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.)