Goldman Sachs CEO Says Bank is Doing 'God's Work'

Lloyd Blankfein, shown at the World Economic Forum in 2007, says most compensation should be in stock rather than cash, employees should be required to hold their shares for longer periods and firms should "claw back" previously paid bonuses if employee risk-taking leads to losses.

[has he got a clue]

what a jack--s!!!!!!!!!!

[Ed in IT]

Fair compensation... Western business tends to count on the actions of the market to drive business efficiency. Right now, the market doesn't know how to determine "fair compensation" for executives, and allows the board room to take unfair rates of compensation.

Here's an interesting article>
http://www.sciencedaily.com/releases/2009/11/...

I keep hearing fears that these guys won't agree to work for less than the outrageous salaries, but who cares? Really, are they trying to say that only they can make decisions that benefit the company? Are they the only ones that can ask their assistants to manage projects, and define good business practice? Where do tomorrow's executives come from, if there's not already people in the chain that could take over the job... These people are there, and I'm sure some of them would be willing to do the job for a fair rate of pay!

If they won't work for fair rates, they should just try not working at all, and see how that works out for them... Too bad they probably already have many millions of $$ saved up. I'd like to see them humbled...

[C in NC]

Doing God's work? I think not. It's not about material wealth anyway. As for his comment that if banks are doing well, then the economy is recovering, I don't think so on that one either. In this time, if a bank is doing well, it just means that they are not lending. Since the bailout, banks have been afraid to lend out money due to the risks they might incur. The economy is not recovering becuse unemployment is up, spending is down, and most families are closer to bankruptcy than ever before.

[John from Greensboro]

If you worship wealth like most of the greedy people that got us in this mess, then he is telling the truth as he sees it.

[Ann Oakley]

It is so easy to demonize Goldman Sachs, isn't it? You neglect to mention that Goldman was forced to take bail-out money and repaid it in full as soon as the Government would accept it. Let's be fair and balanced in reporting.

[spin-spin-spin]

Didn't Jim and Tammy Faye Baker say something to that effect shortly after they were shut down?

[Sandy Kelly]

Banks were TOLD to do what they did which resulted in the "financial meltdown"; government orders which helped cause our present financial situation to help open the way for socialsism.
What Blankfein said about raising capital, creating jobs which create more growth and more wealth IS capitalism and how it works.

If a person prefers socialism, he would hate when banks do well.

If a person prefers capitalism, he would "celebrate" when banks do well.

[Phyllis]

If Goldman Sachs CEO was doing God's work, he would take the bonuses and give them to the needy, homeless, food banks and other worthy organizations, not to the wealthy who already have more than they need. Instead of making the rich richer we should be taking care of those who have lost jobs and cannot take care of their families.

[lady k from winston]

As if...And if you believe that story,let me interest you in some beachfront property in the desert...

[geeyermo]

"If a person prefers socialism, he would hate when banks do well."

I guess "socialism" is ok when taxpayers
bailout "too big too fail" AIG , who in turn pays off G.S. interests at 100%.

But when they these geniuses make profits
and issue bonuses that exceed the worth of
failing banks....
while unemployment is at 10%....
using cheap money from the government ,
trading instead of lending ,
....without actually creating anything ,
that's "capitialism" ???

[jimbo1934]

WHAT?? Who is this guy kidding other than himself.You are going to pay Billions in bonuses to employees who take advantage of the public? I do not know who your God is but I would say that he is not the God and Father of our Lord Jesus.How many employees have you put on the street aka unemployed. How many homes have you foreclosed? How many active servicemen have you or your organization charged outrageous fees on over charges/drafts. Do not ever say that your business is doing God's work.Pattern your bank after Samaritans Purse in Boone. Then work 10,000 years and maybe___!! Get a life!!!

[max lowe]

Which God are you talking about??? The god of this world or the Almighty God of Heaven!!! Me thinks it's the god of this world, Mr Sachs!!! The love of money is the ROOT of all evil!!! Not some evil; all evil!!! It's not that money is evil but it's the evil empire that controls it!!! One day all your greed, envy and your drunkeness for power will lead you to your knees and you'll admit that Jesus Christ is LORD of all lords and King of all kings!!! I forgot to mention one thing 99.9% of you, it will be too late!!! The black bottomless pit of hell will swallow you whole!!! Wake up America and take back your country from drunken sailors of Lucifer!!!

[Tired of the Nonsense]

I worked for one of the GS companies and after six years of great reviews, I got laid off last November. Company claimed they needed to cut back. Within six months, they were refilling our jobs with cheaper and younger people and never even attempted to call us back. Laying people off was part of their grand scheme of acting like they were doing so poorly financially. The majority of people laid off in our division were women over the age of 40, people who had been sick and hospitalized over the previous couple of years, and support staff. The length of service ran from 6 years to 29 years. Every person laid off had had excellent reviews. The person who had worked or the company for 29 years was called by HR while he was in a hospital bed facing an amputation and told his services were no longer necessary. Again, as soon as they "repaid" the loan from the government they started refilling the positions they got rid of, but never ever contacted the people they laid off. God's work? I don't think so.

[Tired of the Nonsense]

Phyllis wrote:

If Goldman Sachs CEO was doing God's work, he would take the bonuses and give them to the needy, homeless, food banks and other worthy organizations, not to the wealthy who already have more than they need. Instead of making the rich richer we should be taking care of those who have lost jobs and cannot take care of their families.

GS could have taken 5 percent of the bonuses paid this year and kept the 15 percent of the workforce it laid off last November. By the way, they have started replacing the people they laid off, but have not bothered to call back the people they laid off. Then again, in our division, they primarily laid off women secretaries over the age of 40 and people with disabilities.

[Tired of the Nonsense]

Ann Oakley wrote:

It is so easy to demonize Goldman Sachs, isn't it? You neglect to mention that Goldman was forced to take bail-out money and repaid it in full as soon as the Government would accept it. Let's be fair and balanced in reporting.

They were not forced to take the bail out money.

[jimbo1934]

Tired of the Nonsense wrote:

<quoted text>
They were not forced to take the bail out money.

Hey Tired of the Nonsnse, you are one of the reasons hy GS is NOT,
doing God' work. Ma he Almighty grant o a better job and His grace..

Jimbo

[Tired of the Nonsense]

jimbo1934 wrote:

<quoted text>
Hey Tired of the Nonsnse, you are one of the reasons hy GS is NOT,
doing God' work. Ma he Almighty grant o a better job and His grace..
Jimbo

I have no clue what you are trying to say here.

[jimbob69]

Hey Clueless, LOL
You and your friends who were terminated is a prime example of why GS is not doing God' work.There is no age/sex discrimination with God.If He were CEO of GS inclusion would be the key word!!He loves and cares for all of His children, not just those who earn bonuses. This line of thinking was prevalent in Jesus time. The rich were the blessed and the others were not blessed.
Jesus corrected this mind set by associating with the poor and lowly.If you have not been able to find a better job,may our God open the door for you and many others who were forced out by GREED!! Hope this helps understanding..
Jim

[million]

God's work?! i'm really surprised none of the cameramen ripped this clown's face off after he said that. pay back the $13 billion you got via AIG pass-through and then we'll start talking about Government Sach's perceived debt to society.

[patrick trotter-Toronto]

Banks are not your friend we do not baleout strangers whom uses are funds to grow whealth for themselves.And then after they pay themselver huge bonuses declare that they will have to close if we the people do not bale them out.We do not need them they need us so stop depositing your funds. Find alternative savings in some other investment.

When are people going see that the these banks are evil and should go bankrupt when they fail. These BANKS CREATE MONEY OUT OF THIN AIR
they do not have any gold to back up what we have on deposit.Goldman Sacs is not doing GOD'S work because GOD would never allow this,so stop listening to these idiot's.

PT