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Wednesday, October 21, 2009

What's Good for Goldman Sachs is Good for Everyone?

A spokesman for Goldman Sachs defends their pay practices:

...[A]ccording to a Goldman adviser, Wall Street’s record pay is necessary “to achieve greater prosperity and opportunity for all”:
A Goldman Sachs International adviser defended compensation in the finance industry as his company plans a near-record year for pay, saying the spending will help boost the economy. “We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all,” Brian Griffiths ... said yesterday at a panel discussion hosted by St. Paul’s Cathedral in London.
At the same time that Wall Street’s pay has skyrocketed, pay cuts in other sectors “are occurring more frequently than at any time since the Great Depression.”...

A defense of inequality and trickle down in one statement. That's a political winner. By the way, there's little evidence for either claim. Trickle down doesn't work, and recent increases in inequality have not led to higher economic growth than we had before.

    Posted by on Wednesday, October 21, 2009 at 12:33 PM in Economics | Permalink  TrackBack (0)  Comments (80)

          

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