Martin Bashir   |  November 28, 2012

Bashir: President Obama not buying what Lloyd Blankfein is selling

Martin Bashir eviscerates Goldman Sachs CEO Lloyd Blankfein and his contention that Social Security recipients rest on their laurels far longer than they worked for them.

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This content comes from Closed Captioning that was broadcast along with this program.

>>> it's time now to clear the air. have you to hand it to mr. lloyd blankfein , the brash executive of goldman sachs . mr. blankfein, who did not hold back in asking for and receiving at least $10 billion in federal bailout funds just four years ago, is at the white house offering some advice on how the president should reduce the deficit. and he's decided that social security should be reconfigured because in his view, it's being stretched to do something that was never intended in the first place.

>> social security wasn't devised to be a system that supported you for a 30-year retirement after a 25-year career.

>> social security wasn't devised to be a system that supported you for a 30-year retirement after a 25-year career. i'm not sure who mr. blankfein had in mind when he made that comment, but for an investment banker he doesn't appear to be very good with numbers. because while he says that most people enjoy a 30-year retirement on social security , here's what the reality actually looks like. according to data compiled by the social security administration , a man reaching age 65 today can expect to live on average until the age of 83. that's 18 years on social security . and a woman turning 65 today will live for 20 years on social security . so, mr. flank fein s clearly operating from a bogus set of figures. it's not unusual for him or his bank to try to sell crooked numbers. you'll remember two years ago mr. blankfein's young lieutenants, daniel sparks, went before a senate committee to explain why goldman sachs decided to sell financial products they knew were worthless. the man asking the questions is senator carl levin .

>> okay, you're trying to sell [ bleep ] deal and it's your top priority. come on, mr. sparks, should goldman sachs being able to sold -- by the way, it sold a lot after that date, should goldman sachs be trying to sell the [ bleep ] deal?

>> clearly, not much has changed since then. mr. blankfein is still trying to sell a rare form of horse manure . thankfully on this occasion, the president is unlikely to buy