Goldman CEO praises bailout, bemoans partisanship

June 13, 2012 11:48 AM

(Crain's) — Goldman Sachs CEO Lloyd Blankfein says the U.S. got its economic bailout right, but Washington's partisan paralysis on budget matters is freezing the economy.

Mr. Blankfein praised the government's “courageous actions with TARP and all those programs people hate” for helping the United States avoid the perpetual bailouts going on across Europe that keep roiling its economy and politics.

“The U.S. has dealt with more of its problems,” he told local CEOs gathered at the Chicago Club early Wednesday during a talk moderated by Motorola Solutions Inc. CEO Greg Brown. “Compare the crispness of our action followed by four years of recrimination, as opposed to four years of recrimination followed by four years of action that has to be so much more extreme.”

Speaking in President Barack Obama's hometown to a crowd that included key fundraiser John Rogers, Mr. Blankfein praised a bank bailout that was engineered by Mr. Blankfein's predecessor at Goldman, Henry Paulson, and carried out by the Obama administration. Goldman Sachs accepted $10 billion in government rescue funds in 2008.

Read more at Crain's.

About the Author