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Greed Is Good Update: "Profit Is Not Satanic"
By
Jen Chung
Published Nov 4, 2009
Modified Nov 4, 2009
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By
Jen Chung
Published Nov 4, 2009
Modified Nov 4, 2009
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Barclays CEO John Varley made his case for high executive pay, saying at London's St Martins-in-the-Field church that "profit is not satanic...Talent is highly mobile. If we fail to pay or are constrained from paying competitive rates then that talent will move to another employer," and later said in an interview, "Is Christianity and banking compatible? Yes. And is Christianity and fair reward compatible? Yes." Other bank executives have also been at other London churches to make their pitches—Goldman's Brian Griffiths said, "The injunction of Jesus to love others as ourselves is an endorsement of self-interest. We have to tolerate the inequality as a way to achieving greater prosperity and opportunity for all." We can't wait until American execs try that here! [Via Daily Intel]
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barclays
Executive Pay
goldman sachs
profit is not satanic
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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