I don't expect Lloyd Blankfein to say anything this Tuesday before the Senate's Permanent Investigations Subcommittee that we haven't already heard from Tobacco, Enron, and Blackwater executives. They always claim to be as pure as the driven snow, and to be just as "frustrated" by the situation as the public, and if we just weed out a few "bad apples" and . . . (Zzzzzz).
Isn't it amazing how these powerful CEOs, who are paid tens of millions of dollars to know every detail about their companies, act as if they just fell off the back of a turnip truck when they come to Congress? Suddenly, they're not really in charge of anything; they don't know what their subordinates are doing; they can't remember the content of emails they've received; they aren't even "in the loop."
They know the best way to stymie a grand jury or an inquisitive congressional committee is to compartmentalize the wrongdoing and conveniently suffer a sudden bout of memory loss. That's probably why Goldman's own shareholders have filed two lawsuits against Blankfein and the board of directors; "systematic failure" is what the lawsuits call it. Blankfein's response? Hire the lawyers who used to represent the White House and the committee that's investigating you.
We mustn't allow Goldman Sachs to offer up Fabrice "Fabulous Fab" Tourre, the young trader who is the only person named so far in the SEC's fraud case, as the sacrificial lamb so the Big Fish like Blankfein and the others can walk away unscathed. If the CEOs and CFOs aren't responsible then who the hell is?
In October 2009, in St. Paul's Cathedral in London, Goldman Sachs executive Brian Griffiths invoked Jesus Christ to defend the huge bonuses Goldman was doling out to its top traders: "The injunction of Jesus to love others as ourselves is a recognition of self-interest. . . . We have to tolerate the inequality as a way to achieving greater prosperity and opportunity for all." (Quoted in 13 Bankers, p. 182) (I also remember Jesus saying something about a camel, the eye of a needle, and a rich guy.)
Last November, Blankfein claimed that Goldman Sachs was "doing God's work" (because banks create jobs and enable companies to make stuff). I suppose Blankfein also believes that "Fabulous Fab" was "doing God's work" when he was slinging those junk securities to ill fated investors so John Paulson could make a killing on the collapse of the housing market.
Alas, the Lord does work in mysterious ways.
Recently Blankfein has been telling people that the SEC's fraud case will "hurt America," as if this guy has any right to judge what's in "America's" best interest. You've done such a great job helping to destroy the country - here's a bailout and a bonus! Lloyd Bankfraud owes us an explanation.
A couple of months ago President Obama called Blankfein a "savvy businessman," which he is. But who gives a damn? -- Certainly not the 8 million people who lost their jobs; or the millions of people who lost their retirements or their homes; or the investors who got suckered; or the taxpayers who bailed out the wealthiest investment banks in the world and who are right now poised to give them another bailout in the future.
As of October 2009, there were 1,537 lobbyists representing financial institutions and other businesses to fight against any new financial regulations by Congress. And this army of lobbyists outnumbers by 25-to-1 those who represent consumer groups, unions, and other supporters of reform. (13 Bankers, p. 192)
The fact is these Wall Streeters are unbalanced people. They're "unbalanced" in that their lives are so consumed with making money they've neglected other vital facets of living that a balanced life requires. That's fine; that's their choice. But they shouldn't be allowed to run the country. And if their losses continue to be socialized while their profits are privatized we have turned the country over to them.
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What about a rule that no corporate or federal employee can work in a related field for at least three to five years if he jumps either way between the corporate and public sector?
Of the argument that the government would deprive itself of talented people, aren't there enough people working in think tanks with good experience who are not likely to be toadies for former employers? What did both Roosevelts do for what must have been an army of technicians needed to execute their reforms?
Another "reform" might be for liberal Democrats to seriously and publicly start speculating about a one term president. Why should we let Obama think he has our vote in his pocket? Seriously, is a Trojan horse really better than the Devil on public display?
One thing you have to realize is that they feel they are innately superior, and therefore have no qualms about taking money from people who are not smart enough to figure out that they're being taken advantage of. They see it as their right.
It is exactly the same pathology of Billy the Kid of the Wild West, or John Dillinger of the 1930s... and therefore, unfortunately, innately part of the American psyche. In fact, it goes all the way back to the founding of the country as our "Manifest Destiny" to take the land away from the Native Americans. I live in Hawaii, and they did it to the Hawaiians, too. Just took the land...which they recently admitted was illegal over a hundred years ago. Not that it matters now.
When they let their guard down, you can see the smugness in the their faces.
They belong behind bars. It's the only way to cure them of this aquisitory sickness. Just don't think they are atypical.
They are VERY typical Americans.
The absurdity of all of this is this is just pure theater nothing more and nothing less. If this was for real then we would get real questions asked by congress and expect real answers instead so some illusion of "we are victims too" mentality.
maybe we need a new constitutional amendment that will state all legislation must be negotiated in the public arena for all to see.
Then to sweeten the deal how about if any and all person's that make up the legislation can not benefit from such legislation i.e. no more Phil Gramm legislation where he set it up and has made millions after he has left Washington D.C. This legalizing something so certain people can make millions at the expense of the nation has got to stop.
What is going on is beyond corrupt and evil..
I like your "unbalanced lives" point a lot. If our society was better at understanding the psychological profiles of those who want to be civic and/or political leaders, we'd have much better leadership across the board!
I guess I should feel honored just to exist in the same universe as these Wall Street bankers.
Definitely these bankers live in a world that exists only for a privileged few. The rest of us are merely stageprops in their world, or lackeys to do their bidding.
Blankfein has agreed to personally finance scientific research into shrinking the size of a camel to fit through the eye of a needle. Having accomplished that, and to put icing on his I'm-going-to-heaven cake, he's going to finance a Broadway play in which a Jesus-like character will walk into a money changer's temple and instead of throwing them out in anger, he will actually shake hands with the temple's president and ask about the current rates.
Basically, they need to get on the show '30 Days' and spend days with a family being foreclosed, a retiree who has lost his pension, etc. Or, they could spend time in jail.