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"Certain
things in life are certain," moans the Countess du Ruel, "like death, taxes
and Goldman Sachs' greed." Rolling
Stone magazine took the bull by the horns last summer when it described
"Golden Stacks" as a "great vampire squid wrapped around the
face of humanity, relentlessly jamming its blood funnel into anything that
smells like money." Goldman doesn't mind what people say. These Harvard
Business alums are smart enough to know that if they keep their heads down
during the hail storm of abuse, things will eventually get back to bonuses as
usual.

Knight Frank, the top-end estate agent, has announced that sales of £5 million
houses are soaring, mostly to Goldman Sachs employees. This, along with the
fact that luxury goods are selling out and champagne bars and swanky
restaurants are packed, makes us wonder: did the banking crisis really happen? This week Goldman, who had led the cast of banking penitents (pilgrim repenters), forgot all about its recent
public mea culpa and announced that its 31,700 staff would share
a bonus pool of $16.7 billion for their work over the past nine months. This
works out at £430,000 per employee. (And, saints that they are, they announce
they'll give to charitable causes. What public spirit! Do they really think
they are fooling anyone?) This actually boils down to a few thousand for
secretaries and tens of millions for the "big swinging dicks". Richard Gnoddle, a co-chief executive of Goldman Sachs International, explained
it this way: "In our industry, our compensation is our principal and
overwhelming significant operating expense. (I
love the way he makes compensation a corporate expense!) We're
not paying for big steel furnaces or car manufacturing facilities. It's our
people – that's our expense. It's not as if it's easy to make this money. It's a
tough, competitive world." It's certainly tough for the rest of us to make money. But does this man really
believe his own mantra? None of us believe it. These crocodile-skinned vampires
are impervious to criticism. As they say, with saints like this, who needs the
devil? There should be a new film, The
Devil Joins Goldman. Is this bank too clever and too greedy? Is there anything that will stop it? Is it totally shameless? One exec justified the return of the big
bonus at Goldman on these grounds: Goldman is adequately capitalised, its
return in the last quarter was a hefty 21.4%, and its compensations are
structured in the "right way". Excuse me while I am sick. And after all £2 billion will go to the Chancellor of the Exchequer. It really looks like these paragons of virtue and spawn of Harvard Business
School, where most of them were suckled, really don't get it: that they have
become symbols of self-interest, greed, social indifference, and what's
wrong with the world. I can't imagine any child saying, "my father works
for Goldman Sachs," without blushing with shame. Or any young man shaking
hands with a big smile saying, "I work for Goldman Sachs." Most
Europeans think that employees of Goldman should be in the stockade...if not
the Bastille." One wonders if there is an initiation ceremony at Goldman when they actually
sell their souls in return for pieces of silver. I think of Signorelli's Judgement Day painted on the chapel
ceiling of the Duomo in Orvieto. On the right the angels are welcoming souls
into Heaven, and on the left the sinners are being ushered by devils into Hell.
I wonder if these Masters of the Universe ever look beyond their champagne
corks toward their ultimate future? After all it's easier for a camel to pass through the eye of a needle than for
a rich man to enter the Kingdom of Heaven.

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