Goldman CEO as Hypocritical, Commie, Oligarch

Economic Policy Journal ^ | 9//9/09 | Robert Wenzel

[FromLori]

Lloyd Blankfein, chief executive of Goldman Sachs, has attacked some investment banking products as socially useless and said that the controversy over bankers’ pay was both understandable and appropriate, in a speech to the Handelsblatt banking conference in Frankfurt.

He did not comment on the "social" usefulness of his new townhouse with its 12 car garage.

Blankfein said that multi-year bonuses should be outlawed and senior staff should receive large proportions of pay in stock, rather than cash. Top executives should be forced to hold the bulk of that stock until retirement, he said.

He did no comment on the degree to which he and Henry Paulson have already cashed out of stock. He did not mention the self-serving nature of his comments on multi-year bonuses given that Goldman has spurned multi-year bonus guarantees at a time when rivals have been hiring aggressively using such promises.

Blankfein also supported the call for global regulatory reform , but did not mention that the man heading up global reform is a former Goldman managing director.

In short, when an investment banker starts talking about social usefulness, assume his firm just bought a publishing house that has a warehouse full of Chairman Mao little red books that he needs to blow out, before the firm is repackaged for an IPO..

[nickcarraway]

Hey! That’s a terrible way to talk about our government!

[FromLori]

I have a get out of gulag free card so I'm not worried lol.

[JasonC]

Typical ridiculous class war slander pretending to be argument. There isn't a single point of actual substance in the article. It is all just whining that those doing the recommending are rich.

[FromLori]

Hi troll no evidence of him being a commie Blankfein also supported the call for global regulatory reform , but did not mention that the man heading up global reform is a former Goldman managing director. In short, when an investment banker starts talking about social usefulness, assume his firm just bought a publishing house that has a warehouse full of Chairman Mao little red books that he needs to blow out, before the firm is repackaged for an IPO..

[Melchior]

Blankfein appears to be in the tradition of Marxist and fellow-travelling bankers like Lord Milner, Otto Aschberg and Morris Hillquit. On the one hand Blankfein castigates his people for conspicuous consumption, and on the other demands that they should, like good Stakhonovites, work their tails to the bone, forget compensation, and support Big Brother. He’s a lovely guy. Kind of an American Karl Radek.

[CORedneck]

Typical executive a-hole. Their feelings is to those in the rank and file, work very hard for little reward. The fruits of their labor belongs to the executives. The executives would like the rank and file to stay in debt so that way it is easier to control them and the execs benefit.

In my experience with corporate management, for some even low level managers, it goes to their head. One manager I worked for, it really went to his head to the point that he was asking personal questions like on my finances and had the attitude that my personal life including $$$ is his business. He did not take too kindly when I told him that he should be concerned is I get my job done day in and day out and anything outside was not his business.

[FromLori]

Here is another buffet bo’s welfare queen!

http://www.zerohedge.com/article/warren-buffett-endorse-speculative-trading-regulation

[JasonC]

"Global regulatory reform" is big conspiracy speak for "exchange clearing of credit default swaps". Who can possibly care? The rest is reckless baseless smear as usual. I don't give a damn about the guy, but this pathetic excuse for economic thought on the right has to be stomped into oblivion where it belongs. No conservative movement that peddles it will ever get power - or deserve any.