Speaking at an event in London this lunchtime, the chancellor cited the Wall Street giant as an example of a bank that "manifestly" failed to appreciate how the City landscape had changed. "What happened with Goldman Sachs last week sends the wrong signals ... I've spoken to all our banks and none of them would be standing here today if the taxpayer hadn't put their hand into their pocket." "I believe that we should be thinking about the medium-term common good, not the short-term common good ... we should not, therefore, be ashamed of offering compensation in an internationally competitive market which ensures the bank businesses here and employs British people," said Griffiths. Full Article at Guardian Unlimited