Goldman Sach's Doing God's Work

The Human ego knows no bounds. Lloyd Blankfein statements about banks doing God's work is a great example of this. Does he see himself as among the chosen few? Absolutely, unbelievable arrogance.

http://www.huffingtonpost.com/2009/11/07/goldman-sachs-ceo-lloyd-b_0_n_349620.html

http://www.cnbc.com/id/33783316

This is the kind of crap that gives Capitalism a bad name. I will admit that in the greater sense banks are the financial tool that helps the economy grow by allocating capital. But honestly, Mr. Blankfein, do you really think you can compete with God? Banks, like all people and institutions serve a purpose under God. That is true for even you and your corrupt firm. Everything, even the ego, has a place in the order of things.

So, Lloyd, I guess in that way you are doing God's work. But by that logic, so is the rapist and the burglar.

Here is how much taxpayer money your firm took (I am sure you know the number): $10 Billion.* Yes, that is how much taxpayer money it took to keep your do-gooder firm afloat. Now, the way I see it, you should be sending those bonus checks directly to the taxpayers who lent it to you instead of to the Treasury. Oh, I know, that would be impossible to figure. Yes, it would.

Perhaps having access to Fed Funds at nearly zero percent is just to damn tempting. I can't believe we have not brought back Glass-Steagall. I consider myself an old school capitalist. But you know what, the reality is that since the creation of the Federal Reserve System our economy has been slipping further and further away from real capitalism. What we have now is some sort of hybrid monster. Glass-Steagall kept the monster calm. Glass-Steagall was a "rule of the game" that actually worked.

When is the last time you tried to play any game without rules? How did that go? What happens when you give one guy in the game an unfair advantage by giving him more information than the other players and a back-stop ensuring he will win every time, no matter how poorly he plays the game? How do you think that would work?

Ok - I am done with my rant now. I just wish we could get back to a time where capitalists were seen as honorable men who had morals and values they used to guide their behavior. Where did these egomaniacal, narcissistic rule breakers come from?

I argue they would be out of business and mostly good guys would be left if the damn government had let them fail. But than that is an entire dissertation for any young PhD candidate in economics who wants to take it on.

And Lloyd, don't slit your wrists. I don't think anyone would be happy if you did. I certainly wouldn't. Then you wouldn't have the opportunity to heal that massive ego of yours and start making some real contributions to the world. I mean it, no matter how lost you are, you are a valuable human being, just not for the reasons you think.

*I finally found an article saying GS has already paid the TARP money back. Good. Now, cut off their access to Fed Funds and see what happens. I wonder if God will still employ them.

http://dealbook.blogs.nytimes.com/2009/06/17/jpmorgan-repays-treasury-as-tarp-exits-continue/