As Senator Bernie Sanders said this week, “Think about the arrogance of these guys on Wall Street who were bailed out by the middle class of this country when their greed and recklessness nearly destroyed the financial system and now they come to Capitol Hill to lecture Congress and the American people about the need to cut programs for working families. This is what class warfare is all about.”
Goldman Sachs CEO Lloyd Blankfein was one of those repugnant vultures who swooped down on Capitol Hill in his private corporate jet this week to call for cuts in Social Security, Medicare and Medicaid. Blankfein harangued lawmakers about the need to “lower people’s expectations” about their retirement and health care.
Some facts about this grasping sociopath:
Lloyd Blankfein was paid $16.1 million in 2011, a 14 percent increase, while Goldman’s earnings fell 47 percent.
During the financial crisis, Goldman Sachs received a total of $814 billion in virtually zero interest loans from the Federal Reserve and a $10 billion bailout from the U.S. Treasury.
Goldman Sachs received a $278 million refund from the IRS in 2008, even though it earned a profit of $2.3 billion that year.
HuffPost reports: CEOs who have made a high-profile foray into deficit negotiations head companies that received trillions in subsidies, bailouts, special tax breaks and loopholes that virtually eliminate their tax bills.
What a pack of avaricious assholes. The Class War rages on fellow workers.
alternet.org released a list of the greediest CEOs last week. Here are the top three:
1. Lloyd Blankfein, chairman and CEO, Goldman, Sachs & Co. Blankfein…explained his keen desire to see Americans lowering their sights for the future. You really have to watch the interview to get the full flavor of Blankfein’s smug assurance that predation can be sold as concern for the nation’s well-being. In addition to trotting out several myths about Social Security’s design and functions, including the bogus notion that retirement age must be raised , he gives a pithy summary of what life is going to be like for the 99 percent: “You’re going to have to do something, undoubtedly, to lower people’s expectations of what they’re going to get, the entitlements, and what people think they’re going to get, because you’re not going to get it.”
2. Jeffrey Immelt, chairman and CEO, General Electric Company. In 2011, President Obama welcomed outsourcing pioneer Jeffrey Immelt to his White House inner circle as chair of a newly created jobs council – a move that was a sharp slap in the face to American workers. Immelt returned the favor by dumping Obama in favor of Mitt Romney in the recent election…He’d like to add insult to injury by making sure that people who have been screwed by the reckless activities of short-sighted corporate titans like himself are left to starve in their golden years and go without medical care…
And guess how much GE paid in taxes in 2010? Nothing. In fact, using what the New York Times describes as its “innovative accounting practices,” it claimed a tax benefit of $3.2 billion!
3. Jamie Dimon, chairman and CEO, JPMorgan Chase & Co. Dimon is deploying a familiar scare tactic on the topic of the so-called fiscal cliff. He’s claiming that his company will be forced to cut down on hiring and so on if a budget plan is not tailored to enrich the wealthy. During a recent visit to India , he issued warnings to CNBC-TV18: “I’ve spoken to CEOs who say, you know, absolutely, we are making decisions to protect ourselves from the ‘fiscal cliff’ and those are like investment decisions and hiring decisions.” Maybe Dimon’s company would be better served figuring out what happened to the $6 billion that recently went up in smoke in the “London Whale” derivatives fiasco.