Goldman Sachs CEO Lloyd Blankenfein will reportedly get a $100 million bonus just one year after his company received billions in taxpayer money to survive a financial crisis.
HuffPost's Ryan Grim appeared on MSNBC Monday to weigh in on Blankfein's reported bonus and the political implications it could have for President Obama and his relationship with Wall Street.
WATCH:
Goldman Sachs: CEO Blankfein's Bonus Up in the Air
Lloyd Blankfein: That Is Not What I Said
So, stop the whining. Would it have been better to allow Goldman Sachs to collapse or was giving them billions a better call ?
Mr. Blankenfien is not demanding the money. Clearly the stockholders and the board feel this compensation is warranted.
Also, the idea is to shore up his personal finances against negative speculation directed towards his own fortunes, and thereby strengthen his leadership, and thereby strengthen the company. They've probably been reading about the consolidation of power and figured a stronger executive is a good defense against adversity.
In times of uncertainty, strong leaders calm the will of anxious people. I read it in a fortune cookie. When people have more confidence, they become more distant from their leaders. This applies to the President and leaders of other nations as well. Everybody is doing it, and it isn't bad, nor is it permanent.
The government will need to hit back, obviously. But at least we're getting back to an economy based on self-interest and real enforcement. Lloyd will have enough of a cushion he'll be able to sustain a pretty good hit, if he needs legal counsel or gets fined.
Things have to be dry and crispy between executives in the finance sector and the regulators. They've been way too sympathetic and it's created a mushy, confusing economy. Time for people to mind their own business and play their roles. Let the chips fall where they may. I recommend the government looks for their next move because they need to find a way to hurt Goldman Sachs after this next round of bonuses, in order to demonstrate authority. It doesn't have to be severe, but it must be strict and immediately forceful.
If they do help them out again, it will be a guaranteed civil war in this country.
Corporate America has entrenched itself too deep into the inner running of this country and the people are not happy.
This will not end well.
What do we do to fix it? Either we collectively agree to introduce moderation and civility into our system or we strengthen the unions and move toward class warfare.
It's a slap in the face and a kick in the groin to American taxpayers who saved the incompetent Wallstreet casino cohorts from a major meltdown.
Guess what, the problem will still be here.
Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
Buy 10 million meals on wheels @ $10 each
Buy 6,666 mobile homes for the homeless @ $15000.00/home
Buy 18,181 wheel chairs for the cripple @ $5,500 each
Buy 28,571 cars for the poor to have decent transportation for much needed jobs @ $3,500 each
Pay the power bills of 500,000 homes for 1 month for the poor, elderly, etc... @ $200.00 avg.
Give $100 cash donation to 1 million Haitians for recovery relief
Yet, all these people who deserve this money will remain hungry, cold, homeless, unable to walk, continue w/o reliable transportation to work, loose power due to this economy and loss of jobs/income, etc.....
simply because of a greedy company who cares NOT for the very people that made this type of bonus possible.......
Until we burn nationalities and embrace humanity......suffering is imminent! Ave Humanity♥
It's a good thing you put that last word on your sentence. If you had stopped one word sooner, it wouldn't be enough.