Goldman Sachs CEO Lloyd Blankfein has compared the financial sector to the Catholic Church and the Boy Scouts in a discussion over the distrust of institutions in the US.
Speaking at an event hosted by The Wall Street Journal on Wednesday morning, Blankfein was asked by the paper’s editor-in-chief, Gerard Baker, about Goldman’s reputation as “the vampire squid” of capitalism, referring to the description coined by Rolling Stone journalist Matt Taibbi.
Blankfein responded that there was a distrust of institutions in the US after the financial crisis, saying finance was like “the Boy Scouts or the Catholic Church.” “Someone in finance will get blamed for a predictable cycle,” he added, referring to the potential for a downturn in the economy. Blankfein has drawn fire before for drawing such comparisons. Though Goldman Sachs later said he didn’t mean to be taken seriously, in 2009 he told the Sunday Times that bankers were doing “God’s work.“