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By Philip Stephens
Published: January 18 2010 20:15 | Last updated: January 18 2010 20:15
When Lloyd Blankfein met politicians in London a little while ago he brushed aside warnings that investment banks faced higher taxes if they ignored the rising public outcry about multibillion-dollar bonus pools. The Goldman chief executive seemed to believe governments would not dare.
That misjudgment "“ a measure of the breathtaking hubris that, even after all that has happened, continues to separate bankers from just about everyone else "“ may explain Goldman's response to the British government's decision to apply a 50 per cent tax to this year's payouts.
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