A few years ago, Mick Jagger was asked why the Rolling
Stones were about to embark on one of their gray-haired, past-their-prime tours
with big beer-company sponsorships and pricey tickets. "Is it about the money?" the
questioner said.
Without missing a beat, Mr. Jagger replied: "It's
always been about the money."
Yes, the Rolling Stones have more in common with the
shareholders and board of Goldman Sachs Group Inc. than either of them probably
ever considered. At Goldman, it has
undoubtedly always been about the money, specifically, profit, pay and
dividends. And even though the bank's singular purpose has never been a secret,
it gets obscured by those who try to read too much into what Goldman and Lloyd
Blankfein, the New York company's frontman, chairman and chief executive, stand
for.
Like every bank, moral choices and social good are secondary
to profit and loss burn. If Goldman could make money by feeding starving
children in Africa, there would be 1,000 bankers and a Shake Shack in Ethiopia.
This laserlike focus on the bottom line has allowed
Goldman's board to overlook a litany of transgressions that would derail
companies less committed to the goal of regular and increasing paydays. That is, until now.
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