The widow of Evelyn Y. Davis is seeking an apology from Lloyd Blankfein, the former CEO of Goldman Sachs, following his remarks in a new memoir where he referred to shareholder activist newsletters as “expensive and worthless.”
James Patterson, Davis’s fourth and final husband, voiced his concerns, claiming that Blankfein disrespected his late wife, who dedicated many years to challenging corporate authority, including Blankfein’s leadership.
Patterson communicated to the Post, “Blankfein made rude comments about my late wife.”
In Blankfein’s memoir, titled “Streetwise: How to get to and through Goldman Sachs,” published by Penguin Press on March 3, he characterized Davis as a “relentlessly ambitious” business figure. Patterson agreed with this description, noting it was precisely her determination that led to her being disliked by several executives.
However, she took issue with Blankfein’s dismissal of her long-standing newsletter, “Highlights and Lowlights,” which documented her experiences at various corporate and shareholder meetings.
In the memoir, Blankfein remarked, “The Abuses I later had to deal with as CEO included rejected job applicants, socialist nuns, and Evelyn Davis, who would relentlessly attack me, especially if I didn’t subscribe to her expensive and worthless newsletter.”
A request for comment from Blankfein was not returned.
Evelyn Davis, a Holocaust survivor from the Netherlands and a long-time shareholder activist, regularly attended annual meetings for several companies, including Goldman Sachs, until her passing in 2018 at 89.
During a Goldman Sachs meeting in 2011, she called for Blankfein’s resignation, alleging that the firm misled investors during the subprime mortgage crisis. Goldman ultimately settled related SEC allegations for $550 million last year.
There was a notable moment when Davis mockingly referred to Blankfein as “Lord Goldmine” while urging him to step down.
Despite the contentious exchanges, Davis often blended her criticisms with personal anecdotes, making her interactions with executives fascinating for the press covering Wall Street.
Patterson highlighted that Goldman Sachs had subscribed to Davis’s newsletter for many years, indicating the seriousness of her activism. He noted that the publication’s 2006 cover featured then-CEO Hank Paulson, emphasizing that they acknowledged her presence.
Davis believed that Blankfein disregarded shareholders’ issues post-financial crisis, and she didn’t hold back her frustrations whenever given a microphone.
Interestingly, she referred back to comments Blankfein made in 2012, noting that he mentioned her absence altered the dynamics of the annual meeting: “Without Evelyn, [the annual meeting] just wasn’t the same.”
Patterson is urging Blankfein to step up. “Mr. Blankfein owes Mrs. Davis an apology. I am waiting for that,” he stated. “Her work was significant.”
Davis utilized her modest shareholdings in major companies to attend annual meetings where she proposed shareholder initiatives and directly confronted corporate leaders. Her advocacy efforts began in the 1950s, emphasizing greater inclusivity for minority and female shareholders.
