Wednesday, November 28, 2012

US should be poorer: Goldman Sachs CEO

Never mind the fatuous interviewer, note that entitled jerk Goldman Sachs CEO Lloyd Blankfein is actually saying, "I want Americans to be poorer."

Lynn Parramore at Alternet has the best take on Blankfein's interview. She cites his "smug assurance" that he can disguise Goldman's looting of the taxpayer as concern for America:
Blankfein, infamous for describing his financial activities as “God’s work,” shared his attitude toward society with CBS news recently. He explained his keen desire to see Americans lowering their sights for the future. You really have to watch the interview to get the full flavor of Blankfein’s smug assurance that predation can be sold as concern for the nation’s well-being. In addition to trotting out several myths about Social Security’s design and functions, including the bogus notion that retirement age must be raised , he gives a pithy summary of what life is going to be like for the 99 percent:
“You’re going to have to do something, undoubtedly, to lower people’s expectations of what they’re going to get, the entitlements, and what people think they’re going to get, because you’re not going to get it.”
Not if Lloyd Blankfein has anything to do with it. He calls it managing expectations. Here’s another word: theft. 
Since the financial crash, Blankfein’s company, Goldman Sachs, has received tens of billions of dollars in what the Economic Policy Journal describes as “direct and indirect succor from the Fed." In sharp contrast to average Americans, when Goldman needed help in the 2008 crisis, a friendly Federal Reserve let Goldman turn into a commercial bank almost overnight, so it could go to the Fed for help 24/7.
Actually, it's worse than that. Matt Taibbi explains in Rolling Stone how Blankfein got away with one of the greatest financial crimes in history and then perjured himself. Wrote Taibbi:
They weren't murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it. 
Thanks to an extraordinary investigative effort by a Senate subcommittee that unilaterally decided to take up the burden the criminal justice system has repeatedly refused to shoulder, we now know exactly what Goldman Sachs executives like Lloyd Blankfein and Daniel Sparks lied about. We know exactly how they and other top Goldman executives, including David Viniar and Thomas Montag, defrauded their clients. America has been waiting for a case to bring against Wall Street. Here it is, and the evidence has been gift-wrapped and left at the doorstep of federal prosecutors, evidence that doesn't leave much doubt: Goldman Sachs should stand trial.
Now there's an idea.