Is there any question now that Goldman Sachs (NYSE: GS) stands to lose business because of its recent regulatory woes? The latest indication was the gilded bank did not even send its CEO, Lloyd Blankfein (Lloyd Blankfein news), to Washington to compete for the coveted GM IPO manager role, as noted by FOX Business.

Other top banks sent their top dogs. Jamie Dimon, CEO of JPMorgan (NYSE: JPM), took part in his bank's pitch, as did John Mack, chairman of Morgan Stanley (NYSE: MS). Citigroup (NYSE: C) sent its No. 2 executive.

So what to make of Blankfein's absence? The bank was probably making the calculated decision that the very presence of Blankfein seeking business from the government just wasn't a good marketing move. He's become a symbol, fairly or not, of all that ails Wall Street. But I doubt Goldman Sachs had shot whether he showed up or not. It would've been too controversial for the government to hand that kind of business to Goldman Sachs right now. The eventual winner of the GM bake-off was not one of the bulge bracket banks. The winner was boutique Lazard Freres (Lazard Freres news).

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