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THURSDAY, NOVEMBER 26, 2009
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Goldman CEO: Populist Rage 'Appropriate'...

... For money-losing banks, not Blankfein's, which hiked pay 33%

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(Newser) – The CEO of Goldman Sachs joined the debate over executive compensation yesterday, telling a conference in Frankfurt that public anger was "understandable and appropriate" for money-losing institutions who hand out fat bonuses. But, notes the Wall Street Journal, Lloyd Blankfein stopped short of criticizing his own firm, and spoke from Goldman's cozy position of having notched its best quarter in history this year.

Goldman made a $3.44 billion profit in just three months this year, and likewise bumped compensation 33%. Blankfein also hit out at guaranteed employment contracts that span several years, which he called "bad for the financial system" and said "should be banned entirely."

Lloyd C. Blankfein, CEO of Goldman Sachs, speaks at a luncheon at United Nations headquarters last year.
Lloyd C. Blankfein, CEO of Goldman Sachs, speaks at a luncheon at United Nations headquarters last year.   (AP Photo/David Karp, file)
Goldmann Sachs CEO Lloyd Blankfein speaks at a conference in Tel Aviv this June.
Goldmann Sachs CEO Lloyd Blankfein speaks at a conference in Tel Aviv this June.   (AP Photo/Ariel Schalit)
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There is little justification for the payment of outsized discretionary compensation when a financial institution lost money for the year. - Lloyd Blankfein, CEO Goldman Sahcs

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bewilderbeast
Sep 10, 09 6:44 AM CDT
Thief. They make the rules, break the rules, go bust, get bailed out, take over those who aren't bailed out, make a fortune, and RIGHT NOW are busy lobbying for the next bubble. We need regulations that quite simply spell out "you may not gamble with other people's money". Until bankers personally carry real risk they will simply carry on taking big bets. Reply
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