Holy High Rollers: Lloyd Blankfein's Latest Run in With Nuns

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Lloyd BlankfeinGoldman Sachs CEO Lloyd Blankfein is once again mixing it up with a shareholder representative of the Almighty.

At the investment bank's annual shareholders' meeting on Thursday morning, a New York nun asked Blankfein if he'd consider hiring her, according to Financial Times reporter Tracy Alloway. Blankfein's quick-witted response: "I don't think I could outbid your current employer."

The exchange was only the most recent noteworthy interaction between Blankfein and the brides of Christ. In early April 2011, four orders of nuns invested in the bank signed a proposal for shareholders to request a review of Goldman's compensation practices after learning the details of Blankfein's salary. The Sisters of Saint Joseph of Boston, the Sisters of Notre Dame de Namur, the Sisters of St Francis of Philadelphia and the Benedictine Sisters of Mt. Angel were responding to news that the firm's five top executives were paid a total of $69.5 million in 2010 during a lackluster year for the company's stock.

The nuns asked for "an evaluation of whether our senior executive compensation packages (including, but not limited to, options, benefits, perks, loans and retirement agreements) are 'excessive' and should be modified," as well as inquiries into how lower-ranking employee pay and fluctuating revenue impact remuneration at the top. "Whenever we're shareholders in a company," said Sister Nora Nash, "we believe in being active shareholders."


Goldman rejected the proposal, saying the preparation of such a report would be "a distraction" that "would not provide shareholders with any meaningful information," and claiming that investors already have all the information they need about executive pay.

In November 2009, Blankfein famously declared himself a simple banker "doing God's work." The comment, which Blankfein later characterized as a joke, elicited much criticism and indignation. This latest quip suggests that the CEO's sense of humor has improved somewhat; no word yet on whether the nun was joking.


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croone22

Only a fool wpould expect a Jew to think like a Christian.

May 29 2012 at 11:13 AM Report abuse -1 rate up rate down Reply
zhupo890314@gmail.com

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May 29 2012 at 11:03 AM Report abuse rate up rate down Reply
ha6ai

Just another silly Obama-propaganda story by AOL/HuffPuff. If the nuns want to get really upset, check out the outrageous money made by the Obamas off the back of the poor:

http://www.youtube.com/watch?v=sawN7uJ8s8s&feature=related

May 29 2012 at 6:17 AM Report abuse rate up rate down Reply
adlerman

CEO's really think they're safe. Nuns like these groups and others who want to stop the obscene pay packages
need to keep the pressure on these thieves. We need some big shareholders (not weight- number of stocks held)
to move their shares to companies doing the right thing- of course i don't think there are any companies like that other than CREDO.

May 28 2012 at 9:58 AM Report abuse rate up rate down Reply
larry

Excuse me but what ever happened to Poverty -Chastity and obedience???? Especially Poverty!!!

May 27 2012 at 11:40 PM Report abuse rate up rate down Reply
Richard

Yes, it would be a distraction to my getting a bloated and unreasonably unjustified salary while you shareholders lose equity. But I will layoff employees to further my enrichment.

May 27 2012 at 3:26 PM Report abuse +1 rate up rate down Reply
elnpet

Is there any one that is honest, left living in this world ?

May 27 2012 at 7:48 AM Report abuse +1 rate up rate down Reply
1 reply to elnpet's comment
Richard

Christ died 2012 years ago with no replacement.

May 27 2012 at 3:26 PM Report abuse rate up rate down Reply
rowlr

Why don't the nuns focus on cleaning up their own business. All of those hundreds-thousnads? pedophiles and still not one in jail. Why do they need to invest - The Church pays no taxes and nothing gets reported- seems about as honest as Goldman Sachs - though I agree they are pretty worthless too!

May 26 2012 at 9:30 PM Report abuse -1 rate up rate down Reply
3 replies to rowlr's comment
aforbes808

When Lloyd said he was doing God's work, he meant God Money a.k.a. Mammon.

May 26 2012 at 5:12 PM Report abuse rate up rate down Reply
a1623yankee

Imagine that, the religious mixed up with thieves.

May 26 2012 at 12:51 PM Report abuse +2 rate up rate down Reply