Goldman on a mission from God

If Goldman Sachs is doing God's work, who benefits?

By InvestorPlace Nov 9, 2009 8:56PM
By James Dlugosch

Alert the atheists; there's a Supreme Court case brewing here.

Word that investment bank and beacon of the global financial system, Goldman Sachs (GS), thinks it's doing God's work may mean that billions loaned previously under the government rescue program may have violated the constitutional requirement of separation between church and state.

  5 Winners of a Weak Dollar

I don’t know about you, but I for one am a bit concerned that my taxpayer dollars were used to support Goldman chief Lloyd Blankfein’s mission from God. Perhaps an enterprising Justice Department lawyer can pursue this angle in hopes of securing billions in settlement money.

It sure would beat having all those billions going to employees in the form of outrageous salaries and bonuses.

Can you be more arrogant?

Goldman Sachs is having a very poor PR run of late. Just last week we learned that Wall Street firms, including Goldman received the swine flu vaccine ahead of more at risk individuals. Now its chief suggests it's doing God's works.

So perhaps this is the excuse. We wouldn’t want bankers and traders to be inconvenienced by a little virus in the course of God's work.

Oh boy, the hubris here is beyond belief.

Yes, banking and finance are extremely important to our capitalist system. Yes, bankers should get paid for doing a job well done. The problem I have, and I suspect others have as well, is where is the punishment for these guys when things go wrong?

For all the criticism of letting Bear Stearns die, I say that bankruptcy ultimately makes the system better. Many workers on Wall Street now have to stop and think, even if it is only a bit, about consequences of actions.

Yet here we are today and Goldman is sitting on a ton of cash. Big bonuses are back on Wall Street. And regulation to keep a mess like this from happening again has not materialized.

As Elwood Blues said in "The Blues Brothers" movie, “They’re not going to catch us. We’re on a mission from God!”

Related Articles:






0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

123
123 rated 1
262
262 rated 2
480
480 rated 3
651
651 rated 4
649
649 rated 5
629
629 rated 6
616
616 rated 7
496
496 rated 8
346
346 rated 9
111
111 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
EXCEXELON CORPORATION9
TAT&T Inc9
VZVERIZON COMMUNICATIONS8
CTLCENTURYLINK Inc8
AAPLAPPLE Inc10
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.