Compliance

11:09 AM
Justin Grant
Justin Grant
Commentary
Connect Directly
Google+
Twitter
RSS
E-Mail
50%
50%

Goldman’s Blankfein Says Entitlements Must Be Slowed, Contained

Goldman Sachs’ CEO says the deficit cannot be fixed without changes to Social Security, Medicare and Medicaid.

In an interview with CBS News, Goldman Sachs Chief Executive Lloyd Blankfein called on lawmakers to remember they’re in Washington to “make the country function,” not to win political games.

He also told the network entitlement programs like Social Security, Medicare and Medicaid must be "slowed down and contained" as President Obama and Congress look to reach a compromise on the nation’s budget.

The remarks came as part of a rare, albeit quick, look inside one of Wall Street’s most influential firms.

From CBS News:

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio
Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
one_seeker@yahoo.com
50%
50%
one_seeker@yahoo.com,
User Rank: Apprentice
11/20/2012 | 8:20:36 PM
re: Goldman’s Blankfein Says Entitlements Must Be Slowed, Contained
Can you say "misdirection"? Isn't this a case of the pot calling the kettle black?

We have a Wall Street Chief Executive who is a member of the Privileged Circle who has no need of any of these services laying the blame on those who DO need such services and in many cases have paid into these systems for many years expecting that when they needed them they would be there to provide such service as they are then ENTITLED to receive. Not becuase they FEEL entitled but due to their having CONTRIBUTED to make those available.

Here is a fine example of someone who had no concept of what having these services available means to those in need. Most likely his medical insurance and needs are completely covered by his company. And not for just some local physician but at the finest, most exclusive medical providers.

It's time for such pontificators to taste that of which they speak before opening the mouth to issue such edicts. "Walk a mile in my shoes..." remains a viable concept that should be excercised.
More Commentary
The Perks of 'SmartSourcing' Shared Services in Financial Industry
A breadth of vital but undifferentiated business processes are still being replicated across the industry. They are all candidates for centralization.
Managing Social Media Risk Strategy: Technology Can Only Go So Far
Advanced analytical technologies are an important part of a social media risk management strategy, an Accenture report says, but the technology must be balanced with training and procedures.
Cross-Asset Universal Product Identifier: The Solution the Industry Is Looking For?
A UPI will enable a holistic approach to identifying all trades and positions. While such an idea sounds great in theory, historical attempts at achieving global agreement have fallen short.
Application Whitelisting Increasingly Applied in Cyber Security
Innovations in application whitelisting solutions are helping IT teams more efficiently and flexibly automate and manage lists of approved applications.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video
Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.