Speaking at an annual Merrill Lynch conference, Goldman Sachs CEO Lloyd Blankfein said while the market turmoil is testing the industry, it is also presenting opportunities. "The most important opportunities in Goldman Sachs' history came in times of stress," Blankfein said. "Our culture has given us the wherewithal to embrace change." He also acknowledged that Goldman is not immune from the financial crisis. "I will never imply that we will never have losses," he said. "The nature of our business indicates tough quarters and tough years."