Goldman Sachs sees bumper profit.

Discussion in 'Economy' started by tigerbob, Jul 15, 2009.

  1. tigerbob
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    tigerbob Increasingly jaded.

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    Goldman Sachs is "helping the economy to recover". :clap2:

     
  2. PoliticalChic
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    PoliticalChic Diamond Member

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    Have you seen the Matt Taibbi article in Rolling Stone, which makes the case that Goldman Sachs owns the United States government- and the POTUS, as well?

    It was the greatest corporate contribitor to the campaign, $1million, and has its hand in man pies, including the nacent Chicago cap and trade board.

    Recall our President: "When he was on the campaign trail, President Obama made a big deal about his pledge not to accept money from lobbyists, and to keep them out of his administration. "http://www.salon.com/politics/war_room/2009/06/19/obama_lobbyists/

    But "WASHINGTON — Treasury Secretary Timothy Geithner picked a former Goldman Sachs lobbyist as a top aide Tuesday, the same day he announced rules aimed at reducing the role of lobbyists in agency decisions.
    Mark Patterson will serve as Geithner's chief of staff at Treasury, which oversees the government's $700 billion financial bailout program. Goldman Sachs received $10 billion of that money."http://www.usatoday.com/news/washington/2009-01-27-lobbyist_N.htm

    “Curiouser and curiouser!” cried Alice (she was so much surprised, that for the moment she quite forgot how to speak good English)." Lewis Carroll
     
  3. RodISHI
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    RodISHI Gold Member

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    Amazing and people believe that they were getting a true blue caring guy in the Whitehouse.
     
  4. Toro
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    Toro Diamond Member

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    Goldman may have been toast had the government not bailed out the financial system, particularly AIG.

    Average annual compensation set aside for Goldman employees this quarter? A cool $770,000.

    Your tax dollars at work.
     
  5. tigerbob
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    tigerbob Increasingly jaded.

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    This whole "no more lobbyists" (except under certain circumstances) thing is very Pythonesque.
     
  6. chanel
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    chanel Silver Member

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    Glen Beck just did a flow chart connecting all the dots. Scary how much they have made and will make if cap and trade passes.
     
  7. editec
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    editec Mr. Forgot-it-All

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    Lend me ten billion and I'll post a hefty profit next year, too.
     
  8. Neubarth
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    Neubarth At the Ballpark July 30th

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    I was so impressed that I double shorted the market again this afternoon just before the close. To do so, buy DXD. It is an exchange traded (Mutual) fund.
     
  9. Neubarth
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    Neubarth At the Ballpark July 30th

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    The first thing that AIG did when they got the mega billions from the government was give Goldman 18 Billion of it.

    The "earnings" are all due to borrowing money at 0 interest and selling refinanced mortgages at over 5% and then dumping them on Fanny May or Freddy Mac. They are also using derivatives tied to the Market rise that Geitner and Bernanke have been talking up. The out and out lies that those two clowns have come up with to get fools to buy into the market is astounding. Yet they have helped GS show a good profit.

    Do you remember back to the initial efforts to sell houses to the Blacks who could not afford them. Greenspan was behind that in spades. He came out and said that the best way to finance a mortgage was with a Variable rate interest loan. Sure, and that is what they sold to the poor blacks who thought they were getting someting.

    When that happened, I wanted to sell my 8 bedroom house in San Diego and move to the midwest where house prices were still realistic. Well, my wife decided that she did not want to move, so we are still here, but ten of the fifteen houses around me are in foreclosure. My house has gone down in valur from over $800,000 to under $500,000 and with all the variables coming up for forclosure, housing prices will continue to plummet for two to three years to come. Damn, I wish I had sold.
     

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