God's work apparently much different than we thought

Goldman Sachs arch-criminal Lloyd Blankfein:

"We’re very important," he says, abandoning self-flagellation. "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle." To drive home his point, he makes a remarkably bold claim. "We have a social purpose."

[...] He is, he says, just a banker "doing God’s work."

Then again, given God's fondness for smiting and various other acts of ultraviolence, maybe he's got something there.

Comments

[JRB]

These days, the only virtuous cycle I'm a part of happens when I do laundry -- but that doesn't account for the water I'm wasting.

[Save the Oocytes]

Ouch, God's PR had already taken a hit in recent years...

[Harold M]

Blankfein deserves ridicule, not least for invoking social purpose. I assume God can handle the blasphemy. That's market share I would not presume to touch. Blankfein should be ashamed! But if he were capable of shame...

As for the substance of his remarks, credit unions would be far superior to bankster gangs when it comes to raising capital for new or expanding enterprises. You get better due diligence that way and a customer base with the interest and influence to ensure successful operations. Banksters have nothing but conscience to mitigate against following every perverse incentive that comes along. And I think everyone knows how much that conscience is worth. Direct allocation by the state, in the form of "honest" graft, does a better job. There's really no need at all for the financial services industry in its present form. Everything useful could be done by non-profit or regulated low profit utilities.

[Distressed]

I read the entire article in the paper edition of the Sunday Times. The comment about doing God's work is the last throwaway line of a very in depth article about Goldman Sachs, its people and its culture. You're left thinking, "er, where did that come from". It is left dangling, a tantalising view on some warped inner conviction. A signpost to fanaticism.

These people are obscenely rich. They are encouraged to leave after they've minted it for a few years. They are expected to take up influential positions in the outside world, in the political realm or as captains of industry. Inside, they apparently have a secure system separating there traders from there investors. They say they do their best to prevent conflicts of interest but then they would say that.

They claim that they link bonuses to performance of the entire business and also pay in options that are not immediately redeemable to stave of excessive personal risk-taking.

They hire the best and brightest, sometimes after 20 or 30 interviews. One thing is for sure, this is like no corporation I've ever worked at.

Apparently they have long since paid back their bail-out money. A fascinating article all in all.

One thing of note though. They quoted some ridiculous figure in billions as their asset value. But I seem to remember hearing that banks (or all businesses?) can quote debt as assets so it would be nice to see their asset figures broken down for clarity's sake. I guess it is not in their best interest.

They are smart. They have the ears of power. They are rolling in 'liquidity'. Did I mention that they are obscenely rich. I wish I had studied economics instead of philosophy.

[NomadUK]

Speaking of doing God's work, The Big O is on the job:

Barack Obama acknowledged todaythat time had run out to secure a legally binding climate deal at the Copenhagen summit in December and threw his support behind plans to delay a formal pact until next year at the earliest.

[Thomas Daulton]

Hey, sorry for the long absence, my office started blocking blogs like these, I moved twice, etc.

In line with NomadUK's comment above... I figured Distant Ocean would be all over this article:
Obama Administration Won't Sign Lan Mine Treaty
State Department spokesman Ian Kelly said Tuesday that the administration recently completed a review and decided not to change the Bush-era policy.
"We decided that our land mine policy remains in effect," he said.
...
Sen. Patrick Leahy, D-Vt., criticized the State Department's review of the land mine policy as "cursory and halfhearted." ...
Stephen Goose, the director of Human Rights Watch's arms division, said ...his group had been pushing the administration to conduct a review of its policy but that the administration had given no indication that one was under way. "If one was already completed, it was not very extensive," he said.

Wow, Obama spurns the Copenhagen summit and the Land-Mine Treaty in the same week. What excuse exactly are hardcore Democrats telling themselves this week to keep up the faith?

[NomadUK]

What excuse exactly are hardcore Democrats telling themselves this week to keep up the faith?

But -- but he's black!

[Duncan]

But -- but -- he's not that powerful! He can't really do a thing about it, or They will assassinate him! But deep inside he wants to do the right thing, and when he's reelected and there are more and better Democrats in Congress, then he'll show you, you of little faith! Go back to Mount Disdain and sneer at him, he'll show you!

--That's what the hardcore Obama fans are saying.

[Catherine]

No, actually that's what I've always thought God's work to be. Seems obvious, given the state of the world.

[Harpfool]

WHERE'S JOHN GONE?

[Save the Oocytes]

I think he went to attempt to regenerate his sanity in some blessedly distant land.

[Harpfool]

Thanks. I hope he comes back some day - I miss him!

[Distressed]

John gone bye-bye.

[Rosemary Molloy]

Ditto. John, are you there? I check everyday and there's only silence, so to--uh, "speak." Miss your independent spirit and your hold-the-bullshit stength. Please come back!

[gfod]

I third that emotion. So many news stories I expect John to be having a field day with. Maybe he needs extra sanity-regeneration; you have to imagine this is a thankless "job" that doesn't pay very well at all.

Thanks, John, for all the head-against-brick-wall information and analysis, ironic juxtapositions, puppies, poems, and worthwhile organizations (I donated to CCR in your honor this year).