Goldman CEO: Populist Rage 'Appropriate'...

... For money-losing banks, not Blankfein's, which hiked pay 33%
By Jason Farago,  Newser Staff
Posted Sep 10, 2009 1:53 AM CDT
Goldman CEO: Populist Rage 'Appropriate'...
Lloyd C. Blankfein, CEO of Goldman Sachs, speaks at a luncheon at United Nations headquarters last year.   (AP Photo/David Karp, file)

The CEO of Goldman Sachs joined the debate over executive compensation yesterday, telling a conference in Frankfurt that public anger was "understandable and appropriate" for money-losing institutions who hand out fat bonuses. But, notes the Wall Street Journal, Lloyd Blankfein stopped short of criticizing his own firm, and spoke from Goldman's cozy position of having notched its best quarter in history this year.

Goldman made a $3.44 billion profit in just three months this year, and likewise bumped compensation 33%. Blankfein also hit out at guaranteed employment contracts that span several years, which he called "bad for the financial system" and said "should be banned entirely." (More Lloyd Blankfein stories.)

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