John Varley Defends Bonuses: Profits Are "Not Satanic" Barclays CEO Tells London Church Crowd

The CEO of Britian's second-largest bank became the second of that nation's banking figures to make the case for profits in the house of god, defending revenue as "not satanic."

According to Bloomberg, Barclays CEO John Varley spoke at London's Anglican St. Martin-in-the-Fields Church Tuesday night and defended profits and compensation to employees at financial firms. Varley went on to assert that Christianity is compatible with banking and bonuses.

Workers in the City, as London's financial district is known, will receive almost £6 billion ($9.9 billion) in bonuses this year, according to The Independent. The figure is up almost 50 percent from 2008.

In October, Brian Griffiths, an International advicer to Goldman Sachs told a panel at St. Paul's Cathedral in London that inequality helps us all, saying, "We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all." Griffiths also used religion to justify his stance, saying, "The injunction of Jesus to love others as ourselves is an endorsement of self-interest."

In 2008, Goldman Sachs paid out $4.82 billion in bonuses, awarding 953 employees at least $1 million each and 78 executives $5 million or more, according to The New York Times. This year, the firm's bonus pool has set aside at least $16.7 billion for compensation, which Goldman's CEO has defended.

Those staggering figures contribute to a income gap in the US that is the largest since the 1920s. Income inequality in the UK is at its highest since 1960.

On Sunday, Yale economist Robert Shiller warned that if the income gap in the US is not addressed, it could do major harm to the country and create a place that even rich people don't want to live in. The professor proposed a tax tied to the income gap.

Comments

[humanbeing-rick]

Take an example from Jesus, and throw the money changers out of the temple.
True Christians would stand up for what is right, and defend the down-trodden middle and lower classes of people. But no, the church has become hijacked by the same corporatists that have hijacked our economy. The churches have become obscenely rich themselves.

Read the holy books for your self, dont let a banker interpret it for you.
True religion can be found within, it is not about gold and brocade gilded priests.

[msjimmied]

Taibbi''s spin on this..

http://trueslant.com/matttaibbi/2009/11/04/goldman-one-ups-gordon-gekko-says-jesus-embraced-greed/

[tradethefed]

Goldman and Bank of America run the markets along with Geithner, and beagle boy Ben. There is no free markets, only welfare capitalism and socialism for capitalism.
http://financeopinionss.blogspot.com

[Relic61]

Usury (interest on loans) is a major Sin therefore Satanic lol

[RandVictims]

If Christians actually read the bible, they'd be calling for the abrupt end of Capitalism.

[cobobs]

Purported Christians who have enriched themselves in obscene ways do not know what to do with the following severe quote, and are always trying to weasel out of its blunt socialistic message:

...I tell you the truth, it is hard for a rich man to enter the kingdom of heaven. Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God.

This is so inconvenient. Mr Varney, go form your own religion, because you are in a tangled web of contradiction.

[norepublicanleftbehind]

What a comfort! There is something teribbly ironic about this whole thing.

[Jimboy17]

Indeed, profits are not, but usury is. That is why it was forbidden by the church for years. It is why Jesus threw the money changers out of the temple. This man is a class A maroo.n. What utter gall, what utter rubbish, what a disgrace. I would have thrown him out myself.

[booker52]

There is no justification for these bonuse. Nor do I believe that they are tied to being a good Christian. BS! CEO used to get paid 49 times what the average worker was paid, now it's more like 600 times. No one and I mean no one is worth that kind of money, be they in large business, a sports figure or those in entertainment.

[DosGatos2]

I'm not against profit either, per se. But when profit is derived from activities that do nothing for the country, have a risk of bringing down the financial system, depend on things like flash trading which should be illegal, or unlocking value by buying companies firing people and flipping the company loaded with debt to another buyer, and create income inequality which is destabilizing to the country, I have a problem with it.

I cannot believe this guy could stand in a church and spew such nonsense!

[brady61995]

seen fox news in the last few years, thats more unbelievable

[DiogenesOfAlaska]

Qui s'excuse, s'accuse.

[Jimboy17]

Je te comprends pas...en Francais svp!!!

[DiogenesOfAlaska]

Et moi, je ne parle pas bien francais. I am not a crook. I did not sell my soul. This is not a pipe. Catch my drift?

[AgentGrey]

the many faces of christianity

[minimalist syntax]

oh yes. like this is really Christianity.

[AgentGrey]

i'm not really sure what Christianity is. if you're saying that varley's version clearly defies any honest reading of Biblical Jesu.s, then i agree. but Christian institutions have never been Christ-ian in this sense. their interpretation and use of scripture varies depending on historical and political contexts, the agendae of specific church leaders, and the social and economic needs of their constituents. hence the many faces.

then again, i'm not aware of any Christian institution officially endorsing varley's take on class stratification. hm.

[AgentGrey]

i've never had a problem with satan.

[JohnFromCensornati]

When you focus on being a blessing, God makes sure that you are always blessed in abundance.

[minimalist syntax]

Blessing can be spiritual, not just the Joel Osteen type.

[nditf]

hey now, stop that. he's a practicing christian.