Business columns: Is Goldman Sachs doing ‘God’s work’?
Goldman Sachs CEO Lloyd Blankfein’s spinning “is reaching epic proportions,” said Charles Gasparino in <em>HuffingtonPost.com.</em>
Goldman Sachs CEO Lloyd Blankfein’s spinning “is reaching epic proportions,” said Charles Gasparino. Blankfein has every right to defend his firm against critics who have cast Goldman as “the Great Satan of the securities markets.” But he’s no longer “simply trying to tell the world Goldman isn’t the root of all evil.” Now he’s arguing that “Goldman is a source of goodness in the world.”
That’s no exaggeration. His firm, he recently told the London Times, is “doing God’s work,” simply by doing what investment banks like his do: raising money for clients and investing in businesses. “Oh really?” My brother happens to be a doctor in an inner-city hospital. He could have had a cushy practice, but he enjoys helping people, “and he has never once told me he is doing God’s work—even after he explained how he had just saved a homeless man’s life by massaging his heart.”
In a few weeks, Blankfein will be dispensing $20 billion in bonuses to Goldman employees—who were able to rake in profits thanks to last year’s federal bailout. If Blankfein were really doing “God’s work,” maybe he could find some more worthy recipients?