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Goldman Exec: Some Financial Products Socially Useless

Patrick Jenkins, at ft.com, writes that Goldman Sachs CEO, Lloyd Blankfein, speaking at the Handelsblatt banking conference in Frankfurt on Wednesday, criticized compensation practices and products offered in banking.  Read the report here.

This reflects what many analysts (including the author) have been saying for some time.  It seems that a significant portion of financial engineering has been carried out with the purpose of making money for the bank and not to serve the needs of customers.  Blankfein also echoed some of the criticism that has been directed at compensation plan practices in investment banking.