Goldman’s Blankfein: SEC Case Will ‘Hurt America’
Lloyd Blankfein — head of Wall Street giant Goldman Sachs, against which the SEC filed civil charges last week for defrauding clients in some mortgage-backed securities trades — famously stopped speaking to the press after he mentioned he thought Goldman was doing “God’s work” in the midst of the biggest financial crisis since the Great Depression.
My guess is that the public still won’t be hearing from Blankfein too often. The Financial Times reports that in his numerous calls to major clients, assuring them of the firm’s stability despite the SEC charge, he has argued the suit will “hurt America.”
Unlike Goldman’s participation in over-financializing the U.S. economy, stoking the mortgage crisis and shorting the housing market, leading to an $8 trillion loss in household wealth, the suit will hurt America. Right.