Thursday :: Apr 22, 2010

Who Is Goldman-Sachs Working For?


by Mary

Turns out that Goldman Sachs' CEO Lloyd Blankfein is upset with the SEC because the Suit will "Hurt America".

Lloyd Blankfein on Wednesday attacked the Securities & Exchange Commission’s fraud charges in telephone calls to clients as Goldman escalated its campaign to stem the damage to the bank’s reputation.

One person who received a call from the Goldman chief said he was told the regulator’s case against the bank was politically motivated and would ultimately “hurt America”….

“He was very aggressive,” said one person called by Mr Blankfein on Wednesday. “He feels that the government is out to kill them, that they are under attack and the whole thing is totally political.”

And yes, he believes what he is saying because from his perspective, serving the shareholders and the "purposes of society" is the supreme purpose of Goldman Sachs.

"Is it possible to have too much ambition? Is it possible to be too successful?" Blankfein shoots back. "I don’t want people in this firm to think that they have accomplished as much for themselves as they can and go on vacation. As the guardian of the interests of the shareholders and, by the way, for the purposes of society, I’d like them to continue to do what they are doing. I don’t want to put a cap on their ambition. It’s hard for me to argue for a cap on their compensation."

So, it’s business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God? An impish grin spreads across Blankfein’s face. Call him a fat cat who mocks the public. Call him wicked. Call him what you will. He is, he says, just a banker "doing God’s work".

Making it harder for Goldman Sachs to pillage and loot their customers and the American public will make it harder for them to do "God's work" in the future. After all, they are the masters of the Universe and owed their rightful due. And the rest of us that object to paying off their gignormous bets just have to shut-up and stuff it according to Blankfein.

Mary :: 12:38 PM :: Comments (9) :: Digg It!