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Idiot of the day: GS vice-chairman

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October 23, 2009 – Comments (0)

Not even because what he said was a most obvious lie: we all know the real value of his insight that "Bankers' soaring pay is an investment in the economy" (sic!), and we all knew that this is exactly what the guy must be thinking, but because he didn't have enough brains to keep his thoughts in private. 

--------------------------------------------------------------------------------------------------------------------------------------- "Bankers' soaring pay is an investment in the economy, Lord Griffiths tells public meeting on City morality" 

One of the City's leading figures has suggested that inequality created by bankers' huge salaries is a price worth paying for greater prosperity.

In remarks that will fuel the row around excessive pay, Lord Griffiths, vice-chairman of Goldman Sachs International and a former adviser to Margaret Thatcher, said banks should not be ashamed of rewarding their staff.

Speaking to an audience at St Paul's Cathedral in London about morality in the marketplace last night, Griffiths said the British public should "tolerate the inequality as a way to achieve greater prosperity for all".

He added that he knew what inequality felt like after spending his childhood in a mining town in Wales. Both his grandfathers were miners who had to retire from work through injury.

With public anger mounting at the forecast of bumper bonuses for bankers only a year after the industry was rescued by the taxpayer, he said bankers' bonuses should be seen as part of a longer-term investment in Britain's economy. "  http://www.guardian.co.uk/business/2009/oct/21/executive-pay-bonuses-goldmansachs 

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