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occupy-goldmansachs-1.png This article is more than 8 years old

WATCH: Goldman Sachs CEO sides with Occupy movement on income inequality

Wait — did we hear this right? The CEO of Goldman Sachs, one of America’s biggest banks, now considers income inequality “a very big issue” that produces a “destabilizing” effect. “Income inequality is a very destabilizing thing in the country. In other words, it’s responsible for the divisions in the country, the divisions could get […]

Wait — did we hear this right?

The CEO of Goldman Sachs, one of America’s biggest banks, now considers income inequality “a very big issue” that produces a “destabilizing” effect.

“Income inequality is a very destabilizing thing in the country. In other words, it’s responsible for the divisions in the country, the divisions could get wider,” Lloyd Blankfein said in a recent interview on CBS’ This Morning.

“The economic system has to do two things: you have to grow a pie and you have to distribute it in a proper way,” Blankfein elaborated. “Both contribute to the stability of society. If you grow the pie but too few people enjoy the benefits of it and the fruit, then you’ll have an unstable society.”

This is the same Blankfein who has spent years defending global capitalism, once famously describing investment banking as “God’s work.”

Just last year, he told the Clinton Global Initiative that his main takeaway from the Occupy Wall Street protests was that corporate America needed to “educate the public more about how business and its core activities have lifted people out of poverty.”

Goldman Sachs was a main target of Occupy protesters after Wall Street executives, awash in cash thanks to a government bailout, cashed in billions in bonuses following the 2008 financial crisis (largely of their own making).

Blankfein hasn’t given up on capitalism, but he now acknowledges that “it’s also gone and contributed to income inequality because if you win, you win big, and if you lose, you lose everything.”

Watch the staggering admission that something is wrong with the system from a man who helped build it:

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