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For Goldman, a Swift Return to Lofty Profits

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posted on Jul, 13 2009 @ 11:32 AM
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For Goldman, a Swift Return to Lofty Profits


www.nytimes.com

Startling, too, is how much of its revenue Goldman is expected to share with its employees. Analysts estimate that the bank will set aside enough money to pay a total of $18 billion in compensation and benefits this year to its 28,000 employees, or more than $600,000 an employee. Top producers stand to earn millions.
(visit the link for the full news article)




posted on Jul, 13 2009 @ 11:32 AM
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Ever hear the expression "I am about to birth a bull with horns" or "Have a cow"!!

That's how I feel about this news. It simply sickens me with the country in so much trouble and pain that these taxpayer subsidized crooks get away with this crap!!

Goldman Sachs has been implicated in every Wall St scam since it's inception and no doubt is behind our latest financial disaster.

Yet a few month's later...their making billions and handing out "compensation" in the millions. Disgusting!

www.nytimes.com
(visit the link for the full news article)



posted on Jul, 13 2009 @ 11:51 AM
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Here is a quick overview with Matt Taibbi...



Part 2




posted on Jul, 13 2009 @ 11:53 AM
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Part 3




Part 4




posted on Jul, 13 2009 @ 11:59 AM
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Coincidentally Taibbi was labeled "anti-semitic" by critics of his article in Rolling Stone.

Link


The most ludicrous of these, and the one that surprised me the most, is the accusation that my article was anti-Semitic propaganda. The first letter I got on this score I actually mistook for a joke sent to me by one of my friends. Then I got another one which I quickly realized was not a joke at all. “Isn’t it convenient,” it read, “that an Arab-American writer for Rolling Stone looks at Wall Street and picks the most prototypically Jewish firm around to demonize.”

The last time I heard something similar was a few years ago, when Debbie Schlussel, a severely dimwitted Detroit-based right-wing pundit, railed against my supposed Arabness after I wrote an article about the Lebanese population in Dearborn, Michigan. I wrote to her to let her know that I’m actually Irish and Filipino, and not at all an Arab, but never got a response. This time the charge is a little different, as several writers complained that my article was “a rehash of every classic anti-Jewish conspiracy theory” and “a pale copy of the Protocols of the Elders of Zion.”

The evidence for these charges seems to be as follows. One, I used the word “tribe” somewhere near the end of the piece. Two, the term “blood-funnel” was used (one person also hinted that the use of a squid image was somehow anti-Semitic, but I was not entirely clear what was being referred to there). Three, I “singled out” Goldman and failed to level similar charges at “less Jewish firms” (yes, one letter-writer actually used that phrase) like Morgan-Stanley.



posted on Jul, 13 2009 @ 12:05 PM
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IMO this Matt T. has no idea what he is talking about.

I have seen his rant about algo. trading programs, and it is totally inaccurate.

I would challenge him to a conversation about this at anytime if we could get ahold of him somehow on this board.

Goldman is free to do what they please of course, as they paid back all this TARP, they never needed it anyways, it was forced on them for stability in the marketplace

They have the best traders with the best analysts - prob. one of the best trading algo's with citi and a few HF's along with a little gov. backing = $$$$

This is all IMO of course..



posted on Jul, 13 2009 @ 12:13 PM
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reply to post by Leo Strauss
 


From what i've run across, anytime you question the motives or ethics of anything jewish, they automatically label you as anti-semetic. Just like when Obama said that Israel has to stop building on the Gaza strip if they really want to ease tensions, it was seen as anti semetic.

Let's see if i get this straight, they are the chosen of people of God. He loves everyone equally but for no apparent reason, he favors them over everyone else..baloney and one of the main reasons why i left christanity.

I speak from experience, just because someone makes a racist comment doesn't make them a racist, its just a way to verbally hurt someone.
I don't know any jewish people, else i'd ask them this personally about this hatorade they seem to drink.



posted on Jul, 13 2009 @ 12:36 PM
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It gives a new meaning to Riding the BULL doesn't it? This was bound to happen when you see the roping cowboys Geithner and Bernanke working overtime.



posted on Jul, 13 2009 @ 12:53 PM
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Originally posted by GreenBicMan
IMO this Matt T. has no idea what he is talking about.

I have seen his rant about algo. trading programs, and it is totally inaccurate.

I would challenge him to a conversation about this at anytime if we could get ahold of him somehow on this board.

Goldman is free to do what they please of course, as they paid back all this TARP, they never needed it anyways, it was forced on them for stability in the marketplace

They have the best traders with the best analysts - prob. one of the best trading algo's with citi and a few HF's along with a little gov. backing = $$$$

This is all IMO of course..


A debate on algorithmic trading would be fascinating and educational. I hope you can wrangle such a thing up.

I tend to disagree with the notion that he doesn't know what he's talking about, but that only shows what having a major media employing you does for 'public' credibility.

If you have a chance and the inclination, please feel free to educate us on the particulars of what you see commonly misrepresented. I would like to ask you opinion of what prompts such bursts of misinformation...



posted on Jul, 13 2009 @ 12:57 PM
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reply to post by Maxmars
 


Sure

I have posted much about this in

THIS THREAD

I have a few posts, if you want more information let me know



posted on Jul, 13 2009 @ 02:34 PM
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Originally posted by GreenBicMan
Goldman is free to do what they please of course, as they paid back all this TARP, they never needed it anyways, it was forced on them for stability in the marketplace


Hey Green. Did you read his article or watch the videos?

He is saying that Goldman was responsible for the Triple A ratings of the Housing Derivatives and dumped their "exposure" on to AIG! After it was discovered that these investments were garbage. Then Hank Paulson former CEO of Goldman bails out AIG in a midnite meeting with zero oversite, which funnels the money back to GS.

So you are correct in that they did not need the TARP money but you are ignoring what is most apparent. The manipulation, deception used to bilk(steal) both unwary investors money and US taxpayers of billions on the way in and on the way out of the "crisis". Of course the insiders made huge profits!



posted on Jul, 13 2009 @ 02:37 PM
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reply to post by Leo Strauss
 


I see.

I will have to research that fully.

Although, I dont think HP is a clean guy at all.

IMO, he caused this $hitstorm with letting Lehman fail, and I mean I know hindsight is 20/20 but that was the way way way wayyyy wrong call



posted on Jul, 13 2009 @ 03:26 PM
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Also, the person responsible for deregulating the market which allowed AIG to insure these investments was former Goldman Sachs employee Bob Rubin assisted by Gary Ginsler (current Head of the Commodities Futures Trading Commission under Obama).

Gary Ginsler is currently responsible regulating these bogus investments such as Credit Default Swaps and the Oil Commodities Market. Oil just doubled in price again as demand for declined dramatically lowest in 20 years...hmmmm

The current #2 man at the Treasury is a former Goldman Sachs lobbyist Mark Patterson!!

Goldman sold the bad mortgages then shorted the very same investments after they had dumped their exposure onto AIG.

Goldman Sachs was then also responsible for the collateral call which brought AIG down as a result of AIG losing its credit rating.

Then they call Hank Paulson former Goldman CEO and voila they get 13 Billion in taxpayer money from the AIG bailout.



posted on Jul, 13 2009 @ 03:45 PM
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All this voodoo economics is like Greek to me, however, I would love to know how much Paulsen and his minion "Cash Carry," Kashkarri are making in their stock options from the unexpected windfall being touted by Goldman Sacks. Both men were former employees with Paulsen, former Treasury Secretary, being the CEO. Both of these men quarter-backed the "Banker Bailout," or TAARP from last year.

This bailout alone cost the tax-payers about a trillion dollars when interest and finance charges are added. So don't believe the 700 billion quote, because it is meaningless ,and it is far more than that initial estimate. At the very least, I think the men involved should be investigated, and if it is found that they tried to pad their own pockets with tax-payer money to save their stock options; then they need to be prosecuted to the furthest extent of the law. I find it very interesting that Mr. Paulsen's former firm is doing so well after the bailout and amid a bitter recession.



[edit on 13-7-2009 by Jakes51]



posted on Jul, 13 2009 @ 06:30 PM
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Originally posted by Leo Strauss
Also, the person responsible for deregulating the market which allowed AIG to insure these investments was former Goldman Sachs employee Bob Rubin assisted by Gary Ginsler (current Head of the Commodities Futures Trading Commission under Obama).

Gary Ginsler is currently responsible regulating these bogus investments such as Credit Default Swaps and the Oil Commodities Market. Oil just doubled in price again as demand for declined dramatically lowest in 20 years...hmmmm

The current #2 man at the Treasury is a former Goldman Sachs lobbyist Mark Patterson!!

Goldman sold the bad mortgages then shorted the very same investments after they had dumped their exposure onto AIG.

Goldman Sachs was then also responsible for the collateral call which brought AIG down as a result of AIG losing its credit rating.

Then they call Hank Paulson former Goldman CEO and voila they get 13 Billion in taxpayer money from the AIG bailout.



Credit default swaps and the oil commodities market are not "bogus investments"...A CDS is a derivative contract. And if you understood those, you would then be able to understand why they owed GS that 13 billion dollars. Yes, you are right that a lot of our tax-payer money used to bailout AIG did go out to other banks and investment firms; however, you have to realize that they were all protecting themselves against some sort of default, and had been paying AIG a fee to insure themselves. It was a form of reducing risk and exposure. Unfortunately, many of those investments did default and thus AIG owed people a lot of $$$$.




Goldman is free to do what they please of course, as they paid back all this TARP, they never needed it anyways, it was forced on them for stability in the marketplace



Yes, you are 100% accurate. But also keep in mind everyone that new accounting rules may lead to artificially inflated profits reported by banks. This happened last quarter I believe (might be wrong), as the recent change in accounting practice allows certain investments like bonds to be valued as of expiration, and do not represent the current value of these assets. I about 75% this is how it works; if someone can confirm this, I would appreciate it. Nonetheless, I wouldn't put too much faith into Goldman's reported profits, which will be released tomorrow morning.

Edit: added last sentence with respect to CDS.

[edit on 13-7-2009 by 1 4M 7H3 1]



posted on Jul, 13 2009 @ 09:28 PM
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Goldman has every right to create and destroy bubbles how they can, and to make as much money as they possibly can from all angles. While the less sophisticated and intelligent but equally hungry try with less success or try with miserable failure. This is the great thing about free markets and PRIVATE MONEY.

But the problem comes when Goldman broke the rules and stepped over the boundaries by taking govt money both thru the bail out to help them ride the panic months, and just as equally from the back door handouts thru AIG.

The problem is that Goldman wanted the tarp as badly as anyone else at the height of the panic regardless of what they sing now, because at the time it was a panic and no one knew what was going to happen or how things where going to get sorted. So they broke a massive rule about private money free enterprise.

Second with the back door AIG handouts this is much clearer to see the breaking of the rules of private money free markets, since part of Goldmans calculations should have included the capability of AIG to pay out the derivatives that they where issuing. It is the same exact thing as a mortgage lender looking to see the capability of the borrower in being able to repay the loan. So Goldman had no right to any money out of AIG who should have gone bankrupt but was propped up to pay out massive derivatives, but all indications point to going bankrupt soon anyway.

So you see the real fact of the matter is that Goldman was and is the best at what it does, and should be respected for that. However back in the Fall of 08 when they broke two massive rules about free market systems they need to be punished for that. Just like how a criminal deserves to be punished for breaking the law of the land.



posted on Jul, 13 2009 @ 09:56 PM
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reply to post by Desolate Cancer
 


I will have to politely disagree that GS wanted bailout monies.

Remember, they were still at $60-$80 a share at that time, sitting on a lot of money..

We will never know or whatever, I am just betting against it



posted on Jul, 13 2009 @ 11:56 PM
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Originally posted by Desolate Cancer
Goldman has every right to create and destroy bubbles how they can, and to make as much money as they possibly can from all angles. While the less sophisticated and intelligent but equally hungry try with less success or try with miserable failure. This is the great thing about free markets and PRIVATE MONEY.


Your comment illustrates perfectly what is wrong with our financial markets and current corporate culture. A crisis in simple ethics as a result of deregulation. Even "Mr. Bubbles" himself Alan Greenspan admitted this fact.

When corporations discontinue pensions and funnel the retirement future of unaware investors into their financial schemes they do great harm to our country. When institutions such as Goldman and banks like BofA and Citi are no better in reputation than a Las Vegas casino or a neighborhood shylock that is a huge problem and shows the utmost contempt for human beings.

Karma is getting ready to bite...beware!



posted on Jul, 14 2009 @ 07:23 AM
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Originally posted by Leo Strauss
Your comment illustrates perfectly what is wrong with our financial markets and current corporate culture. A crisis in simple ethics as a result of deregulation. Even "Mr. Bubbles" himself Alan Greenspan admitted this fact.

When corporations discontinue pensions and funnel the retirement future of unaware investors into their financial schemes they do great harm to our country. When institutions such as Goldman and banks like BofA and Citi are no better in reputation than a Las Vegas casino or a neighborhood shylock that is a huge problem and shows the utmost contempt for human beings.

Karma is getting ready to bite...beware!


Well I agree that when pensions are lost its a travesty for those who relied on them. But at the sam time it was as a result of thier own greed and desire to make as much money off them as possible. The Pensions could have been put into some sort of tbill or some other safe investment earning 7% interest. But they wanted more and that is what happens.

Information is the most important resource when dealing with free markets, the information to know that investment adviser A is crooked or has a reputation for deceitful practices. Information to know that Goldman was responsible for your company having to shed 15% of workforce, so dont invest your pension with them.

But you want to know what is the worst part of out current system and is the reason the states are going bankrupt. Its because of the state sponsored pension and legacy costs. In NY MTA or Police can retire at 45 with pension so the city has to keep paying for some guy until he dies 35-45 years later for doing nothing. These deals that were setup are whats the most corrupt, how a politician can arrange something so detrimental to taxpayers and citizens.



posted on Jul, 20 2009 @ 02:13 PM
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reply to post by Desolate Cancer
 


I agree with you that they took that TARP money because they wanted and because it was them that help the Fed come out with that outrageous claim that it was either a bailout or riots.

Still they took that money to make more money with it, to cover their butts from the corrupted deals that they lost.

And been corrupted they found new ways to make more corrupted money.

While they claim that they repay all the TARP money I have my doubts about that.

Them behind the Fed probably was nothing but a change of words and not money change at all.



[edit on 20-7-2009 by marg6043]



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