Barclays Plc Chief Executive Officer John Varley stood at the wooden lectern in St. Martin-in-the- Fields on London’s Trafalgar Square last night and told the packed pews of the church that “profit is not satanic.”
The 53-year-old head of Britain’s second-biggest bank said banks are the “backbone” of the economy. Rewarding high- performing bankers with more pay doesn’t conflict with Christian values, he said. Varley was paid 1.08 million pounds ($1.77 million) and no bonus in 2008.
“Talent is highly mobile,” Varley, a Catholic, said. “If we fail to pay or are constrained from paying competitive rates then that talent will move to another employer.”
“Is Christianity and banking compatible? Yes,” he said in an interview after the speech in the 283-year-old church. “And is Christianity and fair reward compatible? Yes.”
I’m no Bible scholar, but I seem to recall something about Jesus asserting that the love of money is the root of all evil. Seems to me that what the banks have been engaging in — y’know, snookering people into signing mortgages they can’t afford and bankrupting entire countries, reaping huge profits all the while — isn’t too Christ-like.
Nor is thinking they’re so very important that they need to be innoculated against H1N1 before, say, less wealthy pregnant women or financially deprived schoolchildren:
While thousands of at-risk Americans wait, some big Wall Street banks have already secured the hard-to-find H1N1 vaccine for their employees.
Building on a story that BusinessWeek broke, NBC reports that employees at the New York Stock Exchange, bankers at Goldman Sachs and Citigroup, and employees at the Federal Reserve have all received swine flu vaccine doses to administer to their employees.
In particular, NBC reports that Goldman Sachs has received 200 doses of the vaccine — the same amount as Lenox Hill Hospital in New York. Wall Street banks, like many other companies, put in requests for the vaccine but seem to have had something of a leg up on securing doses.
Imagine that! Banks getting a leg up on everyone else. No one could have seen THAT coming.
So what’s the moral of this story? Simple. If someone asks if you’re a god, just say: “Even better. I’m a banker.”



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The Church used to rather frown on usury, too. Never thought I’d find something to miss about those days.
i guess that whole part of the bible about jesus and the moneychangers in the temple should just be ignored
Kicking the money lenders out of the Temple comes to mind. If I recall he whipped the guys out of there.
Varley is, of course, repeating the same old hash about how if one bank doesn’t pay outrageous bonuses the good executives will go to another bank that will. Still no explanation of why banking execs objectively deserve these multimillion-dollar sums to begin with, though. I say fuck ‘em.
btw, aqua kitty is currently out and about in noo yawk city but hopes to be joining us soon.
Maybe Goldman will give you a free vaccination if you open a new account with a minimum balance of $1,000,000.
Judas should have held out for a better deal.
He could have gotten eighty, ninety silver pieces if he’d worked with the moneychangers…
Good evening WT.
St. Martin’s-in-the-Fields isn’t (in the fields).
I knew these gods when I worked on Wall St. They aren’t (gods).
Home!
Thanks, Suz.
“It is easier for a camel to go through the eye of a credit default swap than for a rich man to enter the kingdom of God.”
Now know the H1N1 vaccine is probably safe.
If not . . . heh heh heh…
Moral of the story: Playing fair with the ultrarich is not a winning strategy. Every so often there needs to be a serious bloodletting so that the rich can understand that they are not immortal. Sometimes you need to lead the Czar and his family(edited).
MODNOTE: lets not go down that slippery slope of violence. comments containing such will be moderated
Now regretting it…
sweet — nice to see ya again wet kitty
Could’ve bought a brand new rope.
“Money for rope…”-John Lennon
it was that last flight of stairs that did me in.
i was hoping that uhhhhm ahhhh moisture was from a romp in the pool and not from the stairs….
I know how you feel. It’s always that last flight, isn’t it?
i read these stories and i keep thinking: “Jebus, it’s ‘The Gilded Age II: Plutocratic Boogaloo”, and marvel that so many people seem to be okay with it.
Live in a walk-up?
Stewart did a very silly riff on Glen Beck.
Lumpenproletariat:
What could possibly go wrong?
Family doctors group loses members over Coke deal
yup. top floor.
Susan Rice is guest on TDS.
[runs screaming out of the room]
so many whores, so little time.
What could it have been besides silly? We’re talking Beck, baby. BECK.
From Matthew, chapter 19:
Something tells me that it hasn’t gotten any easier over the last 2000 years.
I wish someone would have stood up and read this from that same podium after Varney sat down.
But this (from that same Bloomberg article at your link) is even worse:
Uh, no.
I *am* a biblical scholar, and the Bible never shows Jesus tolerating inequality. The injunction of Jesus is an endorsement of *equality*, not acceptance of inequality. His parables were particularly good at turning the accepted inequality of the world on its head and questioning the assumptions of anyone who would try to justify oppression as somehow acceptable.
If Griffiths wants to release his tax returns, documenting his charitable contributions to support his neighbors in need, I might be inclined to moderate my views of him. Right now, however, he strikes me as in need of some serious bible study, and some serious repentance.
If only we had a holocaust cloak!
He needs some grammar lessons, in addition to the reality check.
(I was looking at an opinion piece from yesterday’s WSJ, and wondering what universe that writer was from. Only click on it if you need a boost in your blood pressure.)
Watertiger! Lover/Goddess of all things sqeeee (Hey ya like my new Rabb’s fringe-limbed tree frog)
Anyway,
When Paulson fist came on the scene I trusted him, easily. You see, he and his wife were birders. I didn’t realize he’d transmogrify into a Vulture aka Turkey Buzzard aka Bloodsucker.
Well, he didn’t dare cite “the poor shall always be with us” because that’s been too obviously beaten into the dirt by greedheads looking to hide behind Scripture.
Kinda cute, but would you kiss it?
Good to get the professional point of view here. ;)
From the Revised Wall Street Version, no doubt.
(Gotta remember that one for Sunday — thanks!)
I read about the banksters getting the vaccine this morning, but didn’t see anything about it on MSNBC tonight. Maybe it was covered earlier, before the Ft. Hood massacre?
i’m kinda surprised he wasn’t reported as looking around the church as if he expected a biblical type of response to smote him as he spoke.
i know i sure wudda moved away from him… just in case
Thank you, peterr, for your input. I guess money can buy a metric assload of justification and rationalization…
Your buzzer work? Or are guests discouraged by the steps?
I have a funny 5th floor walkup story. (This is a NYC thing for the rest of you.) When we first bought the country house in 1980, we needed to fill it with furniture, cheaply. Turns out (before ebay & craig’s list), bulletin board posts in NYC apt buildings were a great source. So we telephoned the daughter of someone in our building who was selling her furniture. She had an entire bedroom set and a couch. However, we had to cart it down 5 flights, into our station wagon. It worked OK, until the couch. We got it down a couple of flights until we just couldn’t get it around the midflight platform. It took up and down, changing the angle every time, until we figured out how to do it.
Even with the sweat, it was worth the effort. I think the whole thing cost $350.
I was reading in Science News that they’ve demonstrated, in rats, addiction to junk food.
Well, sometimes Stewart is clever, even with silly subjects.
LOVE the feet!
Peterr! I love to see a televised debate with you on our team.
When I was in college, a faculty member friend in the economics department who on the verge of retirement pointed out to me the difference between those who studied economics in his econ department and those who studied business in the graduate school of management. “Economists try to figure out how the system works; business students try to figure out how to rape the system to make it work for them.”
For the record, I was a math and econ major, not a business student.
I am unsurprised.
Then you switched to Divinity, Theology? May I ask your degree and from where?
I’m an eCAHNomist. One of the few who actually is non-ideological. Who tries to figure out how the system actually works and what might be good for it.
Well,
We loved it! MrCE and I laughed our asses off.
Griffiths probably chose the location for his speech very wisely, assuming that God would think twice before destroying the masterpiece that is Sir Christopher Wren’s St. Paul’s Cathedral.
BA from Northwestern University, math and econ
PhD from the Graduate Theological Union in Berkeley
Yeah, well, I doubt that that bit about the poor always being with us was meant as a commandment to throw up our hands and say “screw it, pass the payola.”
or else he was willing it, because he knew that the church refinanced with a subprime mortgage on the land. ;-)
Gotta pack it in.
G’nite, all!
g’nite peterr and any other leaving sleepyheads
“Oooh, a never-ending supply of servants!”
I am married to an economist. Funny how they are just everywhere.
Well. I’m impressed. You are a scholar. There’s so many people running around calling themselves pastors and their take on the bible is So Different than mine.
I told you once I was reading Spong. I’ve read a Borg/Crossan book and am now working on the Jesus Seminar and Its Critics.
In order to pay off the pedophile lawsuits.
His high school diploma should be revoked. Also.
I resemble that.
Missed Peterr by that much.
Good Night.
Oh, for a lighting & special effects pro to have been there at just the right time~!
Bastards.
I haven’t read an article that pissed me off as bad as this did in quite a while, and that is saying something.
The Bible and Atlas Shrugged…I always get those two mixed up.
I’m on the Scholarship Committee of a small nonprofit. One of the applicants this year was from a bible college. “Servant” seemed to be a buzz word. Didn’t understand it, but she did not make the cut, so didn’t have to. Was curious nonetheless.
He did say the poor will always be with us, but he didn’t say to go out and make as many of them as you can. That ssems to be an OK idea for the corporate-owned pols, though.
In what context?
We were talking earlier about how you have to be careful about experts, you know, some know what they’re doing and some, not so much. I think it’s the same with bible colleges. Sorta like the difference between a $500/hr high class call girl and a $5 bj corner hooker.
Is that too strange a metaphor?
But if the poor will always be with us, isn’t that an injunction to create as many poor as possible?
“In particular, NBC reports that Goldman Sachs has received 200 doses of the vaccine — the same amount as Lenox Hill Hospital in New York. Wall Street banks, like many other companies, put in requests for the vaccine but seem to have had something of a leg up on securing doses.”
WT-recently Finland’s Minister Of Health (title may be wrong) was interviewed about a number of issues.
She went on to say that WHO and Pharma are in a concerted plot with US Big Biz.
Seems WHO CREATED the H1N1, made a lot of it, shipped it around the world.
And released it!
Why?
Because it’s all part of a plot to MANDATE injections of the anti virus, and the antivirus will kill people.
Three shots, for the antivirus! And the shots inject shit that causes your immune system to go into overdrive against something that don’t exist, and that kills ya.
Their goal?
The WHO, The Big Pharma, and US BANKING want to eliminate about 3-5 BILLION people on the planet.
To control a better scenerio, and reduce usage of dwindling resources.
I. Shit. You. Knot.
Finland’s Minister Of Health. Said This.
Would I Lie To?
*G*
Course, all this shit comes thru THIS Site
More Livertarian Ron Paul Jive Ass Bullshit Psycho Drama.
Sigh, as you posit often, teh stoopid, it hurts.
What, they don’t reproduce fast enough by themselves?/s
okay, peeps, i’m out. day started way too early.
g’nite watertiger — thanks for a great post
Ohhhh, my. I had heard the second part of the quote, the “have to tolerate the inequality.”
But the first part — the most important commandment, to love others as we love ourselves, is “an endorsement of self-interest?” ???????? !!!
Appalling, obtuse, tone-deaf, idiotic – the “self-interested” spin is mind-boggling.
I very much fear these folks actually believe this.
Thanks WT,
Suzanne and Margot — see you LLN
The scholarship application requires a goal statement. The applicant kept referring to the fact that she was a servant. Presumably of the people she served. She did a lot of volunteer word. The only thing that was clear to me was that it was a buzzword in her context. I presume she thought that she was “serving” some constituency, and therefore was a “servant.” The letters of ref also referred to her as a great servant. It was a kind of out-of-body experience, since in the U.S., servants are not leaders.
Good nite, WT.
I had a dog that used to do that.
Oh, that sounds dangerously close to politically incorrect.
*G*
Yup… Greed has replaced piety in the Temple..
That’s part of the reason the “prosperity gospel” churches are so popular. They don’t hold with any “servant” nonsense.
But true Christianity does, according to my reading of it at least.
oh yes, ma’am, don’t you think he offers most interesting of possibilities ;)
i guess it would depended on what ya wanted him to turn into…
That is creepy. To aspire to be a servant is just plain weird for someone seeking funds for higher education.
Beat the shit out of me. Since she was excluded owing to better candidates for our meager funds, I have no reason to investigate further.
Not intended. It’s been said that children growing up in poverty have a less than 50-50 chance of getting out of that vicious cycle, they are disadvantaged from the beginning in terms of education, healthy diet, helath care,etc and it only continues as they grow older. It takes a great deal of effort to overcome. Just sayin,’ our system creates enough poor people without the corporations and the rich trying to create more.
Good nite all.
g’nite ecahn
Night. Sweet dreams and all…
Sweet dreams
This may explain what’s wrong with Varley.
His mother dressed him funny.
oh geez, he is a urkle
I’ts confusing. Rand and Jesus have so much in common.
yes, hard to tease the two apart /s
perfect!
in america christianity died on the cross
it looks like it also died on the cross in england
we in america are the most relgious of all the industrialized nations and guess what
we have the largest military in the world with over 700 military based around the world
religions are the greatest producer of atheists in the world
we are anything but a christain nation
this is capitalism gone wild
capitalism must self destruct
few in the world understand why that is so
very few
never met a christian that understood why capitalism must self destruct, not one.
maybe michael moore does and he is shunned by most christians.
thank you very much
Yeah! I love it when a real bible scholar shows up. It’s like Marshall MCluhan showing up in Annie Hall.
that always brings a smile, thank you very much.
OH — crossin’ over to the late late night side…
Ah dear Mr. Varley, what a varlet ye are. Go round making the pathetic argument that the money changers are the most important people in the world. Must be paid the highest wage or we won’t have the best money changers to bilk us of our money. A Christian you’re not, Mr. Varley. Neither is he who let you in the pulpit to spout your usurous tripe.
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