Remember the old days of Greed and Glory on Wall Street? It used to be that traders and bankers were at constant loggerheads. Traditionally, the genteel bankers held the real power. But on the first anniversary of Goldman Sachs CEO Lloyd Blankfein--"a far cry from central casting's idea of a chief executive," according to The New York Times--it is clear the most successful of Wall Street's elite are relying more on trading, though the bankers have done very well. Blankfein in many ways is changing Wall Street, embracing all the conflicts and risks that have made Goldman such a principal transactions powerhouse. His savvy with managing this new risk really sets him apart. As Goldman sets new standards, the press has been terrific. He would be wise to take it all with a grain of salt.

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