Goldman Sachs Vice-Chair: People Must “Tolerate the Inequality”

[kpete]

Goldman Sachs Vice-Chair: People Must “Tolerate the Inequality”
By: David Dayen Wednesday October 21, 2009 1:23 pm

I’m surprised this isn’t a bigger story, though perhaps it hasn’t yet migrated from England to the US. The vice-chairman of Goldman Sachs International, Lord Griffiths (and doesn’t it just fit that he’s a lord), said yesterday in London at conference on “morality and markets” (!) that the public most learn to tolerate inequality as the price to be paid for prosperity, a stunning quote given recent events in the global financial markets.
http://www.guardian.co.uk/business/2009/oct/21/executive-pay-bonuses-goldmansachs

In remarks that will fuel the row around excessive pay, Lord Griffiths, vice-chairman of Goldman Sachs International and a former adviser to Margaret Thatcher, said banks should not be ashamed of rewarding their staff.

Speaking to an audience at St Paul’s Cathedral in London about morality in the marketplace last night, Griffiths said the British public should “tolerate the inequality as a way to achieve greater prosperity for all” <...>

With public anger mounting at the forecast of bumper bonuses for bankers only a year after the industry was rescued by the taxpayer, he said bankers’ bonuses should be seen as part of a longer-term investment in Britain’s economy. “I believe that we should be thinking about the medium-term common good, not the short-term common good … We should not, therefore, be ashamed of offering compensation in an internationally competitive market which ensures the bank businesses here and employs British people,” he said.

Griffiths said that many banks would relocate abroad if the government cracked down on bonus culture. “If we said we’re not going to have as big bonuses or the same bonuses as last year, I think then you’d find that lots of City firms could easily hive off their operations to Switzerland or the far east,” he said.

He’s certainly got the “Lord” thing down, right?
http://news.firedoglake.com/2009/10/21/goldman-sachs-vice-chair-people-must-tolerate-the-inequality/

[Toucano]

1. "Let them eat cake."

Too bad for him it doesn't work out that way.

[Ruby the Liberal]

17. Followed by "Off with their heads"

:evilgrin:

[LeftHander]

20. that brings a new meaning to "trickle down"...nt

[Sinti]

2. Peasants, be glad you have crumbs (if you have crumbs) - it prospers whole of Britain. n/t

[Altoid_Cyclist]

3. This is my standard response to anything that reeks of "trickle down" economics.

Great song and comments by Bruce Cockburn on the subject of "Trickle Down". My take is... &%$@ the rich pricks who think that they're so much better than their peasant customers or servants.

http://cockburnproject.net/songs&music/td.html

[msongs]

4. some people reward Goldman Sachs execs with high level US govt jobs so get over it nt

[spoony]

5. Man are these banksters tone deaf or what

You think they'd have SOME sense of PR. But I guess they figure if you can get away with anything you might as well rub people's faces in it too.

[BeyondGeography]

6. Tone deaf...Goldman has already made themselves a big, fat target for populist retribution

Dumb move. And thanks!

[Canuckistanian]

7. "Inequality is a way to achieve greater prosperity for all"

It's too bad Orwell isn't with us any more. He'd be starting a sequel to '1984'

[G_j]

8. hive off their operations to Switzerland or the far east,

that would be OK, if they were also banned from doing business here.

[bridgit]

9. "Let them eat inequity"

[Triana]

10. In other words: "waaaah! If you don't give us what we waaant, we'll take our toys and go play...

....somewhere else!"

Pfft. GOOD RIDDANCE.

[Octafish]

11. It seems the Goldman Sachs bonuses total more than Detroit got to re-tool auto industry.

Gee. All Detroit ever did was build the middle class.



I'm certain Wall Street will do the right thing and help our nation move forward.

[Bluenorthwest]

12. Lord Griffiths seems to have little love of country

and he paints his peers in the City as traitorous. Therefore, I am nominating Lord Griffiths for the coveted title of Upper Class Twit of the Year.

[rrneck]

13. I'd like to see what HE can tolerate.. nt

[xchrom]

14. kick

[Romulox]

15. Guys, this is the central idea behind globalist capitalism...

The White House economic team also believes (as a matter of faith) the above.

[aint_no_life_nowhere]

16. The peasants must tolerate having their crops destroyed by the King's hunt

but they still owe their quota to the castle. The King cannot go hungry, after all.

[Overseas]

18. K&R. Bill Gates and I have a median income of billions of dollars! //eom

[kenny blankenship]

19. You mean all we have to do to rid ourselves of these bloodsucking parasites is take away bonuses?

Did ever a cure ever come so cheap! Let's not wait another second.

[nykym]

21. I watched

V the other night and I am starting to think it may be our only recourse given the statements from our financial overlords.