Blankfein Says He’s Just Doing ‘God’s Work’

By Dealbook

The chief executive of Goldman Sachs, which has attracted widespread media attention over the size of its staff bonuses, says he believes banks serve a social purpose and are “doing God’s work.”

“We’re very important,” Lloyd C. Blankfein said in an interview with The Times of London. “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. It’s a virtuous cycle.”

The dominant Wall Street bank posted third-quarter earnings of $3 billion and plans to hand out more than $16 billion in year-end bonuses.

“We have a social purpose,” he told the newspaper.

Mr. Blankfein also defended the firm’s compensation, saying that the practices correlated with long-term performance.

“Others made no money and still paid large bonuses. Some are not around anymore,” he said. “I wonder why?”

He said that he understood, however, that people were angry with bankers’ actions: “I know I could slit my wrists and people would cheer.”

But he is, he told The Times, just a banker “doing God’s work.”

Go to Article from The Times of London »
Go to Article from Reuters via The New York Times »

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williambanzai7 November 9, 2009 · 8:13 am

” ‘For whosoever hath, to him shall be given, and he shall have more abundance: but whosoever hath not, from him shall be taken away, even that he hath’.

This passage of course refers to the acquisition of more knowledge of the truth as theologians tell us; but the Money Kings of Wall Street like to give its interpretation a little twist in their favor, and say that it refers to the acquisition of more greenbacks, by the big fellows from the little ones.

In fact this class of people appear to hold the opinion that if they would succeed in anything questionable or crooked, there is nothing like misinterpreting the scriptures their own way, so as to apparently justify them in their rascality before the public.

The connection of such men with churches…has done more to spread infidelity and cast ridicule upon the good cause of the church than almost anything else.

The success of this class of gamblers has an influence for evil upon the business world that is little realize, success through their methods being a contradiction to the good old business maxim that ‘Honesty is the best policy’ and a travesty upon it.”

FRANKLIN KEYES ESQ. 1901

pete November 9, 2009 · 9:13 am

“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. It’s a virtuous cycle.”
That would be fine if that’s all they’re doing. Instead, they make most of their profits from gambling on things like credit default swaps(CDS’s) where in many cases, they have no economic interest in the asset which is nominally being insured. In turn,(via its bail-out of AIG), the taxpayer is paying for this “God’s work”.

The rest of us are suffering caused by this sanctimony on the part of the GS mafia(i.e., Paulson, Blankfein et al) . Get over yourselves and legislators, Obama et al, wake up: you’re allowing what is in substance gambling and insurance(i.e., CDS’s and other derivatives) to go unregulated(i.e., unlike that which is, in name, gambling and insurance!). Of course, it must be difficult to see this clearly when you’re receiving bags of money from those you need to rein in.

williambanzai7 November 9, 2009 · 9:18 am

GOLDMAN SACHS, BAILOUT SUPER STARS
(Jesus Christ Superstar)
WilliamBanzai7

Sing along: //www.youtube.com/watch?v=IvVr2uks0C8

VOICE OF ADAM SMITH JR.

Every time I look at you in disgust I don’t understand
Why we let Wall Street just get so out of hand.
You could’nt have managed better if you’d had it planned.
Why’d you choose to sink AIG in derivative quick sand?
If you’d come today you would be lynched by a whole nation.
The result of your insatiable greed would be mass extermination.
Don’t you get me wrong.
I only want to know.

CHOIR

Goldman Sachs, Goldman Sachs,
Who are you? What have you sacrificed?
Goldman Sachs Bailout Super Stars,
Do you really believe you’re what you say you are?

VOICE OF ADAM SMITH JR.

Tell me what you think about your former friends at the top.
Who’d you think besides yourselves’s the pick of the subprime crop?
Lehman, was that where it was at? They are not where you are now?
Could Bear have found use of Bernanke’s magic mountain, or was that just PR?
Did you mean to go like that? Was that a mistake, or
Certainly you know your messy death would have been a record Wall Street breaker?
Don’t you get me wrong.
I only want to know.

CHOIR

Goldman Sachs, Goldman Sachs,
Who are you? What have you sacrificed?
Goldman Sachs Bailout Super Stars,
Do you really expect us to believe you’re what you say you are?

Disbeliever November 9, 2009 · 9:30 am

Goldman just wants what’s best for children and bunny rabbits around the world.

Dave November 9, 2009 · 9:34 am

Forgive me for being a skeptic but I was under the impression “God” lived a rather modest lifestyle and did not seek personal riches at the sacrifice of lesser man. I was also unaware that “Gods Work” involved destroying families and businesses globally to attain personal wealth.

Comments like these prove how out of touch Blankfein is with the real world. Blankfein is not God and he is not a saint, he a a greedy little man who thinks he is both. I have yet to see Blankfein sacrifice anything and sacrifice is what “Gods Work” is all about.

Let the vilifying begin! Public flogging at noon.

Jon November 9, 2009 · 10:11 am

What an incredibly stupid thing to say. Sure, let’s compare bankers to Mother Theresa.

Cisco November 9, 2009 · 11:05 am

I’m glad to see Blancfein is so proud of himsef and the great job he is doing at GS. Would he care to comment on how many times GS has been fined for securities fraud by the SEC during his tenure. Would he like to produce documentation on how GS spent the TAXpayer handout money given to GS by our elected officials over the protests of Mainstreet Americans. Would he like to tell the 15 million people who have been unemployed since the financial meltdown how GS, using flash trading and every securities loophole in the book, to make its staggering profits this past year while the SEC is still taking comments on closing these loopholes. Yes Blancfein you and GS have shown a profit and Greed is still good on Wall Street but there is a thing call honesty, integrity, and fair play which you and the company you represent are solely lacking in. I hope someday to see you in your prison orange discussing the markets with Madoff and your other Ultra – Secretive, Unregulated, Short Selling Hedge Funds with Offshore Accounts Friends.

phil trupp November 9, 2009 · 11:28 am

Blankfein is now entering the kingdom of heaven (morally and spiritually). He is clearly suffering from delusions. He is incapable of admitting the truth about himself and the role of Goldman Sachs in helping to create the most egregious economic failures of our time, all the while being enriched in the most obscene ways. There are serious scholars and economists who view GS as a danger to the country and to its citizens. Any enterprise that thrives on the misery of others will eventually fail. GS will follow suit, and Mr. Blankfein will walk away from his God’s work with with ungodly amounts of money.

Dog Eat Dog November 9, 2009 · 5:51 pm

The self-assessment as deity explains a lot about the firm he represents and how they conduct themselves. What an extraordinary comment he made. Comparing himself to God? Does it get any better than that? Wow.

grunk November 9, 2009 · 8:45 pm

Saint Blankfein? Might need to check with Rome on that one.

Abby Tucson, AZ November 10, 2009 · 3:18 pm

What a load. Goldman doesn’t deal with little people or small business. They help people and companies make more of their vast wealth. They encourage wealthy idiot companies to buy up other companies and consolidate the wealth where they have more control over it by encouraging them to leverage themselves into a hole like the NYT’s owners have done. I guess in Goldie’s world that’s god’s work. But I think that micro loan dude is doing the work and Goldie’s trying to take all the credit, again. Sometimes religiosity foretells a crack up. Here’s to a humdinger!

Abby Tucson, AZ November 10, 2009 · 3:37 pm

Banzai!

“…I don’t know how to love him…
…what to do…how to change him…
…I was lost…and then I found…
…he’s not a king…
…he’s just the same…
…as those who came before…
…He’s just a bore…”

And I’m not wasting another word “praising” him. He obviously has enough for himself. But you get my drift. Hubby’s playing the Beatles from beginning to end. Makes it hard to consecrate. John, Paul, George and the Ringer! Bow down, Blankie! Kiss the hem!

Abby Tucson, AZ November 11, 2009 · 4:43 pm

Doesn’t Dimon ever get caught saying stupid stuff? Really, you get this is the Jump on Goldie Play. I love the game, but I know who’s quarter that was. The Captain’s! Always just a step away.

Hee hoo. Just found an old story, May 4, 1998, “Morgan and AIG are Possible Suitors: GoldmanSachs eyes IPO-Merger Combo,” InvestmentNews. Why sell the cow when you can get 100% of the milk? John Keefe’s comment says it all.

Martin175 November 12, 2009 · 12:46 pm

If you read that Times of London article where Lloyd Blankfein made that “doing God’s Work” comment, you will realize that he said that as a joke. You know like he was trying to add levity to the interview. He was being sarcastic. Everyone is so up in arms about the quote, but they do not understand the context that it was made. Why don’t people read the article before making their comment instead of commenting on sound bites?

Abby Tucson, AZ November 13, 2009 · 3:34 pm

Dimon doesn’t need to get caught! He’s said all kinds of hilarious stuff in his “let them fail” paper. They’re dangerous, but it’s OK to let them get more destablizing with all this wonderful socialist innovation we’ve come up with for finance. Note he only wants to talk about size, not how many balls he’s got in the air. How many dollars did this guy save saving Bear and all those other fairy tale losers? His company, our debt. What a Pirate!

Abby Tucson, AZ November 13, 2009 · 3:44 pm

Martini,

Put that in the context of J.P. Morgan’s jealousy and bigotry toward firms like Lehman and Goldman back in the days when they were left the merchant business and the rest of the work was only for godly white christian men to do. Good one, Goldie!

Now, as that’s pc3, I don’t see why it won’t fly. But if I ask if Lehman was left to fail because of the same blame game they painted on Matt’s door, ooops. It’s just good old competition once the social fun is over. You know Barc and the Captain had a laugh over that one.