Goldman Sachs, Toll Roads, Conflicts of Interest and BIG HONKING BONUSES

23 December 2007 at 11:03:54 AM

Saw via Dungeon Diary this morning that Lloyd Blankein, CEO of Goldman Sachs, who replaced Henry Paulsen, who is now firmly entrenched in the US Treasury position, got a HUGE bonus.

If there was any wonder why the rich are getting richer in America, here is a great example. Lloyd Blankfein, CEO of Goldman Sacks will be celebrating Christmas this year with a tidy $67.9 million dollar bonus. That’s $67,900,000 comprised of cash and some restricted stock. Exorbitant? Maybe but Goldman Sacks seems to have avoided the sub-prime mortgage debacle ...

Since I've been thinking about toll roads the last day or so, seems like a good time to remind that Goldman Sachs is not only profiting from toll roads but has even been involved in conflicts of interest regarding them. Even this NEW CEO, who is now even richer due to the 67.9 MILLION dollar bonus says a bunch of  meaningless misdirection when asked.

Your critics presume the worst about Goldman’s conflicts of interest. What’s your response? 

We take the management of conflicts very seriously. Investment banking has evolved in the past few years. The days of only providing advice are gone. Now clients ask us to advise, finance and, sometimes, invest alongside them. Not only is that easy to reconcile, being a major provider of capital is a good way of ensuring that the advice offered is effective. By the way, at least three quarters of everything we invest in is done at the behest of clients.

One would think that netting this type of money that allows a company to pay THAT kind of bonus ought to be outlawed, especially when at least some of it comes from crooked methods and bilking the public out of public highways.

Here, as a reminder is Mark Florian, COO of the Municipal Finance and Infrastructure Group who also manages the North American Infrastructure Investment Banking Business, testifying before the Texas Legislature in March of 2007.

P.S. Does it strike anyone else as more than unfortunate that the man who is right now in charge of the US Treasury, Henry Paulsen,is also the same man who was CEO at Goldman Sachs when they were accused of such things as conflict of interest? And whose response in the article quoted above was, basically, that people's *perceptions* of the confilct should be changed?

     Views: 1783 
Latest Blog Post by salon -Ruminations of the Easily Amused for 10/20/2016

 You! Leave a Comment! You Know you Want To!
You are posting anonymously
(After sending, your comment is held pending approval)

Name:        -Anonymous comments are always moderated
Email:        -Required but your email will not show

Or you can login!

LOGON - Name:Password:

 Not registered?

New poster comments are moderated, meaning they won't show up until approved... or not.  Be patient-we have lives outside this blog, so it might take awhile You want to be rude? totally stupid? inappropriate? Racist? Bigoted? Flame war baiter? Your post may be deleted. Spammers or people posting pretend interest comments but really wanting to hawk their latest book or sell stuff or govt propaganda flacks won't see their posts published. Comments do not necessarily reflect the viewpoint of the site owner(salon).
If you have a problem with logging in or registering, please speak up right away. Love your comments. Oh, except spammers
More on commenting

Click Here for Main Page

Latest Posts

Ruminations of the Easily Amused for 10/20/2016
salon 10/20/2016

Won't Vote for Trump OR Clinton- Podesta Emails from Wikileaks are Informative
salon 10/20/2016

Ruminations of the Easily Amused for 10/19/2016
salon 10/19/2016

Buh-Bye, LiveFyre Community Comments
salon 10/18/2016

Ruminations of the Easily Amused for 10/17/2016
salon 10/17/2016

ACLU has asked for an en banc hearing re: Rowan Co NC commissioner court prayer case
salon 10/17/2016


salon > Updatin g this. Rick Perry has joined the board of that stem cell company in October 2016.  Perry left the race before the 2012 South Carolina primary and later acknowledged that continuing .... (Why Is Rick Perry Touting FDA-Unapproved Experimental Stem Cell Treatments? Snake Oil of the 2010's? )

MCG The entire situation breaks my heart>  poor helpless child was hurt and able to even defend herself . I know god has great plans for this baby and I hope for the sake of her that she is placed wher.... (Tasha Hatcher and Karen Shepard Cases Heard This Morning - 6/1/2016)

salon > Incidentally, amusingly, I was told that LaDonna Green doesn't even live in Somervell County. So, the Human Resource director, who ought to be the soul of tolerance and professionalism and yet .... (Um. You can't go to a hospital board meeting unless you're questioned about WHO ARE YOU??? )

salon > Very sorry to say that Mr Tinsley is no longer editor of the Glen Rose Reporter as of yesterday. (Glen Rose Reporter has a new editor Ben Tinsley)