Goldman Sachs still blowing smoke

[Peejay]

Goldman Sachs sold $5 billion in shares in it's much publicized attempt to repay the TARP money from the US Treasury. This gives Goldman Sachs only half of the amount needed to return the $10 billion in TARP funds.

Reaction on Wall Street was an 11.5% drop in Goldman stock.

While there has been much smoke about repayment, even a FAKE check made up by Goldman Sachs to further push it's false claims, Goldman has yet to actually file a request with the Treasury to actually return the money. This seems to be a direct result of the fact that they do not have the money to repay.

To date, no bank having filed to repay TARP money, has been deinied the opportunity to do so. Centra Finanacial was the last of the first six banks to return TARP funds. Somerset Hills Bank filed to return their money on April 2nd and expects to return the money by the end of the month.

Again, no one has been denied the opportunity to repay TARP money. Golman Sachs is using this smoke screen to ensure investor confidence and sell these stocks. They do not have the money to repay, despite claims that they wish to repay. They just don't have the money.

Goldman Sachs CEO Lloyd Blankfein was interviewed today on NPR's All Things Considered. He spoke about when Goldman will return TARP funds and about executive pay in the financial sector.

Regarding returning TARP funds,

"I will tell you precisely when Goldman Sachs gives its money back: As soon as we are able to, while still being able to perform our functions in the capital markets systems subject to the approval of our regulators."

TARP PayBack