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Paterson "Bombshell" Just PG-13?
In case you need more cause besides Balloon Boy to vomit, then revel in details of Goldman Sachs' success. The NY Times reports, "Only months after paying back billions of taxpayer dollars, Goldman Sachs is on pace to pay annual bonuses that will rival the record payouts that it made in 2007, at the height of the bubble. In the last nine months, the bank set aside about $16.7 billion for compensation — on track to pay each of its 31,700 employees close to $700,000 this year. Top producers are expecting multimillion-dollar paydays." The Times adds, "This much is indisputable: Goldman Sachs is minting money."
Of course, Goldman Sachs CEO Lloyd Blankfein "even urged his free-spending bankers to be mindful of conspicuous consumption" (hey, we've heard that before). Possibly in order to blunt criticism of the compensation, the investment bank is considering donating $1 billion to charity! But one investor tells Bloomberg News that won't help, "They probably will be spinning their wheels. The people who are full of revulsion at Wall Street and extreme compensation will in no way be assuaged by a move like the one that’s rumored because they’d view it as a PR stunt."
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I would expect bonuses to go up further: Today Obama hired a former Goldman dude to run the SEC's enforcement unit!
Foxes 1 — Hen house 0
"What did I tell you? Don't buy anything!"
If only Goldman Sachs employees started turning up hanging in the backs of meat trucks, frozen so stiff it took three days to thaw them out for the autopsy.
Aww, poor Prince Chunk. I wonder how that not-so-little guy is doing these days?
My laptop screen crashed backwards under his weight.
prince chunk looks like he has such a sweet disposition.
What's wrong with Goldman making money? Isn't that the reason any for-profit corporation exist?
Dig alittle deeper. You'll learn that the reason GS made such kickass profits this year is because they participated in the government bailout, which allowed them to basically borrow 13 billion dollars for free, even though they previously stated that their exposure to the sub-prime mortgage crisis was negligible. Additionally, they were reimbursed by the government at 100 cents on the dollar for the outstanding debt they had with AIG.
Still happy they're doling out bonuses with your tax money?
"they participated in the government bailout"
You need to dig deeper. The 9 largest banks including GS were forced to accept the bailout money. They've since repaid the $10bil. And for the record I don't work at Goldman but I have no problem with them making money and paying bonuses.
There needs to be a MUCH higher tax-rate for this bracket. Like 90%.
Fuck these assholes.
I wish I could work in their cafeteria so I could piss on them. ah, the days when I was trolling on CL.
The best kind of stock market for a trader is a volatile one that goes up 52% in 7 months. And guess what Goldman's specialty is? They're paying the feds back with interest and scoring big in the markets at the same time. What's fucked up about this is that they are practically the only one left. They are now the Microsoft of Wall St., a near-monopoly of what's left of the U.S.economy.
Here is the Goldman, Sachs & Co. revenue break down for the past 3 months:
Financial Advisory-M/A: 325 million.
Equity Underwriting: 363 million.
Debt Underwriting: 211 million.
Trading-Principal Investments: 10 billion.
Notice that 10 billion is much bigger than two or three hundred million made from the traditional Wall Street businesses.
That $10 billion is evidence of their magic trick. For we the taxpayer gave Goldman Sachs the following:
10 Billion in TARP
11 Billion from the Fed
30 Billion from the FDIC
13 Billion from AIG
For a grand total of $70 Billion (Goldman along with every other bank and AIG would have been defunct without this money).
Goldman at the apex of the crisis is delivered this money -- which they then use to borrow against at $20 or $30 for every $1. Which at 30x equals $2.1 trillion in available capital.
And the White House wonders why it's getting so much flak for not bring substantial "Change" to the finance industry.
How can I get a job at Goldman Sachs so I can share in the riches?
This isn't particularly surprising given how little competition they now have. No need for sketchy deals or behavior. It still is rather obscene, however.
And yet the US Government and European Union prefer to spend most of their time investigating companies like Microsoft. Oh my God! They bundled Explorer with Windows!
Damn those corporationy corporations and their employees who make more money than me!
I wasn't so angry at Goldman because they are a great company in a number of ways. But after reading this article, I change my mind: http://www.businessinsider.com/dylan-ratigan-how-goldman-sachs-made-3-billion-a-year-after-we-bailed-their-lucky-asses-out-2009-10