Read time: 1 minute

Dylan Ratigan: Is Goldman Sachs Doing "God's Work"?

From MSNBC's Morning Meeting, Dylan Ratigan talks to author and former managing director for Goldman Sachs Nomi Prins about this week's article in the
Views:

From MSNBC's Morning Meeting, Dylan Ratigan talks to author and former managing director for Goldman Sachs Nomi Prins about this week's article in the UK Times I'm doing 'God's work'. Meet Mr Goldman Sachs.

Think Progress has more--Goldman Sachs CEO says he’s ‘doing God’s work,’ rejects the idea that Goldman profits from gov’t support:

Last quarter, Wall Street investment bank Goldman Sachs made a $3.19 billion profit, and according to some estimates, the firm will set aside $21.9 billion for compensation this year. In an interview with London’s Sunday Times, Goldman CEO Lloyd Blankfein said that the firm is serving an important “social purpose” by helping companies grow, and denied the idea that Goldman is only able to make record profits thanks to government support.

Blankfein dismisses any suggestion that Goldman needed to be bailed out, and, by extension, rejects any notion that the firm is now profiting from public support. Sure, he took $10 billion from Washington’s Troubled Asset Relief Program (Tarp). But the bank has since repaid the cash, with healthy interest — 23%. Goldman also benefited from the federal bail-out of the huge US insurance firm AIG. Goldman had bought $20 billion worth of insurance from AIG and received billions of dollars — perhaps as much as $13 billion — when Washington pumped $90 billion into the stricken giant. But Blankfein insists Goldman was “hedged” against any AIG losses, in the best possible way — with cash.

Can you help us out?

For 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

More C&L Coverage

Discussion

New Commenting System

Our comments are now powered by Insticator. In order to comment you will need to create an Insticator account. The process is quick and simple. Please note that the ability to comment with a C&L site account is no longer available.

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.

Please Do Not Use the Login Link at the Top of the Site.

In order to comment you must use an Insticator account. To register an account, enter your comment and click the post button. A dialog will then appear allowing you create your account.

We will be retiring our Crooks and Liars user account system in January, 2021.

Thank you.
C&L Team