Wednesday, November 11, 2009

What Goldman Sachs CEO Lloyd Blankfein Should Have Said

We were fortunate to have had an extraordinary year. I am grateful to our
employees, shareholders, and the U.S. government for helping us through one of
the most challenging periods in the firm's history. Blodget
at Business Insider.

What he said instead,

I often hear references to higher compensation at Goldman. What people
fail to mention is that net income generated per head is a multiple of our peer
average. The people of Goldman Sachs are among the most productive in the
world. HuffPo via FT.

Which like his "God's work" comment, is the language he is choosing to describe - I think - the valuable role these bankers do play. For better or worse, they do make money move and produce, which is a valuable function in our economy.

On the other hand, this sort of unedited and misinterpreted commentary makes the gap between Wall St. and Main St. all the more evident and frighteningly real. FWIW.

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