Goldman Sachs (NYSE: GS) has moved through this season of crisis about as well as it could. The settlement with the SEC (SEC news) could have been worse and the customer outreach campaign seem to have stilled any massive dissent among customers. So it appears to be in a position to go forward (if that is possible). That raises an obvious question: Is now the time for CEO Lloyd Blankfein to step down?

Some have suggested that the settlement was a huge win for Blankfein (Lloyd Blankfein news), as the SEC did not require any management changes. The New York Times says, "Whether Goldman will ultimately change senior management in light of the humbling settlement is uncertain. But few inside or outside Goldman see an immediate threat to Mr. Blankfein, who, for many Americans, has become the public face of Wall Street excess."

It would be unseemly for a move to happen soon. And the company has every reason to paint this as vindication of Blankfein and an example of tremendous leadership. But you have to wonder what the board is thinking. Is a fresh start really possible with him? I think we'll see an orderly transition that will be presented in the most favorable light. The real issue is who's next. Are there any insiders who are untainted enough to lead the firm into the future?

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