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NEWS CLIPS

Goldman Sachs bonuses show financial system is insane

Biennial-2008_4

“WE MUST replace the current financial system. It’s insane, it’s immoral and it’s criminal. In its place we need a sane, moral and honest financial system”.

That was the response of Third Way think-tank member, David Kerr to the news that Investment bank Goldman Sachs will be paying its salary and bonus payouts averaging £432,000.

Mr. Kerr was also highly critical of Goldman Sachs International Vice-Chairman, Lord Griffiths (pictured), who said that the British public should “tolerate the inequality as a way to achieve greater prosperity for all”.

“It’s alright for Lord Griffiths to prattle on about tolerating inequality. He’s at the top of the tree. He doesn’t have to struggle on a minimum wage, the dole or benefits”.

Mr. Kerr also went on to question how the whole financial system works. He said that he understood that the banks can loan much more money than they actually hold.

“How can they do this? How can they loan money they don’t actually have? How can they also charge interest on these loans?”

He said that only a sane, moral and honest financial system could create the right conditions for full employment.

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