These guys are so bold. At this point one just has to laugh.
In reference to Jamie Dimon’s Senate hearing today Blankfien said, “If you put too much penalty on risk judgment, what kind of world are you going to have?”
He also said, “If you’re getting pounded and being made to ask questions, what kind of economic system do we have?”
I actually think the guy has a point. In investing sometimes one is right and sometimes one is wrong. One of the great problems in this country is that we believe we must mitigate all risk. That simply can’t be done.
But for Blankfein to bemoan the show hearing of Jamie Dimon is really ridiculous. Goldman Sachs should be dead. It should have died back in 2008. But thanks to lots of money from the taxpayers and super easy money from the Fed Blankfein still has a job, and a lot of money.
I would ask Mr. Blankfein, “If a tiny group of bankers can take an entire planet for a recessionary ride without any questions asked of them, who also emerge from the disaster which was largely of their own making with billions of Fed created dollars in their pockets, what kind of economic system have we got?”
It’s a crony capitalist system and you, Mr. Blankfein, don’t get to complain about anything.