03/06/2012 02:19 pm ET Updated Mar 06, 2012

Goldman Sachs Guaranteed Its Own Paycheck By Being On Every Side Of Huge Deal

Lloyd C. Blankfein had a script for his phone call.

"Hello, Doug -- it's been a long time since we have had the chance to visit," say the notes prepared for his call with Douglas L. Foshee, chief executive of the El Paso Corporation, the big energy company that last fall was in talks to be sold to Kinder Morgan. "I was very pleased you reached out to us on this most recent matter," the script goes, thanking Mr. Foshee for using Goldman as El Paso's adviser in the transaction. Mr. Blankfein added that he knew Mr. Foshee was aware of Goldman’s investment in Kinder Morgan “and that we are very sensitive to the appearance of conflict.”

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