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Goldman Sachs CEO “Doing God’s Work”

November 16, 2009

The Fuze

FOR easy joke, just add one part reference to male anatomy.

A few nights ago, talking about Goldman Sachs CEO Lloyd Blankfein, Stephen Colbert tried that recipe when he remarked that Blankfein “showed true Goldman Sac[h]” after the top-earning CEO told a newspaper he is “doing God’s work.”

“I have always believed that bankers are God’s representatives on Earth. They’re like the Pope – if the Vatican was incorporated in Delaware.”

                                                                                                     — Stephen Colbert

doing Gods work

click on image to view video

In a recent interview with London paper The Sunday Times, not only did Blankfein claim divine purpose, he also referred to himself as just a “blue-collar guy.”  Sure – if that blue collar is attached to a Swedish Eton dress shirt with diamond-encrusted studs and cufflinks, priced at a mere $45,000 a pop.  The guy may take home a $68 million salary, but that doesn’t mean he can’t keep it real.

In his divine pursuit, Blankfein found it in his heart to ensure the bank giant Goldman Sachs doled out subprime mortgages to thousands of his fellow blue-collar Americans. And when those loans went bad, and homes were repossessed –well, that was just God’s way of guiding us away from such material pursuits as owning a home.

The Times article threw out revolting examples of excess in the form of Goldman Sachs salaries.

Average pay this recessionary year for the 30,000 staff is expected to be a record $700,000. Top earners will get tens of millions…”

                                                                         — The Sunday Times of London

Wall Street/Big Bank greed isn’t news, but it does continue to enrage post-bailout, tax-paying Americans as every week we hear new reports about record profits here, excessive separation packages there and outrageous executive salaries everywhere – particular those being paid out by the same banks that took taxpayer dollars just months ago to stay afloat.

The Dodd Plan for Reform

Sen. Christopher Dodd (D-Conn) introduced a bill in the Senate Banking Committee last week that his office calls “a tough, bold bill to reform the way that our financial system is regulated.” Dodd’s sales pitch to the American people continued in only slightly less vague, baby-kissing, God-bless-all-you-hard-working-Americans campaign language.

“Our plan will stop abusive practices by creating an independent Consumer Financial Protection Agency with one mission: standing up for consumers. Whether taking out a mortgage, getting a credit card, or investing for retirement, Americans deserve to receive clear and accurate information, to be protected from hidden fees and abusive terms, and to know that the financial products they’re being offered are safe,” Dodd said at a press conference where he and eight other Democratic Senators introduced the bill.

Dodd’s front-and-center role on this bill wouldn’t be so laughable if it wasn’t for the fact that he was the single largest recipient of campaign contributions from Fannie Mae and Freddie Mac over the 10 years leading up to the federal home loan crisis. Dodd, along with fellow Democratic Sen. John Kerry, and former Democratic Senators Barack Obama and Hillary Clinton, were the top four recipients of Fannie and Freddie campaign contributions from 1988 to 2008.

It will be interesting to see if Congressional Democrats and the White House can sell this reform bill better than they did health care reform – an effort that often reminded me of poor, bumbling Tommy Boy, crossing the country, trying to sell brake pads.

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  1. David Forsmark permalink
    November 16, 2009 5:32 am

    Glenn Beck needs to have Peter Schweizer on to talk about his new book, Architects of Ruin:
    How Big Government Liberals Wrecked the Global Economy — and How They Will Do It Again if No One Stops Them.

    Goldman has been getting bailed out since the 1990s from bad foreign investments in places like Mexico, and we pay the bill while they get rich. Clinton wanted that stock bubble going up until after he left office.

    My review, here.

    • Prudent Man, CFA permalink
      November 16, 2009 6:50 am

      Good points. Now we have a stock market bubble caused by investment bankers who have free access to virtually interest free money with U.S. Treasury guarantees. Keep those deficits flowing.

      After working fifty years in the investment industry I never met an investment banker who ever did manual labor.

    • F. Swemson permalink
      November 16, 2009 12:46 pm

      Goldman’s had partner serve temporary duty in the upper levels of govt for years…

      They’re part of the club..

      BTW: When Goldman execs serve in government positions, their Goldman salaries are sequestered away for them and eventually given to them along with bonuses…

      • John Davidson permalink
        November 17, 2009 10:15 am

        These crooks swing right or left, matters not to them as long as they get their money. It is very surprising how fast they moved into the Whie House.

  2. jjay permalink
    November 16, 2009 6:40 am

    That’s why Jesus saw the “money lenders” in the temple as “doing God’s work” so he threw them out.

    It’s just that CEO Lloyd Blankfein’s “God” is the “Almighty Dollar” and “Greed”, as is too many of blue collar to Wall Street/Big Bank executives.

    • donnamarie permalink
      November 16, 2009 7:37 am

      On the “money lenders” part, my thoughts exactly. I guess he/they never read the bible-even for literature sake. My goodness, talk of ignorant…..

  3. Prudent Man, CFA permalink
    November 16, 2009 6:47 am

    Considering Goldman Sachs, as an anointed U.S. Treasury dealer makes a profit on deficit spending is their any reason to doubt while the Limousine Liberals contribute so much to the political parties? As their, and the other investment bankers have a vested interest in Congressional incumbents it is virtually impossible to remove those that are corrupt an incompetent who use “ideology” to support their criminal activity. Politics, academia, litigation and the media are all a conspiracy of greed.

    If there is a better way to get rid of the trash other than Congressional Term Limits lets do it. If not, Congressional Term Limits now. Unfortunately, insider hacks like Gingrich let us down after we worked for the Contract With America. Name one incumbent that the country would not be better off without.

  4. John Davidson permalink
    November 16, 2009 11:29 am

    How can a corporation that has no real source of income, throw money about to those beggars standing outside the window in the cold. Now, to cover-up , they shamelessly seek to close the window after the cupboard is bare.

  5. Marylou permalink
    November 17, 2009 10:07 am

    This reminds me of a YouTube I recently watched with the Baron himself (yes, Rothschild) saying words to the effect that we masses needed governance just to keep things orderly. I wanted to puke. Sorry so graphic. He has such strong influence, this British banker and money man.

    I am currently slugging through the Rolling Stone article on The Great American Soap Machine (?), reading it bit by bit on the treadmill at the gym. It is truly revelatory. We are being held up by the craftiest bankers in the world. Acc. to this article, it’s been going on for Generations!! nothing new here.

    Some in Obama’s camp are the young idealists who, because of their American heritage, just naturally make nice money in their business or profession, but when the govt (Obama) calls for them to give their profit and/or make sacrifices they do it willingly, unlike previous generations. They are part of the cause that way and they get to feel good.

    Still, I believe it is obvious robbery by unprincipled men (persons).

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