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• Economic Policy Journal

Lloyd Blankfein, chief executive of Goldman Sachs, has attacked some investment banking products as socially useless and said that the controversy over bankers’ pay was both understandable and appropriate, in a speech to the Handelsblatt banking conference in Frankfurt. He did not comment on the "social" usefulness of his new townhouse with its 12 car garage. Blankfein said that multi-year bonuses should be outlawed and senior staff should receive large proportions of pay in stock, rather than cash. Top executives should be forced to hold the bulk of that stock until retirement, he said. He did no comment on the degree to which he and Henry Paulson have already cashed out of stock. He did not mention the self-serving nature of his comments on multi-year bonuses given that Goldman has spurned multi-year bonus guarantees at a time when rivals have been hiring aggressively using such promises. Blankfein also supported the call for global regulatory reform , but did n

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