Goldman Really Does Rule The World

In Wednesday’s edition of the Invest With An Edge newsletter (to which you really should subscribe if you haven’t already), our Quote of the Week came from Goldman Sachs CEO Lloyd Blankfein. He said “We’re very important… I’m doing God’s work.”

Yes, Blankfein really said this. Follow the link above if you don’t believe it. Even more amazing, he said it to a reporter, during a scheduled interview, knowing whatever he said was on the record.

Now I will admit that in context, Blankfein had a point. The financial system provides funding for new businesses and jobs for people. Most would agree these are good things. Blankfein, however, is not a theologian. He is the head of Goldman Sachs, a firm that at the present time is widely regarded as greedy, evil, excessively powerful, and so forth. Claiming heavenly justification for Goldman’s activities at a time like this is not smart.

No one gets to Blankfein’s position by saying dumb things to reporters. This makes me think he knew exactly what he was saying and simply didn’t care what people would think. It makes perfect sense if he believes what he said to be true.

This being the case, the problem lies not in Goldman Sachs but in those of us who refuse to acknowledge its inherent goodness and worthiness. I suggest we all make amends by holding hands and offering the Lloyd’s Prayer.

Our chairman who art at Goldman
Blankfein be thy name
Thy rally’s come, God’s work be done
In the Dow as it is in the Nasdaq
Give us this day our daily gain
And forgive us our frontrunning, as we punish those who frontrun against us
And bring us not under indictment
But deliver us from regulators
For thine is the cashflow, and the power, and the bonuses, forever and ever. Amen

[Note: several versions of this prayer are floating around the web. The one above is my favorite and it comes from Mish Shedlock.]