From Banks to God’s Right Hand: Goldman Sachs
The big banks are mighty indeed and when they fall the echoes reverberate all over the globe. They reach well into every aspect of our daily lives and the CEO of Goldman Sachs, Lloyd Blankfein says banks do God’s work. And so is the size of the Banks’ bonuses.
Banks Paying Big Bonuses
Where the banking industry is perched right now in the scheme of business and the functions of world commerce, it’s hard to argue they are indeed the dominant force in financial and political policies. But being closer to God is something that dosen’t go down quite well even with champagne washing down that caviar.
So, they are all powerful in getting loans, moneys that oil the machinery of businesses and hence lead the politicians a little closer to holding the hand of the almighty.
Goldman Sachs made $3Billion and are expecting to hand out $20Billion in bonuses. Now that are some choking numbers. In fact, I already hear gaging from the shareholders and the tax payers just getting stuck with paying off their bills and mortgages.
Obviously, they are firm adherents to squeezing every last dime from somewhere…you, the clients…to benefit some great financial performers. Does it work? Well, Lloyd says it is necessary to remain at the forefront of the business against their many competitors who are not doing quite so well but are also offering mega bonuses. How does it go down with you?…read more.
If you enjoyed this post, make sure you subscribe to my RSS feed!
What Goldman Sach’s boss said (from the original article at yahoo news):
>> We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth.
The 2nd and 3rd statements are true. But the 1st statement seems to be a lie. Where is the money and liquidity? From what I’ve read in the news, money for businesses to operate is still scarce. So how is Lloyd and Goldman Sachs providing value to the economy?
I’m curious – if we shut down all the investment banks like Goldman Sachs today, would the rest of the world notice any difference tomorrow? Well … at least after the wailing from Lloyd and co and the cheering/celebration from the rest of us dies down anyway.
You got that right…they appear to be simply banking on being untouchable and above reproach regardless of their errors.
Great post! keep on updating us. Feel free to visit at a new auctions site.