New York Times: Goldman Sachs CEO Said, "Goldman was Doing 'Gods Work' in Its Business."

Goldman Sachs, the highly respected Wall Street investment bank received a $10 billion bailout from the federal government which they have since paid back. Goldman Sachs was a prominent player in the recent world economic meltdown, which occurred when the housing bubble burst. This information is from the Marketwatch.com article, "Goldman Apologizes, Offers $500 mln to Small Businesses." They also state that "The Financial Times reported that the $100 million annual cost is the equivalent of one good trading day and that the bank had 36 days in the third quarter where it made more than $100 million."

The Marketwatch.com article,"Sorry for What?", states that until now, Goldman has insisted that they are not guilty of any wrongdoing. As a result they have received very little criticism from the public. Now in an abrupt reversal, CEO Lloyd Blankfein, has offered an apology. He admitted that Goldman, " participated in things that were clearly wrong and have reason to regret." He also announced a $500 million program of aid to small business spread over 5 years.

Marketwatch also says, "Goldman may be giving fresh ammunition to the pitchfork crowd that now will want details about what Goldman "participated" in as well as an explanation of why the firm should avoid any kind of penalty, given that it's going to be handing out record bonuses at year-end. "

Some headlines sound as if Goldman is giving a "gift" of $500 million to small businesses, but Marketwatch says $300 million will be "in the form of 'loans and philanthropic support.'" In my book, a loan is not a gift.

Blankfein, Goldman CEO was also quoted by the New York Times article, "Is Goldman's Charitable Gesture Enough." as saying "Goldman was doing 'God's work' in its business." I have to wonder by what standard does he make that judgment?

If they were really doing "God's work," would they, to quote Mr. Blackfein, have "participated in things that were clearly wrong and have reason to regret?"

Also, as I remember, the Bible has very little good to say about money and worldly riches.

Goldman now admits having done " things that were clearly wrong," so why are they not being prosecuted?

According to the CBS Money Watch.com article, "Goldman Sachs says Sorry for the Housing and Credit Crisis," " In 2006 and 2007, Goldman Sachs sold $40 billion in securities backed by 200,000 risky, exotic, and sub-prime mortgages. The company promoted the securities as triple-A rated investments - the safest kind of investing except for government bonds and T-Bills."

I am not a lawyer but It would seem to me that if they were knowingly marketing very risky securities as AAA rated investments, that amounts to fraud. If this is doing "God's work," I must wonder to what God Mr. Blackfein was referring? This is definitely not the just God that I envision.

I will be very surprised if Goldman Sachs is required to pay any penalties or be prosecuted for any wrongdoing. If not, that is further proof that the banks, insurance companies and drug companies have near total control of our country.

Sources:

The Editors/'Is Goldman's Charitable Gesture Enough?"/newyorktimes

Ilyce Glink/"Goldman Sachs Says Sorry for the Housing and Credit Crisis"/CBSmoneywatch.com

"Sorry for what?"/Marketwatch.com

Simon Kennedy/"Goldman apologizes, offers $500 mln to small businesses."/marketwatch.com

Greg Gordon/"How Goldman Secretly Bet on the U.S. Housing Crash"/McClatchy Newspapers