April 22, 2010

Who Is Goldman-Sachs Working For?

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 Commissionís fraud charges in telephone calls to clients as Goldman escalated its campaign to stem the damage to the bankís reputation.

One person who received a call from the Goldman chief said he was told the regulatorís case against the bank was politically motivated and would ultimately ďhurt AmericaĒÖ.

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

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 donít 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, Iíd like them to continue to do what they are doing. I donít want to put a cap on their ambition. Itís hard for me to argue for a cap on their compensation."

So, itís 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 Blankfeinís 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 Godís 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.

Posted by Mary at April 22, 2010 11:59 AM | Economy | Technorati links |

I think Goldman has turned into the most polarizing company on the planet. People feel incredibly strongly both ways, that being said I don't think there is any doubt that showing that type of attitude hurts their cause with the average American. Given the amount of public investment in the way of bailouts, I'd much rather have the bankers simply say thank you.

Posted by: Mark at April 23, 2010 04:16 PM

Goldman are working for themselves and probably for the Fed Reserve as well.

Posted by: John at May 6, 2010 04:16 PM