As you’re aware, Lloyd Blankfein apologized yesterday for “participating in things that were clearly wrong,” because Goldman is “very concerned” about its reputation, and who doesn’t love a good “Sorry, I was wrong,” particularly done in public to up the humiliation factor? Obviously LB and Co are hoping it’s enough to silence all the peasants and Matt Taibbis out there, though the early reviews don’t think Blankfein sufficiently proved he actually meant it. Really, though, it doesn’t much matter because who cares what the plebes and the marine biology smut writers of the world think? They’ve been given $500 million to quit the bitching and honestly? Lloyd may have bigger, more important apologies to make, on the inside. Forget the populist pitchforks. Those are idle threats, and LB can take them. This is the shit he should recoiling his gold-plated scrot over.
Everyone knows that according to a simplistic calculation of average compensation, the typical person at Goldman Sachs earns a lot more than the typical person at almost any other organization you might care to think of. Now, an equally simplistic calculation, and one used by Lloyd Blankfein himself, implies that Goldman’s London bankers are more handsomely rewarded than its bankers in New York.
[...]
Last week Blankfein claimed his people were “one of the most productive workforces in the world”, earning on average $196,000 in the years 2000 to 2008, more than double the figure at other American banks. Alas, some sharp-eyed observers have noticed that this is much less than the £181,000 that Blankfein had previously said was the average among the bank’s 5,500 workers in Britain. Has Lloyd Blankfein, Goldman Sachs chief executive, overstepped the mark — again?
Blankfein banks on no one noticing salary gap [Times Online]
Do Goldman staff really earn 55% more in London than NY? [eFC]
oh shit
Did LB specify a time period for his London salary avg?
@2 two weeks.
-lb
My scrot only “recoils” when I blow da load.
What I came here to say was, when you go in to the confessional and admit to the priest that you masturbate to clips of financial news anchors, only one of use is supposed to get aroused. Otherwise it doesn’t take.
We’re doing God’s Work here at Goldman, and we don’t intend to offer any additional apologies or explanations, for anything.
Just remember, “Its a small neighborhood.” That’s all I will have to say on the matter.
-LB
I never got this much attention.
~The Ghost of John Gotti
@3 – That long?
-WB
This is probably the stupident post I have read here yet.
I have worked both in NY and London and can testify that, even though the numbers seem double dude to exchange rate, they are not as things cost about the same ‘numerically’. e.g. coffe at starbucks in NYC may cost $2 but in LDN is costs £2. So, getting paid double help you out.
The caveat is that when the frame of reference changes – if you are an ex-pat and have your money transferred to asia then yes, you would get more dollars for your pay in LDN, but thats a small fraction of ppl. If anybody thinks EU/UK is cheap they need a reality slap.
This is probably the stupident post I have read here yet.
I have worked both in NY and London and can testify that, even though the numbers seem double dude to exchange rate, they are not as things cost about the same ‘numerically’. e.g. coffe at starbucks in NYC may cost $2 but in LDN is costs £2. So, getting paid double doesnt help you out.
The caveat is that when the frame of reference changes – if you are an ex-pat and have your money transferred to asia then yes, you would get more dollars for your pay in LDN, but thats a small fraction of ppl. If anybody thinks EU/UK is cheap they need a reality slap.
This is probably the stupident post I have read here yet.
I have worked both in NY and London and can testify that, even though the numbers seem double dude to exchange rate, they are not as things cost about the same ‘numerically’. e.g. coffee at starbucks in NYC may cost $2 but in LDN is costs £2. So, getting paid double doesnt help you out.
The caveat is that when the frame of reference changes – if you are an ex-pat and have your money transferred to asia then yes, you would get more dollars for your pay in LDN, but thats a small fraction of ppl. If anybody thinks EU/UK is cheap they need a reality slap.
He needs to apologize to those back office employees who did not get swine flu shots.
@8/9/10– b/c there was no sarcasm implied here…
that motherfucker.
-gary cohn
Lloyd Blankfein is a SWINEWEASEL!
Blankenfein is Dr. Evil.
I’d just like to reassure our investors that the “$500 million” ;) is already budgeted and will not, net, cost us a single red fucking cent.
The board needs to tell LB to shut the f’up. Guy is a walking anti-PR machine!
As for helping small business I think it is more the Montgomery Burns scenario:
Small Business Owner: I’d like to borrow $100,000 to grow my business and hire people.
LB: Are you familiar with your State’s overly strict Usury Laws?
SB Owner: Uuussserryy…?
LB: Oh, Silly me! I just made up a word…..just sign here….
@17
WB: I see your business doing well a 100, 200 years from now. I’ll invest as well. Just put me down for some preferred @ 10% and some warrants and I’ll stay out of your hair.
I work at GS but I can’t spell and I’m not smart enough to avoid posting three times. Brilliant !
Lloyd Blankfein is a
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.
Speaking of Lloyd, care to take a shot at why he’s wearing commando-style shoes in this pic?
http://upload.wikimedia.org/wikipedia/commons/e/e9/HenryKissinger-WorldEconomicForum-Davos-20080124.jpg
I’m thinking it has more to do with being prepared for a populist uprising, rather than for pure height purposes.