Goldman Sachs CEO “Richer than God” and Moving In on Deity’s Job

Lloyd Blankfein
Lloyd Blankfein

My ears perked up this morning when I heard talk on the radio about investment gurus doing “God’s work” and a journalist calling for Christians to rise up against usury and abuse of the poor. Wow!

In a London Times interview with John Arlidge, the CEO of Goldman Sachs, Lloyd Blankfein, defended the bank’s massive profits, saying Goldman is, quote, “doing God’s work.”  The four largest firms—Goldman Sachs, Merrill Lynch, Morgan Stanley, JPMorgan Chase—took in $22.5 billion in profits through September, according to MarketWatch. The top six banks set aside $112 billion for salaries and bonuses over the same period.

Democracy Now’s Amy Goodman interviewed former-LA Times journalist Robert Scheer this morning on this topic. Here’s quote from Scheer below:

It’s interesting that he should say he’s “doing God’s work,” Blankfein, the head of Goldman Sachs. And my goodness, if Scripture is clear on anything, it’s condemnation of those who take advantage of the poor. You know, after all, Jesus threw the money changers out of the temple. Scripture is devastating in its condemnation of usury, the immorality of usury.

Robert Scheer
Robert Scheer

And yet, you mentioned Chris Dodd is trying to get a bill passed that would cap interest rates. You know, where is the Christian Right? Where are the Christians? Where are the Jews, for that matter? Or the Muslims? At least the Muslims, in their religious practice, don’t believe in interest as a principle, but the idea that we’re jacking up credit cards to 30, 35—this is loan sharking. And we can’t even get a bill passed through Congress that would cap interest payments.

The other thing is, their rationalization is they’re somehow saving the economy. It’s the old blackmail thing. They ruined the economy; they got the legislation, the radical deregulation they wanted, that permitted them to become too big to fail—Citigroup and these companies; and then they turn around and say, “If you don’t throw all this money at us, the economy is going to go into the Great Depression.”

But they haven’t solved the main problems. Mortgage foreclosures this month are higher than they’ve been in ten months. We have the commercial housing market exploding, you know, apartment building rentals exploding, going into mortgages. And so, you know, they are not dealing with the fundamentals. What has happened is an incredibly expensive band-aid was put on this. And these people don’t even have—they’re not even embarrassed.–TruthDig’s Robert Sheer

Robert Scheer is editor at Truthdig.com. His books include The Pornography of Power: How Defense Hawks Hijacked 9/11 and Weakened America and Playing President: My Close Encounters with Nixon, Carter, Bush I, Reagan, and Clinton–and How They Did Not Prepare Me for George W. Bush. Scheer’s latest column is called Where Is the Community Organizer We Elected?

I was also interested to note that in John Arlidge’s London Times profile on Goldman Sachs that CEO Lloyd Blankfein said, “I know I could slit my wrists and people would cheer.” Another GS staffer said, “We don’t club baby seals. We club babies.”

Mark Up the Bail-Out Budget Yourself

Congress is moving rapidly to enact a gigantic taxpayer bailout of the financial sector, with a potential cost of $700 billion or more than $2000 per American citizen. The folks at PublicMarkup.org believe, as Justice Brandeis said, that “Sunlight is the best of disinfectants,” and that all legislation ought to be open to public comment and consideration in real-time, not just after the fact.

So, as a public service, they’ve posted for public comment the 44-page proposal currently in front of Congress from Senator Chris Dodd (Chair of the Senate Committee on Banking, Housing and Urban Affairs) and the eight-page text of the “Legislative Proposal from Treasury Department for Authority to Buy Mortgage-Related Assets.”

Section 8 of the Treasury Department documents states: “Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.”

Isn’t it this lack of oversight and “just trust me” attitude that got us into this mess? “Budgets are moral documents” as we say at Sojourners, repeating the Hebrew prophets..