Wednesday, October 21, 2009

Goldman Sachs Vice-Chairman says: 'Learn to Tolerate Inequality'

Michael Moore describes in his film "Capitalism a Love Story", that the American economy is a  fascist plutonomy, where the merger of state and corporate interests dominate public policy, and where the wealthy benefit disproportionately. Wikkipedia defines a plutonomy as "an economy where the degree of economic inequality is high, while the level of social mobility is "low". So the only way for rich to keep democracy from spoiling their party, is for them to convince the rest of the people that "they too could become wealthy one day". Of course that opportunity seldom arrives, but the HOPE keeps people from questioning the system.
This is exactly what is happening today, and in a staggering display of arrogance, a Goldman Sachs Vice-Chairman publicly touted such a system.  The Telegraph reports "Goldman Sachs vice-chairman says: 'Learn to tolerate inequality'". Some excerpts from this:
One of Goldman Sachs’s senior advisers in London has said that British taxpayers should “tolerate the inequality” stemming from the investment bank’s plans to dole out a record $22bn (£13.4bn) in pay and bonuses this year for the sake of the “common good”. Lord Griffiths of Fforestfach, vice-chairman of Goldman Sachs said he was “not ashamed” of the bank’s compensation plans.
 The comments, made during a public debate on ethics and the economics crisis at St Paul’s Cathedral, are likely to further deepen the debate about bank bonuses.
As he defended the bank’s lavish bonuses, Lord Griffiths said the general public should “tolerate the inequality as a way to achieve greater prosperity for all”.
 Well Mr. Griffiths we the taxpayer would certainly have tolerated letting Goldman Sachs go under last year, had it not been for the fact that your esteemed company had rigged the entire financial system with derivative bombs (such as AIG), that would have caused the financial system to collapse.
Now we would like to point out that we would not be against Goldman Sachs' bonuses had they used their own capital and generated that return for themselves. But when they make unlimited borrowings from the Fed and have the power to create money by classifying themselves as a "bank", and then proceed to gamble with taxpayer funds, we call that stealing.  As a very astute reader of ours (Josephine) wrote today:
Mirror Mirror on the Wall
Wall Street is the greediest of all....
Taxpayer money they love to burn
Money rightfully they never learned to earn!


ROB said...

The greed on Wall Street is astounding. These guys are such scum

Jackofalltrades said...

GOLDMAN SACHS do you think we are stupid? Where is your patriotism?

BeathneyF said...

Great posting. Everyone please see the Michael Moore movie.

NiniStocks said...

May They Burn in Hell. Great Posting, I love the report!