No one wants to think of Lloyd Blankfein as a religious figure. But what if he really is doing God’s work?
John Tamny makes that claim today in Forbes. His argument follows the same line as Blankfein’s original statement, which is that traders move capital in the direction of good ideas and good companies, in turn promoting growth in jobs, money, and all-around goodness.
Blankfein is correct about investment bankers doing “God’s work.” The simple truth is that life and economy-enhancing concepts such as Microsoft (MSFT), FedEx (FDX) and Amazon were on just that: concepts. Thanks to the genius of investment bankers seeking to find the best use for investor capital, those concepts became reality in ways that have enriched us all.
Investment banks help society by seeking the best commercial ideas and introducing opportunities for growth. When successful, these ideas elevate everyone’s standard of living. Therefore, investment bankers who recognise value where others don’t (Silicon Valley is littered with venture capital firms that turned down opportunities to finance Google (GOOG)) should get massive bonuses–it is the logical and happy result of visionary finance.
He’s definitely no modern-day Jesus or Mother Teresa, but OK, maybe you can make a tenuous argument for Saint Paul.
Read the full article here.