This Would Be the Laugh of the Day if It Weren’t So Aggravating: Pious Rationalizations About “Morality in the Marketplace” from Our Buddies at Goldman Sachs

~~By InsightAnalytical-GRL

Gee whiz, we’re supposed to feel sorry for the health insurance industry if there’s a public option for healthcare and Lord knows, allowing that Bush tax cut which benefits the top 2% income bracket to expire is positively horrific.

And the people at FOX “News” and Rush Limbaugh keep weeping over all this, but do they ever express similar angst over THIS?   NAH!!!

Goldman Sachs’s Griffiths Says Inequality Helps All

A Goldman Sachs International adviser defended compensation in the finance industry as his company plans a near-record year for pay, saying the spending will help boost the economy.

“We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all,” Brian Griffiths, who was a special adviser to former British Prime Minister Margaret Thatcher, said yesterday at a panel discussion at St. Paul’s Cathedral in London. The panel’s discussion topic was, “What is the place of morality in the marketplace?”

Goldman Sachs Group Inc., based in New York, set aside $16.7 billion for compensation and benefits in the first nine months of 2009, up 46 percent from a year earlier and enough to pay each worker $527,192 for the period. The amount set aside this year is just shy of the all-time high $16.9 billion allocated in the first three quarters of 2007. Goldman Sachs spokesman Michael DuVally in New York declined to comment.

Hey, isn’t some of that money from US, the despised little people who’ve been funding this financial feast?

But I guess “tolerating” all that “inequality” must be one helluva burden to bear, indeed.  And exactly how much are we are boosting the economy?

Of course, this kind of rationalization by a former Thatcherite just goes to show how the “Goldman Grip” extends outside U.S. borders.

More claptrap follows…notice the emphasis on “giving” to improve business reputations:

Griffiths, 67, called on bankers to boost their charitable giving to help improve the financial industry’s reputation following a worldwide crisis.

‘Much Is Expected’

“To whom much is given much is expected,” he said. “There is a sense that if you make money you are expected to give.”

And Griffiths rambles on:

Griffiths said that banks should hire and promote people based on criteria beyond how much money they could or did make.

“It was the failed moral compass of bankers which was primarily responsible for why we had this crisis,” he said. “The question is: what can we do in the culture of institutions to make them behave in a more socially responsible way?”

What can you do?  Well, why not stop offering the huge, friggin’ packages for a start!!  Of course, all you hear is the the constant drumbeat about how it’s impossible to get the “best talent” without these huge compensation deals…

Give me a break!!

7 Responses

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  2. I just read this too – couldn’t believe my eyes. I guess the fact that his grandfathers were miners make this all OK!

  3. I’m confused about what FOX News or Rush Limbaugh have to do with this.

    I watched FOX’s Special Report with Brett Baier last night and the panel at the end of the program discussed the “Pay Czar” and what he was doing.

    Mara Liaison and Charles Krauthammer both thought it was a good thing and the right thing. Fred Barnes did not. But he doesn’t think the government interfering with business is ever right under much of any circumstances. Fairly consistent and rather ordinary “conservative” view so far as I can see.

    That there are a bunch of greedy and obtuse buzzards on Wall Street, or any street doesn’t surprise me. The sheer ignorance of people like the pinhead quoted below does.

    “People want to work here but they want to be paid fairly,” said Scott Silvestri, a spokesman for Bank of America, the recipient of $45 billion of bailout funds. Rivals are “identifying our top performers and using pay concerns to recruit them away for fair-market compensation,” he said.

    If many/most of the CEOs on Wall Street were paid “fairly” they would find better pay flipping burgers at Wendy’s.

    Instead they have been paid obscene amounts of money for running their companies into the ground. That not only isn’t “fair” it’s downright stupid. And the ones that should be outraged, of the companies that are still privately owned, not part of the bailout, is the shareholders.

    Once bailed out, until all monies are paid back, with interest, you have put yourself into the hands of the government. Fair revenge on your avariciousness and stupidity IMO.

  4. Limbaugh, FOX and most “conservatives” are gnashing their teeth over any burdens placed on the healthcare industry, likewise the end of the tax cuts for the wealth that are set to expire. Just tonight I heard a loud discussion of the pay issue and a mention of the tax break expiration on the McLaughlin Group. Mort Zuckerman and Monica Crowley and Pat Buchanan as we as McLaughlin were enraged by any thought of curbing huge salaries in TARP institutions.

    The point is, conservatives seem to worry about business way more than human beings. I have yet to hear ANY criticism from them about the huge payouts at our expense. Oh, they squawked about the bailouts, but can’t bring themselves to criticize any compensation limits on the companies that were bailout!

    So their lack of interest in the Goldman Sachs’ guy’s comments about “tolerating” inequality is totally in line with their pro-business with no questions asked…

    Basically, they are never the little guy’s friend…so, we must continue to be skeptical of EVERTHING spewing out the mouths of either crowd…

  5. If you haven’t heard any critisism from them, evidently those on FOX, about the hugh payouts at our expense, you haven’t been listening.

    They are as much the little guys friend IMO as the Democrats/Liberals are, by which I mean, not at all.

    Both sides are liars, crooks and thieves.

    Conservatives do not, by definition want the government “meddling”, as they see it, with business. That’s the way they think. It’s just a part of who they are.

    Liberals on the other hand seem to think it’s just fine and dandy to take from me, what I’ve worked for, to give to someone who hasn’t enough and maybe hasn’t worked at all.

    I live and breathe somewhere in the middle. I don’t want a “nanny” state, I believe the government needs to regulate just enough to keep things on an even keel, and I think we should help those who cannot help themselves and let those who “won’t” help themselves sink.

    I guess I’ve become more of a moderately Libertarian Independent in my old age.

    I don’t “like” certain media types. Limbaugh, Olbermann, Hannity, Matthews come immediately timind. But they don’t make laws. They don’t have the power over me that the pinheads in govenrmet have. They are also all opinion talking heads. And I don’t find their opinions worth snot.

    Those in media that I loathe are the so-called hard news types. The Katie Courics, The Charlie Gibsons, the Bob Schieffers who should simply inform us and do not. They are seldom, if ever unbiased.

    Most of media is liberal. So why are they so obsessed with the few outlets that are conservatives? It’s like this White House’s war on FOX News. Must Democrats/Liberals still any voice that isn’t liberal?

    I admit I never saw it this way when I had my partisan head up my partisan ass. Now, being an Independent, what I see it constant sniping at any conservative voice by a media that is almost totally liberal. And there is a fairness gene in my that doesn’t like that. I may not, and usually do not agree with the conservatives. But I do believe they have as much right to be heard as the liberals.

    That’s why I am annoyed at the constant sniping at Glenn Beck, FOX, Limbaugh etc, as if they were responsible for what’s going on in Washington D.C.

  6. Actually, I do not watch FOX constantly…they only times I’ve seen discussion on bonuses has been lots of handwringing about how it would not get us the “top people” if they had more reasonable rewards. Same with Limbaugh. Of course, I may have missed the references to the basic immorality of the whole deal (IF they were made, or was it just ranting about the commentators sudden conversion to loving the little guy), as personified by the Goldman Sachs’s guy. Hell, even on CNBC, the business channel arm of GE, they may do a little debate, but the idea of the “top people” getting unlimited rewards seems to be presented very nice.

    In fact, I watch CNBC during the day because the hard business news is quite discernible from the spin. And, there are good panels from both “sides.” I even listen to Kudlow because even he will have pretty decently balanced panels and the discussions are at least on an adult level. However, the economy’s cheerleaders are on all day, but at least Rick Santelli and some guests counter all the upbeat hype. I also read a lot of news at Bloomberg and, of course, ChrisMartenson because that’s were some VERY important stories are posted, things you’ll never see anywhere else and it is THESE stories that you need to know. The politics of this crap is simply toxic waste and not worth any time any more! We don’t have the luxury of time to waste on these ratings hounds at this point….

    As for the sniping Beck, FOX, Limbaugh, I most certainly hold them as responsible for what’s going on in DC as anyone else on the air! FOR YEARS they have presented rightwing misinformation and helped scuttled any real efforts at decent reform. They have poisoned the dialogue unchallenged. And, they are still presenting misinformation today mixed in with their “truthtelling.”

    The listening public cannot get simple facts from any of the TV or radio media outlets, FROM ANY SIDE, at this point. As a result, it all boils down to a few simplistic buzzwords.

    We still don’t hear “liberal voices” on every station every day, like we do Rush, Hannity and all the rest. They still hold a great deal of power over people trapped in their cars, while the networks and cable have pretty small audiences. I’d say it’s a draw now…,but a few short years ago, didn’t we feel pretty pissed about how much right wing crap was hitting us non-stop?? Now, it’s OK?

    No, it’s still NOT OK to be fed the agenda from one side, either side, all the time. We have no real journalism and that is NOT OK, and FOX, etc are no substitute of the real thing, any more than the crap on the networks, cable, and radio.

    If Rush Limbaugh wanted to use his power to help this country, he wouldn’t still be adoring Reagan, trashing women, and considering Attila the Hun ” conservatives” to be the ONLY way to “solve” our problems….most of their ideas didn’t work out so well, before, either.

    I’m sure a lot of independents will have a real grim reality check if the Republicans take over, as well. Things will, of course, get blamed on gays, women, etc . etc. This is the way the rightwing operates. I refuse to enable them!!!!

    My advice is to NOT listen to them all the time….spend time preserving you lifestyle by preparing for major economic upheavel in the future. My conclusion that is that we have to take care of ourselves because the rest is just diversion to keep everyone upset and fearful…and that comes from both sides, who have now melded into ONE huge, negative force

    I honestly do not believe that there is a real country anymore, so I prefer to keep sane and learn “survivalk skills” instead of giving Limbaugh, et al ratings so they make even MORE money off this game…

  7. Frankly I’ve come to watch my only “TV news” via clips posted on the internet. I refuse to watch any of these lying sacks of crap.

    You’re right Grl – we do need to take care of ourselves. But what will become of those unable to plan or prepare for the impending economic collapse? Many are living paycheck to paycheck (or unemployment check) and cannot “stock up” even basic food and necessities. These are the ones TPTB plan on being “too poor to revolt”.

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