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Goldman CEO Blankfein Acknowledges "Broad Public Anger" At Wall Street

Business  (tags: Blankfein Acknowledges "Broad Public Ang, Broad Public Anger, Financial Crisis, Goldman Sachs Broad Public Anger, Lloyd Blankfein, Wall Street, Home News )

- 2811 days ago -
CEO Lloyd Blankfein, acknowledging "broad public anger" at the financial industry, said many people think "Wall Street lost sight of its broader public obligations." "committed" to restoring "stability and vitality" to the financial industry

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Blue Bunting (855)
Tuesday February 10, 2009, 5:43 pm
Feb. 10 (Bloomberg) -- Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein, acknowledging “broad public anger” at the financial industry, said many people think “Wall Street lost sight of its broader public obligations.”

Blankfein said in prepared testimony for a hearing tomorrow in Washington that Goldman is “committed” to restoring “stability and vitality” to the financial industry.

“I have never seen a wider gulf between the financial services industry and the public,” he wrote. “Many people believe -- and, in many cases, justifiably so -- that Wall Street lost sight of its larger public obligations and allowed certain trends and practices to undermine the financial system’s stability.”

Blankfein and the CEOs of seven financial-industry firms are scheduled to testify tomorrow before the House Financial Services Committee and account for how they have spent government aid. The eight companies received a combined $165 billion in U.S. funds.

Morgan Stanley CEO John Mack said events during the credit crisis have “made clear the need for profound change” in the financial system. The firm decreased leverage, increased transparency and cut risk and changed its compensation structure, he said in the draft testimony.

“Both our firm and our industry have far to go to regain the trust of taxpayer, investor and public officials,” Mack wrote in a draft of his prepared testimony. “It’s our goal and our desire to repay the taxpayers in full as soon as possible.”

Mack told shareholders at a meeting Feb. 9 in New York he would repay the $10 billion as soon as “feasible.” Goldman Sachs Chief Financial Officer David Viniar said Feb. 4 that operating without U.S. money “would be an easier thing to do.”

Bank of America Corp. CEO Kenneth Lewis said the bank, which made $115 billion in loans in the fourth quarter, plans to make a $400 million dividend payment to the government next week.

To contact the reporters on this story: Alison Vekshin in Washington at; Elizabeth Hester in New York at

Blue Bunting (855)
Tuesday February 10, 2009, 9:05 pm

Blue Bunting (855)
Wednesday February 11, 2009, 4:18 am

Blue Bunting (855)
Wednesday February 11, 2009, 8:33 pm
* When is a "bonus" not a "bonus"? When it's given out by Morgan Stanley.

Blue Bunting (855)
Wednesday February 11, 2009, 8:34 pm
* U.S. banking leaders told
the House Financial Services Committee that they're not humiliating
failures, guilty of widespread mismanagement. Zachary Roth had some good coverage of the hearings today.

Blue Bunting (855)
Friday February 13, 2009, 1:58 pm
Now that the banksters have admitted didn't need a bailout, do you think we could have our money back and put it somewhere it might do some good?
Will Marshall earned yesterday's Wanker of the Day award from Atrios for his moronic attack on Krugman, but even if you don't read the article, read
the comments, which are ten times smarter than Marshall is.

Blue Bunting (855)
Friday February 13, 2009, 8:41 pm
Stimulus Package Contains Strict New Restrictions On Executive Pay
Goes Beyond What Obama Admin Imposed Last Week

Blue Bunting (855)
Monday March 2, 2009, 7:45 pm
BofA's Ken Lewis: TARP Funds "A Mistake"CNBC: Lewis Earned $8.8 Million In '08
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