Tuesday, October 20, 2009


BANZAI7 NEWS--Bumper payouts to bankers should be seen as part of a longer term investment in London's economy, the vice chairman of Goldman Sachs International told a debate on ethics at St Paul's Cathedral on Tuesday.

Defending lavish bonuses expected at the U.S. investment bank, Brian Griffiths said he was not "ashamed" of his bank's compensation package, which has inflamed the bonuses debate.

The British public should "tolerate the inequality as a way to achieve greater prosperity for all" Griffiths said at the public meeting examining what role morality should play in the marketplace.

Griffiths said that if bonuses were capped the industry's highest fliers would leave London's financial services sector for other countries.

WB7: Like Libya, North Korea, Zimbabwe or Frankfurt.

Brian Griffiths:

Post Script:

Boris Johnson the Mayor of London wrote in the Telegraph:

London real estate agents cannot believe the wheelbarrows of dosh that are suddenly crashing through their doors. Savills says the number of buyers from the financial services sector has risen by 48 per cent in the third quarter of this year, purely in the expectation of yet another ginormous Christmas bonus.

A knuckle-cracking realtor in Knight Frank's Kensington office says he has never seen anything like it: email after email from the boys and girls at Goldman Sachs. ''We did our first Goldman's deal in June,'' he tells the Financial Times, ''and we are now doing five times as many for its employees as for any other bank.''

How can they pretend the world hasn't changed? What blindness, what deafness, what Asperger's afflicts them? The banking sector now stands in a completely different relation to the wider public. Their interests, and the interests of the community, have been intertwined by state intervention, and they need to show they understand that.

WB7: Looks like the Goldman Bankers in London have taken Squid Blankfart's order to maintain a low profile straight to their local real estate brokers.

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