Wednesday, December 2, 2009
Who Cares Vampire Squid?
"Goldman Sachs Group Inc. Chairman and Chief Executive Lloyd Blankfein, defending the investment bank from public criticism over pay and profitability, said most of the bank's risk has been taken at clients' request to facilitate their activities. ... 'We are not lounging around in our sunglasses, basking in our certain future, he said. 'We stay very close to our clients.' ... Mr. Blankfein was in the public eye over the weekend when the Times of London quoted him as saying he was just a banker 'doing God's work'," my emphasis, Jessica Papini at the WSJ, 11 November 2009, link: http://online.wsj.com/article/SB10001424052748703808904574529273639590590.html.
I'm sure Lloyd Antoinette Blankfein (LAB) does "God's work". Mammon's. LAB, I have no problem with Vampire Squid (VS) taking risk at its clients' behest. The problem is: VS pawns off the risk on Joe Schmoe. What can't you with two Harvard degrees understand?