Lloyd Blankfein, shown at the World Economic Forum in 2007, says most compensation should be in stock rather than cash, employees should be required to hold their shares for longer periods and firms should "claw back" previously paid bonuses if employee risk-taking leads to losses. (Pierre Verdy / AFP/Getty Images / January 26, 2007)
While acknowledging the role of banks in the financial meltdown, the CEO of Goldman Sachs said recently he believes his company is doing "God's work."
Like many others banks, Goldman Sachs lent too much money before the financial crisis and had to be bailed out by the government. But now the company has paid back that money, is making massive profits and planning to pay billions in bonuses.
"We're very important. We help companies to grow by helping them to raise capital. Companies that grow create wealth," CEO Lloyd Blankfein said in a recent interview. "This, in turn, allows people to have jobs that create more growth and more wealth. We have a social purpose."
Blankfein said he knows people are upset with banks and their part in the financial meltdown, but went on to say people should celebrate when banks do well, because it means the economy is recovering.
Like many others banks, Goldman Sachs lent too much money before the financial crisis and had to be bailed out by the government. But now the company has paid back that money, is making massive profits and planning to pay billions in bonuses.
"We're very important. We help companies to grow by helping them to raise capital. Companies that grow create wealth," CEO Lloyd Blankfein said in a recent interview. "This, in turn, allows people to have jobs that create more growth and more wealth. We have a social purpose."
Blankfein said he knows people are upset with banks and their part in the financial meltdown, but went on to say people should celebrate when banks do well, because it means the economy is recovering.
