The public opinion battle pitting key Senators against Goldman Sachs (NYSE: GS) continued on ABC's "Good Morning America." Nothing new emerged except Lloyd Blankfein's (Lloyd Blankfein news) statement that he will not resign. He has certainly taken a beating. His performance at the Senate hearing Tuesday did not really help him. But it remains to be seen if all this will blow over for him. The big issue is the board, which has also been tarnished, and how it will respond.

You have to wonder if there's a catalyst that can lead a movement to install a new board and a new CEO. In the case of Bank of America (NYSE: BAC) and Citigroup (NYSE: C), the government ended up with a lot of leverage, and it was impossible for the boards to continue without a lot of turnover.

I am not sure who or what would qualify as a change agent at Goldman Sachs, but it's hard to envision any directors stepping forward to press for change. So the anti-Blankfein forces will be hard pressed to remove him. But they could humiliate him further at the annual meeting by withholding votes en masse. There's an outside chance that Blankfein will be asked to step down as chairman. But even that doesn't seem likely. 

For more:
- here's the ABC article

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