Goldman Sachs Boss: 'Bankers do God's work'

Glade Sun

November 17, 2009

By Bob Tonachio / Sun contributor The Crossville Chronicle Tue Nov 17, 2009, 04:51 PM CST

Lloyd Blankfein, the chairman and chief executive, of Goldman Sachs, has claimed that bankers do "God's work." Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs, the son of a Brooklyn postal worker, believes that banks serve a "social purpose" and argues that the return of big profits and bonuses should be welcomed as proof the economy is recovering. Speaking to The Sunday Times, he argued: "We're very important. We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. We have a social purpose." While he says he understands people are angry at banker's actions, he continued: "Everybody should be happy. Companies are looking to grow again and raise money. That's where we come in. The financial system may have led us into the crisis but it will lead us out." Goldman Sachs is exempt from President Barack Obama's cap on bonuses because it paid back its £6 billion loan from the U.S. government. As a result the average pay this year for the bank's UK staff will be around £440,000. Last month, Goldman Sachs said it had performed so well that its pay and bonus pot for the first nine months was up 46 per cent at £10.2 billion. It was reported that they were considering donating in excess of £627 million — Telegraph

“The injunction of Jesus to love others as ourselves is an endorsement of self-interest," pontificated Brian Griffiths of Goldman Sachs International, inside London’s St Paul’s Cathedral a few weeks ago. For some reason, we just can’t hear Christ saying this one: “We have to tolerate the inequality as a way to achieving greater prosperity and opportunity for all."

It was reported that Goldman made its money in a variety of ways — none of which had anything to do with providing genuine service to the economy. Goldman made a fortune on the fed's own money-raising. And then it came out … Goldman was making billions by trading at lightning speed — clipping investors for fractions of pennies each time a transaction passed through the markets. The more the feds borrow … the more debt there is to buy and sell. And the more the feds stimulate … the more acts of reckless speculation there are to finance. The more money Goldman makes … the more politicians the firm is able to buy. On to sunny Italy….

The Italians think Goldman runs their country. They’ve got the top three posts in Rome .… Premier Romano Prodi is an ex-Goldman guy. So is the headman at the Treasury. And the chief of the central bank too. They think Goldman is like a cult … a semi-secret society of insiders with the power to rule the country – surreptitiously. Like the free masons… the Jesuits… or the Illuminati. Goldman has its boys in important posts in the US too – but not at the same level as in Italy.

Bob Tonachio is CEO of Robert James & Associates His firm does not charge for consultations or advice. He may be contacted at 1-800-530-5700

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