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!!