There are several opinions out there on the fate of Lloyd Blankfein (Lloyd Blankfein news), CEO and chairman of Goldman Sachs (NYSE: GS). Some think that the $550 million settlement with the SEC was a resounding victory for him, as the terms did not require him to step down as Chairman, CEO or both.

But a Huffington Post commentary suggests that the endgame for top execs caught up in unfortunate regulatory circumstances can be drawn out, though still highly choreographed. "If history is any guide, Blankfein may not go tomorrow, or even next month, but sometime in 2011, Blankfein will at the very least no longer be chairman of Goldman, and may also be forced out of the firm altogether."

The model for this may well be Sandy Weill (Sandy Weill news). He was embroiled in a scandal over whether he pressured high-flying telecom analyst Jack Grubman to issue favorable reports on AT&T. He may have helped Grubman get his kids into an exclusive school. But he wasn't charged along with the firm, which eventually settled for $400 million.

People thought he had won. "Not quite," reports the Huffington Post. "A few months later, Citigroup announced that Weill was stepping down as CEO, handing that job to Chuck Prince, who basically negotiated the settlement package. Citigroup maintained that the two moves were unrelated. But people in Spitzer's office told me they really weren't: While negotiating the settlement, Citigroup's board made it clear to investigators that Weill's days were numbered at the top of the firm that he founded. Spitzer was merely affording Weill a graceful exit in an effort to end the case."

Are we in for a repeat? We've suggested that the board has some big decisions to make. A change may be necessary, but in no way can it be seen as punitive.

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