Tuesday, July 20, 2010


Blankfein, CEO of Goldman-Sachs "does God's work":

""""Blankfein was named as one of "The Most Outrageous CEO of 2009" by Forbes magazine.[4] Taking a different position, Financial Times, which named Blankfein as its "2009 Person of the Year," stated: "His bank has stuck to its strengths, unashamedly taken advantage of the low interest rates and diminished competition resulting from the crisis to make big trading profits."[5] Critics of Goldman Sachs and Wall Street have taken issue with those practices

On January 13, 2010, Blankfein testified before the Financial Crisis Inquiry Commission, that he considered Goldman Sachs's role as primarily a market maker, not a creator of the product (i.e., subprime mortgage-related securities).[7] Goldman Sachs was sued on April 16, 2010 by the SEC for the fraudulent selling of a collateralized debt obligation tied to subprime mortgages, a product which Goldman Sachs had created[8]

With Blankfein at the helm Goldman has also been criticized "by lawmakers and pundits for issues from its pay practices to its role in helping Greece mask the size of its debts."[8] Blankfein testified before Congress in April of 2010 at a hearing of the Senate Permanent Subcommittee on Investigations.[improper synthesis?] He said that Goldman Sachs had no moral or legal obligation to inform its clients it was betting against the products which they were buying from Goldman Sachs because it was not acting in a fiduciary role.""""

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