Wednesday, April 8, 2009

Coming out of the woodwork

Goldman Sachs chairman Lloyd Blankfein admits Wall St greed

Mr Blankfein, confessing that the last year has been "deeply humbling" for the entire banking industry, said that "decisions on compensation and other actions taken and not taken, particularly at banks that rapidly lost a lot of shareholder value, look self-serving and greedy in hindsight".

Posted by devo @ 12:51 AM (785 views)
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3 thoughts on “Coming out of the woodwork

  • charlie brooker says:

    He only noticed in hindsight?

    How much is he being paid?

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  • yeah, the implication is that at the time, without the benefit of hindsight, the bonuses didn’t look greedy and self-serving.

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  • What you have to understand is that Goldman Sachs is masterful at PR. Nothing could concern Mr Blankfein less than restraining Wall Street pay. He is a very smart man, and understands that the way to continue enriching himself and the select few at the top of GS is to cry as many crocodile tears as possible whilst giving the impression that the industry itself is going to clean up its act. Nothing of the sort will happen. Mr Blankfein is calculating that the storm will gradually subside and that GS can then go back to doing what it did before, taking absolutely massive bets on financial products safe in the knowledge that if they go wrong the poor US taxpayers will underwrite the losses.

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