Yesterday, we needled Goldman’s Lloyd Blankfein for his latest attempt to quell the furor over Goldman’s massive bonuses by suggesting that Goldman’s employees make more than everyone else because they’re better more productive than everyone else.
Like Lloyd’s infamous “God’s work” comment, we did not feel this would go down well with battered taxpayers, one in six of whom would love to be more productive but can’t be because they can’t find work (U6).
We suggested instead that, instead of trying to explain to America why Goldman-ites are making dizzying sums of money while others collect unemployment checks, Lloyd merely say thank you–to his employees, shareholders, and, most of all, the folks who bailed him out.
And it turns out he did!
Goldman published Lloyd’s full remarks at the Merrill conference. Here’s what Lloyd said right at the top.
It is impossible to know what would have happened to the financial system without concerted government action around the world. But, unquestionably, these efforts averted even more extreme
circumstances and we are grateful for the critical role the government played.
Yes, Lloyd’s still leaving open the possibility that Goldman would have been just fine no matter what, but this time, wisely, there’s some simple gratitude. And that generally goes a long way.
Lloyd’s full remarks below: