, blue-eyed stockbroker for Deutsche Bank based in London.  

Chelsea Clinton and hedge funder Marc Mezvinsky

Status: Married

Her: Daughter of President Bill Clinton and former Secretary of State Hilary Clinton. She has previously worked for Mckinsey & Co. and Avenue Capital. 

Him: He's a partner at Eaglevale Partners LP. He has previously worked at Goldman Sachs and New York-based hedge fund G3 Capital. 

Fun Fact: Mezvinskys' parents were both members of Congress. 

Masters of the Universe aren't known for having anything resembling a jewelry collection except for one item — a watch. They're collectible, gorgeous and at times incredibly expensive pieces that can be handed down from generation to generation

Exactly the type of thing a titan of any industry would want.

We've put together a list and commentary about the wristwatches worn by some of Wall Street's most public executives. 

As expected, a couple of the watches are flashy. A few of them are really, really cheap by Wall Street standards. And one prominent banker doesn't even wear a watch. Ever. 

(If you know of the type of timepiece that an executive at your firm wears, feel free to send the tip to jlaroche@businessinsider.com)

Check it out: 

Warren Buffett, Berkshire Hathaway

Buffett, the "Oracle of Omaha,"wears a gold Rolex Day-Date. 

Lloyd Blankfein, Goldman Sachs CEO

Goldman Sachs CEO Lloyd Blankfein rocks a Swatch with what appears to be a clear plastic band. Swatch's tend to range between $50 to $245. It's also not exactly the sort of timepiece you'd expect a chief executive of a Wall Street investment bank to wear. Then again, Goldman is "the most hipster" bank on Wall Street.  

Jack Bogle, Founder of the Vanguard Group

Investing legend Jack Bogle, the founder of the Vanguard Group, wears a $14 wristwatch he received from a shareholder.

"I received in the mail a wristwatch from a devoted shareholder in California. On the dial were printed our Vanguard logo, my name, and a phrase that was an indication I was still looking out for our shareholders: "Still on Watch." It was also an outrageous pun: "Still on Watch." Confident that it would be my rabbit’s foot, I put the watch on my wrist, where, having proved itself, it remains to this day. (Yes, I knew about the $50 limit on gifts. So I checked the catalog for the price. It was $14. Talk about value!),"he wrote.  

Bond guru Jeff Gundlach, CEO of DoubleLine Capital

We learned about Jeff Gundlach's watch collection when he had a bunch of his artwork and personal property stolen.  

According to the Santa Monica Police Department report, the watches that were stolen included a Glashutte, Breitling, A. Lange & Sohne, TAG Heuer and a Patek Philippe. We couldn't nail down prices for these specific models, but every one can run in the tens of thousands of dollars or more.

See below: 

Talk about some serious wrist candy. Fortunately, the DoubleLine Capital CEO brilliantly helped the FBI recover his stolen property.

Hedge fund billionaire Bill Ackman, CEO of Pershing Square

Bill Ackman, the CEO of Pershing Square Capital, sports a watch with a black band and dark face. It's classy and not flashy. We can't identify the watchmaker, though. 

Private equity chief executive Lynn Tilton

Private equity chief Lynn Tilton, the founder of Patriarch Partners, wears a MASSIVE bejeweled timepiece by Jacob the Jeweler. It's definitely fits her "dust to diamonds" persona.

Hedge funder Phil Falcone

Hedge funder Phil Falcone wears a black sports watch (it looks like Casio G-Shock) and some friendship bracelets and beads (We're assuming his twin girls made those for him).

James Gorman, Morgan Stanley CEO

James Gorman wears a stainless steel Rolex Daytona, according to Ben Clymer, the founder of watch site Hodinkee.

Jamie Dimon, JPMorgan Chase CEO

Jamie Dimon doesn't wear a watch. Ever. Apparently, he doesn't care for jewelry. 

SEE ALSO: The Ultimate Guide To Starting A Watch Collection »

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The weather might feel miserable right now, but it's spring and that means the fairways will begin to turn green and golf season will be start.

Golf is one of the favorite hobbies of the Wall Street crowd, and when it comes to where they play, they'll accept only the best.

We have compiled a list of some of the courses where the biggest heavy-hitters on Wall Street like to play. 

Blind Brook (Purchase, New York)

Wall Streeters Who Have Played There: Lloyd Blankfein, James Gorman, Stanley Druckenmiller, Jimmy Lee and Jimmy Dunne III.

Location: Purchase, New York

About: It's a private, members-only golf club that was established in 1915. The course features 18 holes, 6,385 yards and a par of 72.

Course Designer(s): Charles Blair Macdonald and Seth Raynor

Source: GolfLink.com, Source: GHIN.com, Source: Golf Slope

Sebonack Golf Club (Southampton, New York)

Wall Streeters Who Have Played There: Lloyd Blankfein, Gary Cohn, Feroz Dewan (Tiger Global), Daniel Och, Henry Kravis, Jimmy Dunne III (Sandler O'Neill) and Bob Prince (Bridgewater Associates). 

Location: Southampton, New York

About: The gorgeous 300 acre course, which opened in 2006, is located right on the water in Southampton.  It's close to neighboring golf courses, Shinnecock Hills and National Links. According to a 2006 Bloomberg News article, membership just to golf at Sebonack costs $500,000. The course features holes, 7,286 yards and a par of 72.

Course Designer(s): Jack Nicklaus and Tom Doak

Source: GolfLink.com, Source: GHIN

Shinnecock Hills Golf Course (Southampton, New York)

Wall Streeters Who Have Played There: George Herbert Walker IV (Neuberger Berman), Henry Kravis (KKR), Stan Druckenmiller (Duquesne), Eric Gleacher, Jimmy Dunne III and Chase Coleman. 

Location: Southampton, New York

About: The course features 18 holes, 6,996 yards and a par of 70. Shinnecock is scheduled to host the 2018 U.S. open.

Course Designer: William Flynn

Source: GHIN

"This is Michael Moore," said Goldman Sachs CEO Lloyd Blankfein referring to the Bloomberg News reporter. "This is the thin, good looking guy. Not the fat–" 

"I think it's time to go. It's time to take him home," Blankfein's wife Laura quickly interrupted.

Blankfein was on a roll last night at the Team Rubicon fundraiser at the New York Stock Exchange.

Blankfein was also wearing an interesting red Hermès bull-market themed tie.

"I knew I was going to be at the stock exchange... see bulls running up and bears running down," he said, showing us the front and the flipside of the tie as it accidentally dipped into his drink.

The Dow had just closed at a record high, so we asked him if it was a lucky tie.

It turns out it's not. He just wanted to be festive.

Team Rubicon is a non-profit made up of military vets and medical professionals that assists with disaster relief. It began with 8 members and now has over 15,000 volunteers. They're currently on the ground in Arkansas leading the response efforts in the wake of the tornadoes.

Blankfein kept the mood light, wise-cracking with everyone all night. 

A few financial reporters even witnessed his encounter with some JPMorgan folks.

"We're JPMorgan," a member of the group replied.

"Ohhhh," said Blankfein's wife Laura as he made a hand gesture toward them clearly joking about some sort of rivalry between the firms. 

Blankfein then began to tell a story about a dinner he had with some of the surviving CEOs of the financial crisis.

"Laura and I were out to dinner with Jamie [Dimon] and –"

"Peter Sands," Laura chimed in referring to Standard Chartered's CEO.

"The three of us were out. Jamie and his wife. We had a grand ole' time going over financial crisis..."

"War stories. Our war stories," Laura added.

"Because if you look in the books, go check who are still in their CEO jobs from the start of the crisis," he said

"Hmm not many," a reporter was pondering it.

"Do I have to do all your work for you?! I do a lot," Blankfein joked. 

There was a large turn out of Goldman Sachs folks showing their support for the non-profit. ABC News' Bob Woodruff, who was seriously injured by a road side bomb in Iraq in 2006, was the master of ceremonies. Blankfein was Team Rubicon's distinguished guest. 

In 2012, Goldman teamed up with Team Rubicon following Hurricane Sandy to clean up the Rockaways. Even Blankfein went out there in his dad jeans to help with the clean up.

The organization's co-founder and president Jake Wood, who was a Marine Corps scout sniper and sergeant, told a story about how Blankfein and his wife Laura grabbed shovels to help clean out a home that was lived in by a widow for 60 years.

"Lloyd didn't hesitate to climb down to his dark, dingy and wet basement. He earned a new accolade that day."

That day, Blankfein's wife also found the 80-year-old widow's wedding album. She spent two hours carefully peeling and salvaging the photos.  

Blankfein then took the stage to make some remarks. It was like watching a comedian.

"Every time I stand next to Jake I feel like a different species," he said referring to Wood's height. Wood has over a foot on the Goldman chief executive.

Blankfein then proceeded to demonstrate what it was like when he was carrying stuff out of the basement of the Rockaway home.

"I've never been in my own basement," he began.

"You can imagine what this looked like as heavy items were based from here to here to here to HERE!" referring again to Wood's height.

"I regained my arm about six months ago."

While Goldman has been a big financial supporter of Team Rubicon, Blankfein said the firm is also doing its part by hiring military vets. He told us that some of the traits he likes that vets possess is that they're capable, smart, mature, confident and they have good leadership skills.

It was fascinating to watch Blankfein in action as he worked the room.

"Lloyd's hysterical. I think that's the thing people don't understand—is how approachable he is," Wood told us afterward.

"Once he starts rolling, he just starts. He would be seemingly unapproachable, but as soon as you get around to him, he's the life of everything. He's got a joke for everything." 

Of course, all the fun was for a much bigger cause. The event raised more than $400,000 for Team Rubicon.

Watch below to learn more about Team Rubicon:  

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When former Treasury Secretary Tim Geithner asked Bill Clinton for advice about opposition to the bank bailout, the ex-president encouraged him to imagine murdering Goldman Sachs Chairman Lloyd Blankfein. Geithner recounted Clinton's words of wisdom, which were designed to warn him against trying to appease those who were raging against Wall Street during the height of the financial crisis, in an interview with The New York Times Magazine that was published online Thursday.

"You could take Lloyd Blankfein into a dark alley," Clinton said, according to Geithner. "And slit his throat, and it would satisfy them for about two days. Then the blood lust would rise again."

Geithner spoke with the Times' Andrew Ross Sorkin to promote his upcoming book "Stress Test: Reflections on Financial Crises," which is due out May 12. In addition to the story about Clinton's cutthroat advice, Sorkin also shared an interesting quote from the book about an awkward run-in Geithner had with Larry Summers when President Barack Obama was considering both men as potential picks to head the Treasury Department. 

According to Geithner, while he was en route to meet with Obama, he saw Summers at O'Hare International Airport in Chicago.

"I ran into Larry, who was, I’m pretty sure, in the process of checking the Intrade odds on Obama’s choice for Treasury," Geithner wrote. "It was kind of awkward for both of us. I told Larry I had not sought the job and had urged Obama to choose him as secretary, which didn’t really make the situation less awkward."

Geithner also told Sorkin he began asking Obama to let him leave Treasury in 2010. He said he even proposed alternative options including Hillary Clinton and Erskine Bowles. Obama apparently responded by lobbying Geithner's wife, Carole.

"I was not easily convinced," Carole told Sorkin. "That was probably a little surprising to the president." 

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Goldman Sachs CEO Lloyd Blankfein and former NYC Mayor Michael Bloomberg shared their first experiences on Wall Street during a luncheon at Bloomberg LP's headquarters. 

Blankfein told alumni of the Goldman Sachs' 10,000 Small Businesses program about how he got rejected when he applied to Goldman. 

"Well, I got into Goldman really by acquisition because I had gone— I grew up in east New York in the Linden Projects— I did go to fancy schools, but my résumé wasn't up to a Wall Street set of  résumés. I went to college. I went to law school and practiced for a while. Then, like a lot of people in that era, I wanted to get into finance...I applied to a number of  Wall Street firms, including Goldman Sachs and got turned down by all of them, and including Goldman Sachs. Which is why to this day, I admire the firm that I run today...But the only job I could get that kind of had, you know, related to Wall Street was J. Aron & Company, which was a commodity trading firm, which on the prestige between equities and fixed income and commodities—commodities was just above a toaster compared to the other jobs. But I got a job there. And soon, that firm got acquired to Goldman Sachs. That's how I got into Goldman Sachs." 

Bloomberg, who worked as an equities trader before launching a media empire, also shared his experience when applying to Wall Street. Unlike Blankfein, he got into Goldman. 

"And just for the record, when I got out of school, instead of going to Vietnam, I applied to two firms — both offered me a job. Goldman was one of them. I turned them down and went to Solomon Brothers." 

"Between Solomon Brothers and Vietnam?" Blankfein chimed in. 

"Then I got fired in 1981—The best thing that ever happened to me," Bloomberg, who is now worth billions, said. 

The pair of business titans gave a coaching session to alumni of the Goldman Sachs' 10,000 Small Businesses— a $500 million program that helps entrepreneurs get access to business education, financial capital and business support services. The event host was Charlie Rose. 

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Lloyd Blankfein said that one important lesson he learned from the financial crisis is realizing what people are made of and what he's made of. 

The Goldman Sachs CEO said that there were "manly men" and "world class athletes" that basically curled up in the fetal position during the downturn.

"You learn that people and the loyalty that people have and work ethic that people have and the sense of belonging and ownership that people have is hugely important. And I think is a big takeaway with myself and people in this room is that you can't do things by yourself. You also learn in a crisis, what people are made of. There are people at Goldman that I work with—world class athletes, you know manly men, strong women...And when the crisis happened, people metaphorically curled up in a fetal position. We had people who worked for us who didn't look like they could climb a flight of stairs, but were very tough during the financial crisis."

He continued that during he crisis, he learned a lot about himself and how he can handle difficult situations. 

"The most important lesson...is you learn about other people and people learn how you act in a crisis, but you learn how you act in a crisis. It's very important to know who you can count on and who you can trust. The most important is you learn the stuff that you yourself is made of. That's what either erodes your confidence or creates greater confidence in yourself... If you've gotten through something that's really really hard, you're not going to be daunted the next time you face something that's really really hard. But if you crumbled, your knees are going to knock together." 

So when it comes to business, you have to be tough.

"You have to have thick skin. You don't buy a thick skin...It gets punctured. You realize what you're made of." 

Blankfein is one of two remaining U.S. bank CEOs still at the helm following the 2008 crisis. 

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It's that time of the year again when Wall Street starts leaving the trading floor for the golf course. 

We combed through the latest handicap data of some of the Street's biggest names on GHIN—a website run by the U.S. Golf Association— to see how they stack up against each other on the fairway.

Some of these golfers are very, very talented, while others could use a bit more practice. Take Goldman Sachs CEO Lloyd Blankfein for instance. He seems to find shooting low scores a difficult endeavor.

Keep in mind, the higher the handicap number, the worse the player is in comparison to others with lower handicaps.

Also, JPMorgan's CEO Jamie Dimon doesn't golf. His two predecessors at JPMorgan were members of the prestigious Augusta National Golf Club though. 

Lloyd Blankfein (Handicap: 23.4)

Firm/Title: Goldman Sachs, CEO 

Where He's Played: Blind Brook Club, East Hampton Golf Club, Sebonack Golf Club and Manhattan Woods Golf Club

Last Golf Outing: August 2013

James Gorman (Handicap: 21.6)

Firm/Title: Morgan Stanley, CEO

Where He's Played: Millbrook Golf & Tennis Club, Blind Brook Club and Winged Foot Golf Club.

Last Golf Outing: May 2014

Source: GHIN

David Tepper (Handicap: 18.5)

Firm/Title: Appaloosa Management/founder

Where He's Played: Crestmont Country Club

Last Golf Outing: May 2014

Source: GHIN

Being the CEO of Goldman Sachs sounds stressful.

Lloyd Blankfein called himself "a highly functional paranoid" on Charlie Rose last night.   

"...when the phone rings too late at night or too early in the morning I'm going, "Oh, my God, what happened?"

He continued: "...I spend about -- I have the unhappy life of having to spend about 98 percent of my time worried about the 2 percent worst contingencies." 

Here's a partial transcript: 

...

Lloyd Blankfein: Well, I'm in the risk management business, so I don't take it for granted that I can see behind -- I don't think I can see four inches into the future.  I'd say that most of my --

Charlie Rose: [laughs] Yeah, but your firm has a reputation of being pretty good at understanding the future and being able to make some analysis as to about what risks to take.

Lloyd Blankfein: Well, I'll confess to you that what I think we aspire to is less foresee the future and more be a great contingency planner because -- and sometimes you contingency plan really well and you can respond very fast to what's happening because you thought through all the possibilities, you can get off the mark so quickly it looks like you false started, it looks like you anticipated the start when all you've really done was listen so closely and knew what you were going to do that you got off the mark quickly.  I think it's hard enough to -- I think it's hard enough to predict the present.  You know, think about it, perspective, it's very hard to step out of your context and see what is happening.  I have views about the future but I will tell you we're not in the – you wouldn't be a very good risk manager if you let what you think was going to happen have too great an influence on what you plan for and protect it against.  What we really do is we really contingency plan, what might happen, what could happen.

Charlie Rose: What is your core competence?

Lloyd Blankfein: Personally?

Charlie Rose: Yes.

Lloyd Blankfein: You know, I think I am -- I think I have -- I am a highly functional paranoid.

Charlie Rose:[laughs]

Lloyd Blankfein: And if I'm -- if I've taken some -- if I've overstated [unintelligible] highly functional part, I'm sure I'm a paranoid.

Charlie Rose: [laughs] Paranoid about what?

Lloyd Blankfein: Well, I have to worry about stuff, you know, every -- listen, when the phone rings too late at night or too early in the morning I'm going, "Oh, my God, what happened?"

Charlie Rose: "I don't want to answer it."

Lloyd Blankfein: "What is somebody --" no, I have to answer. And, in fact, if it stopped ringing I'd call everybody I knew at work to find out what I missed.

Charlie Rose: [laughs]

Lloyd Blankfein: No, I'm -- you know, I spend about -- I have the unhappy life of having to spend about 98 percent of my time worried about the 2 percent worst contingencies.

Perhaps that's why sometimes he prays for a rainy weekend so he can just lie on the couch. 

Watch below: 

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Goldman Sachs CEO Lloyd Blankfein had a long chat with Charlie Rose last night on Bloomberg TV, and a portion of the interview was dedicated to something you've probably imagined but will probably never do — borrowing money from Warren Buffett.

You'll recall that during the darkest days of the financial crisis, Buffett loaned Goldman $5 billion. Not a lot of money for either side all things considered, but certainly a risk considering the times.

For his trouble, the bank gave Berkshire Hathaway warrants to buy 43.5 million Goldman Sachs common shares at $115. Buffett made more than $3 billion off this deal by the time it was all said and done last year. That's when he gave up his option to purchase more shares in exchange for a stake in Goldman.

Back to last night:

"So you took $5 billion of his money, didn't you," Rose asked Blankfein.

"I borrowed it, yes," Blankfein responded. "I wish I had taken it, but unfortunately, I had to give it back."

Blankfein went on to say that negotiations lasted 35 seconds. Buffett outlined the terms — something Goldman was in no position to do — and they were "reasonable" anyway.

"But, I mean, why did you make the deal," asked Rose, "because you needed the money or you needed the idea of his confidence?"

"I needed both. The fact of the matter is a number of people came to us after," said Blankfein. "...now, this was -- this was the week after Lehman Brothers when everybody was fretting about whether the capital markets were open. And this was before TARP. And we did a transaction with Warren Buffett... And the very next day did a common equity deal in the market so the markets were open to us. And with Warren's money, we got more than just money. We got the validation of somebody who's regarded as a terrific -- as a terrific investor and somebody who knew our firm....People called us up afterwards and said, "Gee, I would have done that." That would have been great, but with you, I would have just gotten money. With Warren, I got something that was more important."

Watch the full interview below:

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Wall Streeters are just like us in many ways, sharing the urge to settle down and start a family at some point in their careers. 

We decided to track down a bunch of these Wall Street offspring to see what they've done with their legacies so far.

Some followed the family business path, while others strayed into new passions. From singer-songwriters to journalists and equestrians, these Wall Street kids are doing some remarkable things.

Let's meet the next generation. 

Alexander Soros, son of billionaire hedge fund manager George Soros

Age: 28 to 29 (est.)

About: Alex has established himself as a big-time philanthropist like his father. As a student, he's a big political donor, too.

He graduated from NYU in 2009. He's pursuing his doctorate in modern European history at the University of California – Berkeley, and has also started a social justice foundation in his name. 

Brian Tepper, son of billionaire hedge fund manager David Tepper (Appaloosa Management)

Age: 27 (est.)

About: Brian is a software engineer in the computer gaming field.

He graduated with a degree in game development from Full Sail University in Winter Park, Florida.

He has two sisters, Randi and Casey.

Caroline Gorman, daughter of Morgan Stanley CEO James Gorman

Age: 18

About: Caroline Gorman is another Wall Street progeny on a musical path. She sings and plays piano and guitar for her band, Madness and the Film.

Last year, the two-person band released "Scrapbook," a four song EP.

Investment banking giant Goldman Sachs beat earnings estimates. 

For Q2, the bank reported adjusted EPS of $4.10. 

The bank was expected to report EPS of $3.09, according to consensus analyst estimates compiled by Bloomberg.

Revenue for Q2 was $9.13 billion. 

Revenue for the second quarter was expected to come in at $7.98 billion, Bloomberg data shows. 

“We are pleased with our results for the quarter in the context of mixed operating conditions during the period. This performance was driven by the diversity, strength and breadth of our global client franchise. Good client activity in Investment Banking and Investment Management as well as a better environment for our Investing & Lending activities helped offset less favorable conditions for Institutional Client Services," Goldman CEO Lloyd Blankfein said in the earnings release.

Here's an excerpt from the release: 

NEW YORK--(BUSINESS WIRE)--

The Goldman Sachs Group, Inc. (GS) today reported net revenues of $9.13 billion and net earnings of $2.04 billion for the second quarter ended June 30, 2014. Diluted earnings per common share were $4.10 compared with $3.70 for the second quarter of 2013 and $4.02 for the first quarter of 2014. Annualized return on average common shareholders’ equity (ROE) ⁽¹⁾ was 10.9% for both the second quarter of 2014 and the first half of 2014.

Highlights

• Goldman Sachs continued its leadership in investment banking, ranking first in worldwide announced and completed mergers and acquisitions for the year-to-date. ⁽²⁾The firm also ranked first in worldwide equity and equity-related offerings, common stock offerings and initial public offerings for the year-to-date. ⁽²⁾
• Underwriting produced record quarterly net revenues of $1.28 billion, including record net revenues in debt underwriting.
• Investment management generated record quarterly management and other fees of $1.20 billion, as assets under supervision increased to a record $1.14 trillion.
• Book value per common share and tangible book value per common share ⁽³⁾ both increased approximately 2% during the quarter to $158.21 and $148.45, respectively.
• The firm continues to manage its liquidity and capital conservatively. The firm’s global core excess liquidity ⁽⁴⁾ was $170 billion ⁽⁵⁾ as of June 30, 2014. In addition, the firm’s Common Equity Tier 1 ratio ⁽⁶⁾ was 11.4% ⁽⁵⁾ as of June 30, 2014, under the Basel III Advanced approach. Total assets decreased $56 billion to $860 billion ⁽⁵⁾ as of June 30, 2014, resulting from a firmwide initiative to reduce activities with lower returns, including certain client secured financing activities.

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“We are pleased with our results for the quarter in the context of mixed operating conditions during the period,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer. “This performance was driven by the diversity, strength and breadth of our global client franchise. Good client activity in Investment Banking and Investment Management as well as a better environment for our Investing & Lending activities helped offset less favorable conditions for Institutional Client Services.”

Net Revenues

Investment Banking

Net revenues in Investment Banking were $1.78 billion for the second quarter of 2014, 15% higher than the second quarter of 2013 and essentially unchanged compared with the first quarter of 2014. Net revenues in Financial Advisory were $506 million, slightly higher compared with the second quarter of 2013. Net revenues in Underwriting were $1.28 billion, 20% higher than the second quarter of 2013, primarily due to significantly higher net revenues in equity underwriting, reflecting an increase in industry-wide activity. Net revenues in debt underwriting were slightly higher compared with the second quarter of 2013. The firm’s investment banking transaction backlog increased compared with both the end of the first quarter of 2014 and the end of 2013. ⁽⁷⁾

Institutional Client Services

Net revenues in Institutional Client Services were $3.83 billion for the second quarter of 2014, 11% lower than the second quarter of 2013 and 14% lower than the first quarter of 2014.

Net revenues in Fixed Income, Currency and Commodities Client Execution were $2.22 billion, 10% lower than the second quarter of 2013, due to significantly lower net revenues in currencies and, to a lesser extent, commodities. In addition, net revenues in credit products were slightly lower. These results were partially offset by higher net revenues in mortgages and interest rate products compared with the second quarter of 2013. During the quarter, Fixed Income, Currency and Commodities Client Execution continued to operate in a challenging environment as market volatility and levels of activity generally remained low.

Net revenues in Equities were $1.61 billion, 13% lower than the second quarter of 2013. Excluding net revenues related to the firm’s Americas reinsurance business ⁽⁸⁾, which was sold in the second quarter of 2013, net revenues in Equities were 9% lower than the second quarter of 2013, reflecting significantly lower net revenues in derivatives and lower commissions and fees. The decrease in commissions and fees primarily reflected generally lower volumes, particularly in the United States and Asia. Securities services net revenues were essentially unchanged compared with the second quarter of 2013. During the quarter, Equities operated in an environment generally characterized by continued low volatility levels.

The net loss attributable to the impact of changes in the firm’s own credit spreads on borrowings for which the fair value option was elected was $19 million (substantially all related to equities client execution) for the second quarter of 2014, compared with a net gain of $59 million ($32 million and $27 million related to Fixed Income, Currency and Commodities Client Execution and equities client execution, respectively) for the second quarter of 2013.

Investing & Lending

Net revenues in Investing & Lending were $2.07 billion for the second quarter of 2014, 46% higher than the second quarter of 2013 and 36% higher than the first quarter of 2014. Results for the second quarter of 2014 included net gains of $1.25 billion from investments in equities, primarily in private equities, driven by company-specific events and strong corporate performance. In addition, Investing & Lending net revenues included net gains and net interest income of $604 million from debt securities and loans, and other net revenues of $215 million related to the firm’s consolidated investments.

Investment Management

Net revenues in Investment Management were $1.44 billion for the second quarter of 2014, 8% higher than the second quarter of 2013 and 8% lower than the first quarter of 2014. The increase in net revenues compared with the second quarter of 2013 was due to higher management and other fees, reflecting higher average assets under supervision. During the quarter, total assets under supervision ⁽⁹⁾ increased $59 billion to $1.14 trillion. Long-term assets under supervision ⁽⁹⁾ increased $44 billion, including net inflows of $21 billion ⁽¹⁰⁾ in fixed income assets. Net market appreciation of $23 billion during the quarter was primarily in equity and fixed income assets. In addition, liquidity products ⁽⁹⁾ increased $15 billion ⁽¹⁰⁾.

Expenses

Operating expenses were $6.30 billion, 6% higher than the second quarter of 2013 and essentially unchanged compared with the first quarter of 2014.

Compensation and Benefits

The accrual for compensation and benefits expenses (including salaries, estimated year-end discretionary compensation, amortization of equity awards and other items such as benefits) was $3.92 billion for the second quarter of 2014, 6% higher than the second quarter of 2013, reflecting an increase in net revenues. The ratio of compensation and benefits to net revenues for the first half of 2014 was 43.0%, consistent with the first half of 2013. Total staff decreased 1% compared with the end of the first quarter of 2014.

Non-Compensation Expenses

Non-compensation expenses were $2.38 billion, 5% higher than the second quarter of 2013 and 4% higher than the first quarter of 2014. The increase compared with the second quarter of 2013 reflected higher other expenses, due to higher net provisions for litigation and regulatory proceedings, and an increase in depreciation and amortization expenses, reflecting impairment charges in the second quarter of 2014 related to consolidated investments. These increases were partially offset by a decline in insurance reserves, reflecting the sale of the firm’s Americas reinsurance business.

Net provisions for litigation and regulatory proceedings for the second quarter of 2014 were $284 million compared with $149 million for the second quarter of 2013.

Provision for Taxes

The effective income tax rate for the first half of 2014 was 30.3%, down from 32.7% for the first quarter of 2014, primarily due to a determination that certain non-U.S. earnings would be permanently reinvested abroad, as well as changes in the earnings mix.

Capital

As of June 30, 2014, total capital was $248.65 billion, consisting of $81.63 billion in total shareholders’ equity (common shareholders’ equity of $72.43 billion and preferred stock of $9.20 billion) and $167.02 billion in unsecured long-term borrowings. Book value per common share was $158.21 and tangible book value per common share ⁽³⁾ was $148.45, both approximately 2% higher compared with the end of the first quarter of 2014. Book value per common share and tangible book value per common share are based on common shares outstanding, including restricted stock units granted to employees with no future service requirements, of 457.8 million as of June 30, 2014.

On April 28, 2014, the firm issued 28,000 shares of perpetual 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K, for aggregate proceeds of $700 million, and 52,000 shares of perpetual 5.70% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series L, for aggregate proceeds of $1.30 billion.

On July 14, 2014, the Board of Directors of The Goldman Sachs Group, Inc. declared a dividend of $0.55 per common share to be paid on September 29, 2014 to common shareholders of record on August 29, 2014.

During the quarter, the firm repurchased 7.8 million shares of its common stock at an average cost per share of $160.89, for a total cost of $1.25 billion. The remaining share authorization under the firm’s existing repurchase program is 39.1 million shares. ⁽¹¹⁾

The firm’s Common Equity Tier 1 ratio ⁽⁶⁾ was 11.4% ⁽⁵⁾ as of June 30, 2014, under the Basel III Advanced approach reflecting the applicable transitional provisions. The firm’s Common Equity Tier 1 ratio under this approach was 11.3% as of March 31, 2014.

Other Balance Sheet and Liquidity Metrics

• Total assets were $860 billion ⁽⁵⁾ as of June 30, 2014, down $56 billion from March 31, 2014, resulting from a firmwide initiative to reduce activities with lower returns, including certain client secured financing activities.
• The firm’s global core excess liquidity (GCE) ⁽⁴⁾ was $170 billion ⁽⁵⁾ as of June 30, 2014 and averaged $173 billion ⁽⁵⁾ for the second quarter of 2014, compared with an average of $181 billion for the first quarter of 2014.
• Level 3 assets were $40 billion ⁽⁵⁾ as of June 30, 2014, compared with $41 billion as of March 31, 2014, and represented 4.6% of total assets.

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The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the firm’s control. It is possible that the firm’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. For a discussion of some of the risks and important factors that could affect the firm’s future results and financial condition, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2013.

Certain of the information regarding the firm’s capital ratios, risk-weighted assets, total assets, level 3 assets and global core excess liquidity consist of preliminary estimates. These estimates are forward-looking statements and are subject to change, possibly materially, as the firm completes its financial statements.

Statements about the firm’s investment banking transaction backlog also may constitute forward-looking statements. Such statements are subject to the risk that the terms of these transactions may be modified or that they may not be completed at all; therefore, the net revenues, if any, that the firm actually earns from these transactions may differ, possibly materially, from those currently expected. Important factors that could result in a modification of the terms of a transaction or a transaction not being completed include, in the case of underwriting transactions, a decline or continued weakness in general economic conditions, outbreak of hostilities, volatility in the securities markets generally or an adverse development with respect to the issuer of the securities and, in the case of financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For a discussion of other important factors that could adversely affect the firm’s investment banking transactions, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2013.

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Masters of the Universe aren't known for having anything resembling a jewelry collection except for one item — a watch. They're collectible, gorgeous and at times incredibly expensive pieces that can be handed down from generation to generation

Exactly the type of thing a titan of any industry would want.

We've put together a list and commentary about the wristwatches worn by some of Wall Street's most public executives. 

As expected, a couple of the watches are flashy. A few of them are really, really cheap by Wall Street standards. And one prominent banker doesn't even wear a watch. Ever. 

(If you know of the type of timepiece that an executive at your firm wears, feel free to send the tip to jlaroche@businessinsider.com)

Check it out: 

Warren Buffett, Berkshire Hathaway

Buffett, the "Oracle of Omaha,"wears a gold Rolex Day-Date. 

Lloyd Blankfein, Goldman Sachs CEO

Goldman Sachs CEO Lloyd Blankfein rocks a Swatch with what appears to be a clear plastic band. Swatch's tend to range between $50 to $245. It's also not exactly the sort of timepiece you'd expect a chief executive of a Wall Street investment bank to wear. Then again, Goldman is "the most hipster" bank on Wall Street.  

Jack Bogle, Founder of the Vanguard Group

Investing legend Jack Bogle, the founder of the Vanguard Group, wears a $14 wristwatch he received from a shareholder.

"I received in the mail a wristwatch from a devoted shareholder in California. On the dial were printed our Vanguard logo, my name, and a phrase that was an indication I was still looking out for our shareholders: "Still on Watch." It was also an outrageous pun: "Still on Watch." Confident that it would be my rabbit’s foot, I put the watch on my wrist, where, having proved itself, it remains to this day. (Yes, I knew about the $50 limit on gifts. So I checked the catalog for the price. It was $14. Talk about value!),"he wrote.  

Bond guru Jeff Gundlach, CEO of DoubleLine Capital

We learned about Jeff Gundlach's watch collection when he had a bunch of his artwork and personal property stolen.  

According to the Santa Monica Police Department report, the watches that were stolen included a Glashutte, Breitling, A. Lange & Sohne, TAG Heuer and a Patek Philippe. We couldn't nail down prices for these specific models, but every one can run in the tens of thousands of dollars or more.

See below: 

Talk about some serious wrist candy. Fortunately, the DoubleLine Capital CEO brilliantly helped the FBI recover his stolen property.

Hedge fund billionaire Bill Ackman, CEO of Pershing Square

Bill Ackman, the CEO of Pershing Square Capital, sports a watch with a black band and dark face. We can't identify the watchmaker, though. 

Private equity chief executive Lynn Tilton

Private equity chief Lynn Tilton, the founder of Patriarch Partners, wears a MASSIVE bejeweled timepiece by Jacob the Jeweler. It's definitely fits her "dust to diamonds" persona. She's going to be receiving a personalized Rolex timepiece next week along with a huge tennis award. It better have some bling! 

Hedge funder Phil Falcone

Hedge funder Phil Falcone wears a black sports watch (it looks like Casio G-Shock) and some friendship bracelets and beads (We're assuming his twin girls made those for him).

James Gorman, Morgan Stanley CEO

James Gorman wears a stainless steel Rolex Daytona, according to Ben Clymer, the founder of watch site Hodinkee.

Jamie Dimon, JPMorgan Chase CEO

Jamie Dimon doesn't wear a watch. Ever. Apparently, he doesn't care for jewelry. 

SEE ALSO: The ultimate gentleman's guide to starting a watch collection

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A bunch of nervous and anxious folks inside Goldman Sachs offices all around the world are awaiting an important phone call from chief executive Lloyd Blankfein. 

On Wednesday morning, Blankfein or the firm's president Gary Cohn will inform a select few that they have been made a partnership managing director.

Being made a partner at Goldman is one of the most highly coveted titles on Wall Street.

Joining this elite group comes with a nice paycheck and numerous perks. 

Here's everything you need to know about becoming a Goldman partner: 

1. It happens every two years: Partners are selected every two years in an extremely secretive process. 
2. Potential candidates are identified in the summer: The firm doesn't explicitly tell the candidates. It's not a surprise, though. We heard that you would have an idea that you were in the running.
3. Candidates are vetted through an intense process called cross-ruffing: The term cross-ruffing comes from the card game bridge. Cross-ruffing is when current partners and other Goldman employees engage in a series of lengthy conversations on whether a candidate deserves to be made partner. The candidates, however, are not interviewed, and they are blind to who is interviewing and who is being interviewed.
4. The selection committee looks for folks who've made an impact at the firm: When selecting the partner class, the committee looks for excellence defined by your responsibilities. The committee is also looking for folks who have built strong franchise businesses, adding value to the firm. It wants leaders and people who embody the firm's business principles and standards. Everyone being vetted is excellent, and during the process it might come down to choosing between excellent and super excellent.
5. Blankfein will personally call you with the great news: Blankfein or Cohn will call the employee to let him or her know that he or she has made partner. As you can imagine, folks will probably be anxiously waiting by their phones. 
6. The calls start with the Asia offices: At about 5 a.m. ET, the new partners in Asia start receiving their phone calls from Goldman's CEO and president. The calls typically go until about 9 a.m. 
7. Those who didn't make the cut are told: For many who didn't make it, Wednesday morning can be a disappointment. They will be told in some form that they didn't make it but were close. They will also get feedback so they can work toward making partner in a future cycle.   
8. Current partners are forbidden from congratulating the new partner class right away: The current partners will find out who made the cut in the morning, too. However, they can't say "congratulations" until the list is released to the entire firm (usually around noon ET). The idea is that they don't want to accidentally say something before the person has received that very special phone call. 
9. Making partner is supposed to be an incredible feeling: One former partner told eFinancial News: "Don’t tell my wife this, but being made partner was the greatest moment of my life."
10. Your day-to-day doesn't really change: After two or three days of congratulations, you get back to normal. While your day-to-day doesn't really change, the firm expects more of you. You'll be in partner meetings. You'll sit on committees. You'll also probably make some campus recruiting trips. 
11. Being a partner means getting a boost in your base salary: One of the biggest benefits of being a partner at Goldman is the lucrative paycheck. A partner's base salary changes. The salary doesn't become official until 2015. 
12. They get a nice chunk of the bonus pool: In addition to the base salary, a portion of the bank's bonus pool is divvied up among the 400-plus Goldman partners.
13. There are special investment opportunities, too: Partners are given access to investment opportunities not available to other employees. 
14. The number of partners in a class isn't set: The number tends to fall between 1.5% and 1.9% of the full-time Goldman Sachs employee population. 
15. Age doesn't matter: Age isn't a parameter. Performance is what is important. However, the firm would look at the time someone has spent in a role. 
16. Vice presidents can be made partner: While the committee usually taps managing directors, there have been instances in which a VP has made it. 
17. You can go through the process more than once: If you don't make partner, it doesn't mean you won't have another shot. Timing is everything. You might make it the next cycle or the one after that.

We'll get to meet the new class Wednesday. Best of luck to everyone in the running! 

SEE ALSO: Check Out All The Cool Stuff That's Hidden Behind Goldman Sachs

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Goldman Sachs Tweeted this photo of CEO Lloyd Blankfein and retired former partners discussing the history and future of the 145-year-old investment banks.

Rob Kaplan (far right) was the moderator. That's Lloyd Blankfein next to him. The other Goldman alums on the panel (from right to left) include:

• Jon Corzine: Corzine served as the CEO of Goldman from 1994 until 1999. He later served as a U.S. Senator for New Jersey from 2001 until 2006 and then later as New Jersey's governor from 2006 until 2010. (We haven't heard much about Corzine lately after broker-dealer MF Global collapsed in 2011 following a bet on European sovereign bonds that soured. He would have been right, but the timing was way off.) 
• Robert Rubin: He was the chairman/CEO of Goldman from 1990 until 1992. He served as the Treasury Secretary from 1995 until 1999 during the Clinton administration.  
• John Whitehead: He served as Co-Chairman of Goldman from 1976 until 1985.  He served as the U.S. Deputy Secretary of State from 1985 until 1989 during the Reagan administration.
•  Stephen Friedman: He was chairman and CEO of Goldman from 1992 until 1994. He served as the Director of the National Economic Council from 2002 to 2005. 
• Hank Paulson: He was the chairman and CEO of Goldman from 1999 until 2006.  He then served as Treasury Secretary from 2006 until 2009.

Talk about a blast from the past! 

SEE ALSO: A small group of Goldman employees got the call of a lifetime

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