It’s vintage Lloyd Blankfein.
Goldman Sachs has provided “liquidity” to a former executive by accepting some 15,000 bottles of fine wines as collateral for a loan, according to a regulatory filing.
The gold-plated investment bank run by CEO Blankfein accepted the premium from a former high-ranking director Andrew Cader.
The value of Cader’s loan could not be determined, nor could the value of the sizeable collection.
An employee at Spear, Leeds & Kellogg, Cader joined Goldman when the bank acquired the trading specialist in 2000. He left the firm nearly a decade ago.
Experts say the practice of using so-called “soft assets” as collateral on a loan is becoming more standard with the advent of exchanges like Liv-Ex 500, which serves as a platform that firms and other financial institutions turn to value premium vintage wine, according to noted wine expert, Sergio Esposito, founder of Italian Wine Merchants.
“As the market itself is developing and becoming more transparent, it’s becoming more legitimate to use as collateral,” Esposito told The Post.
“Esposito said it’s impossible to estimate the value of Cader’s wine portfolio, which is said to consist mainly of Bordeaux and Burgundies, according to Bloomberg news, which first reported the story.