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Keyword: greedybastards

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  • Pentagon Paid NFL $5.4 Million for Events Honoring Troops (NFL revenues near $10 billion)

    05/12/2015 6:47:23 PM PDT · by Libloather · 18 replies
    Free Beacon ^ | 5/12/15 | Elizabeth Harrington
    Sen. Jeff Flake (R., Ariz.) is questioning why taxpayers had to subsidize NFL events honoring America’s troops. The Pentagon gave the NFL, which has revenues of nearly $10 billion, $5.4 million between 2011 and 2014 for pregame and halftime events that appeared to be put on by the football teams themselves. The Hill reports: “It is troubling to learn that taxpayer funds are being used to compensate these teams for honoring and recognizing U.S. military service members,” Flake said Monday to Defense Secretary Ashton Carter and Chief of the National Guard Bureau Gen. Frank Grass.
  • AIG Bailout Not Only Bailed Out Goldman, But Goldman's International Bank Client List

    11/02/2009 8:15:25 AM PST · by FromLori · 4 replies · 581+ views
    Economic Policy Journal ^ | 11/1/09 | Robert Wenzel
    A much clearer picture is developing of what went on during the middle of the financial crisis, when AIG was bailed out by the government and Goldman Sachs ended up receiving 100 cents on the dollar from AIG on various instruments. The clearer picture is the result of Janet Tavakoli's provocative article, Goldman’s Lies of Omission. In the article, she claims that GS CFO David Viniar lied when he said GS's exposure to AIG would be insignificant. A anonymous Goldman apologist who writes at Economics of Contempt responded to Tavakoli's article, calling the article part of a, "ridiculous conspiracy about...
  • Goldman Sachs bet on housing meltdown -- and won (What a surprise!!)

    11/01/2009 7:02:54 AM PST · by devane617 · 31 replies · 1,355+ views
    MamiHerald ^ | 11/01/2009 | Greg Gordon
    Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation's premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies.
  • How Goldman secretly bet on the U.S. housing crash

    11/01/2009 1:55:03 PM PST · by crosstimbers · 42 replies · 2,583+ views
    McClatchy Newspapers ^ | November 1, 2009 | Greg Gordon
    WASHINGTON — In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting. Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation's premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies. Only later did investors discover that what Goldman had...
  • How the Fed Bungled AIG's Rescue, Enriched Bankers and Screwed Taxpayers (Tax CHEAT TIMMY!)

    10/27/2009 10:09:13 AM PDT · by milwguy · 7 replies · 553+ views
    business insider ^ | 10/27/2009 | biz insider
    It is by now well known that the banks on the other side of credit default swaps sold by AIG got paid out at par when the government bailed out the insurance giant. But what isn't as well known is that by deciding to pay AIG's counter-party in full, the Federal Reserve was reversing months of work AIG executives had done to convince the banks to take a haircut on their positions Bloomberg reports that the documents were similar to those drafted by AIG, except for one crucial detail. Part of a sentence in the document was crossed out. It...
  • Why Bash Goldman Sachs for Making Money?

    07/22/2009 7:23:39 AM PDT · by SeekAndFind · 47 replies · 733+ views
    Smart Money ^ | 7/22/2009 | james B. Stewart
    Given the public outcry over news of Goldman Sachs's recent record earnings, you'd think many people would prefer Goldman had lost money. Does that really make sense? I can understand why some people are upset, since I've heard from many of them. Their argument is that Goldman Sachs, like other recipients of funds from the government's Troubled Asset Relief Program, might well have failed without taxpayer assistance. Now, without the slightest sign of being in any way chastened, Goldman bankers have gone out and earned so much that they stand to receive huge bonuses that rival those at the height...
  • Resist The Urge To Punish Success ( RE: Goldman Sachs)

    07/20/2009 12:21:49 PM PDT · by Ernest_at_the_Beach · 83 replies · 881+ views
    Washington Post ^ | Sunday, July 19, 2009 | Mark Gimein
    Money can't buy love? For proof, look no further than Goldman Sachs. Last week, the firm reported a spectacular quarterly profit -- close to $3.5 billion for the bank and about $385,000 in compensation for each employee for the first half of the year -- and right on cue, the braying began for the heads of the Goldmanites. Earlier this month, Rolling Stone's Matt Taibbi, in a comprehensive exercise in conspiracy mongering, primed the pump of outrage with his article "The Great American Bubble Machine." Now a chorus of supporters has chimed in, shocked that in a recession the evil...
  • The Fine Line Between Profits and Theft ( RE: Goldman Sachs )

    07/20/2009 12:01:17 PM PDT · by Ernest_at_the_Beach · 22 replies · 605+ views
    Seeking Alpha ^ | July 20, 2009 | Karl Denninger
    Let's dispense with this sort of bilge from The Washington Post right here: Money can't buy love? For proof, look no further than Goldman Sachs. Last week, the firm reported a spectacular quarterly profit -- close to $3.5 billion for the bank and about $385,000 in compensation for each employee for the first half of the year -- and right on cue, the braying began for the heads of the Goldmanites. Earlier this month, Rolling Stone's Matt Taibbi, in a comprehensive exercise in conspiracy mongering, primed the pump of outrage with his article "The Great American Bubble Machine." Now a...
  • SCHOCKING VIDEO : violence against women in the islamic world

    07/19/2009 3:15:20 AM PDT · by drzz · 8 replies · 1,089+ views
    VIDEO ^ | 07 19 2009 | drzz
    See the video of how women are treated on a daily basis in the islamic world.
  • Goldman Sachs Government

    10/16/2008 5:29:25 AM PDT · by reaganaut1 · 12 replies · 591+ views
    American Spectator ^ | October 16, 2008 | Matthew Vadum
    As Goldman Sachs alumni play a key role in stewarding the nation’s economy, it’s worth recalling that the late economist John Kenneth Galbraith blamed Goldman Sachs for helping to cause the Great Depression. In his book, The Great Crash, 1929, Galbraith, a key figure in President John F. Kennedy’s administration, devoted an entire chapter he titled “In Goldman, Sachs, We Trust,” to detailing the “large-scale corporate thimblerigging” that Goldman and other Wall Street firms practiced in the 1920s. Thimbleriggers or not, supremely self-assured Goldman Sachs alumni at the highest levels of the Bush administration are now pulling the levers of...
  • The Guys From ‘Government Sachs’

    10/18/2008 4:49:43 PM PDT · by reaganaut1 · 6 replies · 396+ views
    New York Times ^ | October 17, 2008 | Julie Creswell and Ben White
    This summer, when the Treasury secretary, Henry M. Paulson Jr., sought help navigating the Wall Street meltdown, he turned to his old firm, Goldman Sachs, snagging a handful of former bankers and other experts in corporate restructurings. In September, after the government bailed out the American International Group, the faltering insurance giant, for $85 billion, Mr. Paulson helped select a director from Goldman’s own board to lead A.I.G. And earlier this month, when Mr. Paulson needed someone to oversee the government’s proposed $700 billion bailout fund, he again recruited someone with a Goldman pedigree, giving the post to a 35-year-old...
  • The Money and Connections Behind Al Gore’s Carbon Crusade

    10/13/2007 4:35:26 PM PDT · by calcowgirl · 69 replies · 3,134+ views
    Human Events ^ | 10/03/2007 | Deborah Corey Barnes
    Al Gore’s campaign against global warming is shifting into high gear. Reporters and commentators follow his every move and bombard the public with notice of his activities and opinions. But while the mainstream media promote his ideas about the state of planet Earth, they are mostly silent about the dramatic impact his economic proposals would have on America. And journalists routinely ignore evidence that he may personally benefit from his programs. Would the romance fizzle if Gore’s followers realized how much their man stands to gain? Earlier this year Gore experienced a notable public relations debacle. The Tennessee Center for...
  • Report: Bailout Exec Gave to Obama Senate Campaign After He Resigned His Illinois Seat

    03/27/2009 1:27:09 PM PDT · by Chet 99 · 12 replies · 1,210+ views
    A top executive of a Wall Street firm that had received federal bailout money was among the donors who contributed to President Obama's 2010 Senate re-election campaign after he resigned his Illinois seat, the Washington Times reported. Bruce A. Heyman, managing director at Goldman Sachs, which received a $10 billion bailout last year, donated a maximum $2,300 to the Obama 2010 fund the day after Christmas, the newspaper reported. In all, the fund received four contributions totaling $4,800 on Dec. 26, according to Federal Election Commission reports.
  • Geithner gives Goldman Sachs a pass

    03/30/2009 12:06:19 AM PDT · by Jim Robinson · 12 replies · 897+ views
    Politico ^ | March 29, 2009 | By Eamon Javers
    One of the most contentious issues in the government's bailouts of Wall Street has been whether Goldman Sachs got any special treatment because former treasury Secretary Hank Paulson was the firm's former CEO. And the government is permeated with Goldman Sachs veteran. Even Geithner's own right hand man is a former Goldman lobbyist. The company benefited enormously from so-called "counterparty" payouts from AIG, which the company was only able to make after an infusion of taxpayer cash. The government has defended that move, saying theAIG bailout was necessary because of systemic risk if the counterparties should fail. But recently Goldman...
  • A Whiff of Fascism from Obama's White House

    03/29/2009 9:48:45 PM PDT · by RobinMasters · 78 replies · 3,552+ views
    American Spectator ^ | MARCH 29, 2009 | Matthew Vadum
    There is a whiff of Fascism emanating from the Obama White House. Reports say that the head of GM is quitting under duress from the Obama administration:
  • Goldman (and other banks') "Hedges"

    04/12/2009 3:19:34 PM PDT · by dennisw · 11 replies · 864+ views
    Karl Denninger ^ | Sunday, April 12. 2009 | Karl Denninger
    Goldman (and other banks') "Hedges" There is a rumor about Goldman Sachs flying around on the street - allegedly they are about to report their second-best quarter in history, +$12 billion or so.In addition, there is this from Bloomberg: A 47 percent gain for the company’s stock price this year and a return to profitability in the first quarter may help Chief Executive Officer Lloyd Blankfein raise new money, analysts said. That might let Goldman Sachs, the sixth-biggest bank, return the cash received in October from the Treasury’s Troubled Asset Relief Program and shake off compensation and hiring restrictions...
  • Time To Breakup Goldman Sachs

    04/13/2009 3:27:31 AM PDT · by TigerLikesRooster · 23 replies · 898+ views
    Time To Breakup Goldman Sachs It's time to breakup Goldman Sachs, Citigroup, and for that matter any bank or holding company deemed too big to fail. It's not just the "too big to fail" hazard that is troubling, it's also the power these corporations have and the potential to abuse that power that is also troubling. /snip Readers know that I am not a subscriber to Plunge Protection Team (PPT) theory. However, I am open to the idea that it is possible for Broker Dealers or Bank Holding Companies to be trading their own accounts ahead of customer accounts and/or...
  • Goldman $1.66B 1Q earns beat Wall Street estimates

    04/13/2009 3:01:45 PM PDT · by dawn53 · 19 replies · 795+ views
    Yahoo Finance ^ | Monday April 13, 2009, | Sara Lepro
    ...When Goldman became a bank holding company last fall amid the mushrooming credit crisis, it switched its reporting cycle so its fiscal quarters were in line with calendar quarters beginning Jan. 1. To adjust its reporting schedule, Goldman began fiscal 2009 on Jan. 1 instead of Dec. 1 of last year. The bank said for the month of December, which fell between the change in reporting cycles, it lost $1 billion, or $2.15 per share.
  • Goldman Sachs hires law firm to shut blogger's site-

    04/13/2009 1:45:38 AM PDT · by dennisw · 15 replies · 1,315+ views ^ | 2:16PM BST 11 Apr 2009 | James Quinn
    The bank has instructed Wall Street law firm Chadbourne & Parke to pursue blogger Mike Morgan, warning him in a recent cease-and-desist letter that he may face legal action if he does not close down his website. Florida-based Mr Morgan began a blog entitled "Facts about Goldman Sachs" – the web address for which is According to Chadbourne & Parke's letter, dated April 8, the bank is rattled because the site "violates several of Goldman Sachs' intellectual property rights" and also "implies a relationship" with the bank itself. Unsurprisingly for a man who has conjoined the bank's name with...
  • Goldman Sachs calls repaying TARP a "duty"

    04/14/2009 6:55:39 AM PDT · by Arguendo · 14 replies · 585+ views
    Reuters ^ | 4/14/2009
    NEW YORK, April 14 (Reuters) - Goldman Sachs Group Inc has a "duty" to return the $10 billion it received in a U.S. government bailout, as it moves to benefit from an expected recovery in capital markets, its chief financial officer said. The company was Wall Street's most profitable before converting to a commercial bank last September. It returned to profitability in the first quarter, on Monday posting a $1.66 billion profit after preferred stock dividends, more than double what analysts had forecast. Goldman sold $5 billion of common stock at $123 a share, and plans to use the proceeds...
  • Goldman Sachs : Big Profits, Big Questions

    04/15/2009 5:11:37 AM PDT · by SeekAndFind · 9 replies · 877+ views
    New York Times ^ | 4/15/2009 | WILLIAM D. COHAN
    AT its nadir last November, Goldman Sachs’s share price closed at $52, nearly 80 percent below its high of around $250. By then, many of its chief competitors — Bear Stearns, Lehman Brothers, Merrill Lynch and UBS — were dead or shadows of their former selves. Even Morgan Stanley, long considered Goldman’s archrival, had nearly died. But somehow, less than five months later, on the heels of a surprisingly profitable first quarter of fiscal 2009, Goldman Sachs is once again riding high, with its stock closing Tuesday at $115 a share. The question many Wall Streeters are asking is just...
  • More Goldman Sachs Secrets that Tim Geithner Might Not Share with You!

    04/23/2009 5:39:21 AM PDT · by TigerLikesRooster · 5 replies · 495+ views
    Safehaven ^ | 04/22/09 | Reggie Middleton
    April 22, 2009 More Goldman Sachs Secrets that Tim Geithner Might Not Share with You! by Reggie Middleton Okay, this is going to be a quick and dirty review of Goldman's derivative real estate and off balance sheet real estate exposure as is probably reflected through their credit exposure as well. OTC Derivative Credit Exposure ($ mn)   Feb-09 % of total Nov-09 % of total Credit Quality Deterioration? Comments AAA/Aaa $15,387 15.6% $14,596 20.7% (5.10%) <--Very significant decrease in AAA exposure AA/Aa2 $33,820 34.2% $24,419 34.7% (0.50%) <-- Decrease in AA exposure A/A2 $25,291 25.6% $16,189 23.0% 2.6% <--...
  • Are we being scammed?

    04/23/2009 11:02:25 AM PDT · by Kartographer · 6 replies · 531+ views
    Zero Hedge ^ | 04/23/09 | Tyler Durden
    This is getting surreal. Goldman principal program trading is now well over 5x compared to its customer and agency trades and a 150 million share pick up compared to last week. For yet another week, Goldman's principal trading represents more than half of all NYSE member firm principal transactions.
  • Observations on NYSE Program Trading

    05/03/2009 11:14:19 AM PDT · by Attention Surplus Disorder · 234+ views
    ZeroHedge ^ | May 02, 2009 | Tyler Durden
    Posted by Tyler Durden at 6:58 PM Recently, there has been quite a bit of discussion of Goldman Sachs' principal program trading dominance in the NYSE, culminating with none other than Goldman Sachs themselves providing their perspective on the matter, via spokesman Ed Canaday:["]The NYSE report that Zero Hedge discussed shows Goldman Sachs trading over 1 billion shares in the principal program trading category. What the table doesn’t show, but a deeper look at the numbers reveals is that the vast majority of this total is trades by our quantitative trading desk. This desk is participating in a relatively new...
  • NY Federal Reserve Chairman Resigns Suddenly (another ex-Goldman Sachs Employee..what a surprise)

    05/08/2009 1:18:46 AM PDT · by Fred · 9 replies · 856+ views
    The Big Picture ^ | 050809 | Barry Ritholtz
    Wow, that has to be a record for shortest tenure ever at the NY Fed. His resignation letter (below), is as Dealbook notes, rather disingenuous: Mr. Friedman was chairman of the New York Fed at the same time he was a member of Goldman’s board. He also had a substantial stake in the firm as the Fed was crafting a solution to keep Wall Street banks afloat. Denis M. Hughes, deputy chair of the board, will take over as the interim chairman, the New York Fed said in a statement. (Read Mr. Friedman’s letter after the jump.) Because the New...
  • Matt Taibbi Explodes All Over The WSJ's Evan Newmark

    06/09/2009 9:13:24 PM PDT · by FromLori · 16 replies · 1,027+ views
    Last week the Wall Street Journal columnist Evan Newmark called Hank Paulson a "national hero." We noted that it's a bit early for that kind of thing and predicted that "history may yet render a more negative judgment." Matt Taibbi is a bit more direct, calling Newmark "a craven, bumlicking ass-goblin" in his latest post on TrueSlant. He points out that Newmark didn't disclose that he once worked for Goldman Sachs, which Paulson ran before being tapped to head up the Treasury Department. And that's just for starters. Here's a brief excerpt (but you really should read the whole thing):...
  • Sorry, No Comeback For The Bulls

    06/15/2009 4:36:18 PM PDT · by FromLori · 7 replies · 408+ views
    What? No Goldman Sachs "buy programs" to save the rally? Read » After getting hammered early on, stocks stayed low today and couldn't mount any meaningful recovery. The lack of a late-day rally was particularly remarkable, seeing as that kind of action has characterized the market for the past several weekends. No Goldman Sachs "buy programs" could save the bull today. All of the major indices were off about 2.2%, with the Dow down 187. Among the losers today: Financials, which were down across the board, commodities (down on dollar strength and recession concerns) and healthcare companies, as investors freak...
  • Goldman to make record bonus payout

    06/21/2009 1:52:23 PM PDT · by Nexus · 16 replies · 1,106+ views
    The Observer, UK ^ | 6/21/09 | Phillip Inman
    Goldman to make record bonus payout Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm's 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms. A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm. Staff in London were briefed last week on the banking and securities company's prospects and told they could look forward to...
  • How To Rob The Treasury For Bonuses

    06/22/2009 7:38:32 AM PDT · by FromLori · 9 replies · 452+ views
    The Market Ticker ^ | 6/22/09 | Karl Denninger
    You have to love Goldman Sachs: Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm's 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms. A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm. Nothing like a little taxpayer money funneled through AIG to add to the pool, right? In April, Goldman said it would...
  • Banksters Love Cap-and-Trade

    07/02/2009 4:39:31 PM PDT · by Delacon · 29 replies · 1,586+ views
    The Corbett Report ^ | Thursday, July 2, 2009 | James Corbett
    The well-placed and well-connected are set to make trillions off new climate bill; economic collapse about to accelerate The sweeping new bill which just passed the House last Friday, the Clean Energy and Security Act of 2009 [2], is ostensibly about climate change, but it is in fact a bill of staggering economic ramifications that is going to accelerate the takeover of the economy by the well-placed financiers who have already plundered the Treasury and the Fed of $12+ trillion and counting [3]. It was rushed through the House in the tradition of such nightmarish legislation as the Patriot Act...
  • Goldman Sachs bankers in line for record bonuses($20 billions)

    07/03/2009 6:56:45 AM PDT · by TigerLikesRooster · 27 replies · 804+ views
    Telegraph ^ | 07/02/09 | James Quinn
    Goldman Sachs bankers in line for record bonuses Bankers at Goldman Sachs could be in line for record bonuses as compensation on Wall Street looks set to rebound in spite of problems in the wider economy. By James Quinn, Wall Street Correspondent Published: 5:21PM BST 02 Jul 2009 The headquarters of Goldman Sachs. The bank is reportedly on course to produce a total compensation pot of $20bn this year for its bankers Photo: Getty Images Goldman, which continues to attract the very best investment bankers and is chaired by Lloyd Blankfein, is on track to pay staff more than it...
  • Government Sachs for Cap and Trade!

    07/03/2009 7:37:46 PM PDT · by FromLori · 18 replies · 597+ views
    You may not care for Matt Taiibi but I think his article is well worth reading in it he points out how Government (Goldman) Sachs wants Cap and Trade. I think it is important to know who your enemies are. In the article which is now available on line he adds one more bubble to the list: the "global warming bubble," or specifically, the proposed cap-and-trade legislation that would allow companies to trade pollution credits on an open market. Taibbi's argument suggests the Wall Street bank may well want to turn climate change policy into yet another Wall Street casino...
  • Goldman Primed to Benefit from AIG's Woes -- Again,

    07/05/2009 8:30:52 AM PDT · by FromLori · 4 replies · 444+ views
    Yahoo ^ | 7/2/09
    When Wall Street imploded last year, the Fed and Treasury took "some of the right moves" in order to revive the financial system, says William Cohan, author of House of Cards. But the government blew at least one crucial act of the saga, Cohan says: The backdoor bailout of AIG’s counterparties, notably Goldman Sachs, which received $13 billion of TARP funds via the AIG conduit last fall. Adding insult to taxpayer injury, Goldman Sachs is primed to benefit should AIG ultimately file for bankruptcy and default on its debt, Cohan reports, having invested about $200 million in related credit default...
  • NYSE Halts Transparency, Feels Goldman Program Trading Disclosure Is Unnecessary

    07/05/2009 12:28:00 PM PDT · by BGHater · 8 replies · 408+ views
    Zero Hedge ^ | 30 June 2009 | Tyler Durden
    In a move set to infuriate and send many Zero Hedge readers over the top, the NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE's program trading. In an information memorandum released on June 24 (09-31), the NYSE Regulation team has announced the Decommissioning of the Daily Program Trading Report (DPTR). From the memo: The New York Stock Exchange...
  • The Great American Financial Bubble Machine (Goldman Sach stealing from you)

    07/05/2009 6:47:07 PM PDT · by CHICAGOFARMER · 19 replies · 1,517+ views
    Rolling Stones ^ | July 2 , 2009 | Matt Taibbi
    If you haven't read Matt Taibbi's recent Rolling Stone piece on Goldman Sachs, make sure to get your hands on it ASAP. It's a must read on how Goldman Sachs and the U.S. government work hand in glove to produce giant investment bubbles... bubbles that allow Goldman to work over investors for hundreds of billions of dollars. We don't think you can lay all the blame for the housing bubble and the tech bubble at Goldman's feet... but we do find it suspicious that a ton of high level government posts are staffed by Goldman employees. It's close to a...
  • Cap and Trade is Another Big Payoff to Obama’s Supporters

    07/15/2009 10:35:59 AM PDT · by Starman417 · 1 replies · 242+ views
    Flopping Aces ^ | 07-14-09 | Mike's America
    Al Gore and Wall Street traders will rake in millions of OUR MONEY while the cap and trade plan won't do a thing to help the environment!Obama's cap and tax scam isn't just a payoff to the environmental lobby, or the big government liberals salivating over the gold mine of new tax revenue they can use to buy more votes. Nope! The cap and trade scam will be a huge financial payoff to the rich Wall Street traders who overwhelmingly backed Obama in the presidential election. It's no secret that the security and investment community gave the majority of their...
  • Bill O'Reilly Blasts "Cap and Trade" as a "Con" to Enrich Al Gore and Goldman Sachs - Video 7/14/09

    07/15/2009 6:26:13 AM PDT · by Federalist Patriot · 13 replies · 681+ views
    Freedom's Lighthouse ^ | July 15, 2009 | BrianinMO
    Here is video of Bill O'Reilly last night going after Al Gore and President Obama's "Cap and Trade" legislation. O'Reilly called the "Cap and Trade" Bill a "Con." The "con" comes in because if businesses exceed the limit on carbon emissions, they have to buy "carbon offsets" as a penalty. The cap and trade deals would be made on the Chicago Climate Exchange, which is in President Obama's hometown, and which Goldman Sachs has a 10% stake in. Goldman would "vacuum up" commissions on every trade made. Employees of Goldman Sachs gave $1 million to Obama's campaign for president. Al...
  • Goldman Gains on Rivals' Pain

    07/14/2009 9:05:55 PM PDT · by FromLori · 11 replies · 421+ views
    WSJ ^ | 7/15/09
    Wall Street's meltdown fueled the most profitable quarter ever at Goldman Sachs Group Inc., which snatched business away from weakened rivals and churned out huge trading gains by revving up risk taking. With competitors such as Lehman Brothers Holdings Inc. and Bear Stearns Cos. gone, and others like Citigroup Inc. flailing, Goldman appears to be pulling off one of the biggest market-share grabs in Wall Street history. Net income in the second quarter was $3.44 billion, or $4.93 a share -- more than Goldman earned in all of 2008, when it was hammered by the financial crisis. Analysts had expected...
  • Goldman Sachs: Thank You Mr. President

    07/14/2009 7:07:11 AM PDT · by Starman417 · 1 replies · 261+ views
    Flopping Aces ^ | 07-14-09 | James Raider
    Dear Mr. President, This should prove a challenging week on the PR front for us at Goldman Sachs. There are a few situations surfacing for which appropriate clarification will provide you sufficient context in the event that the inevitable questions arise. We also have a couple of suggestions. Regarding this nastiness of the past week, please do not be too concerned about all this talk surrounding our super high-speed fully automated transaction processors. Also please understand that they are our future. Admittedly, we are enamored with the technological prowess we have acquired. Don’t believe those jealous rumors coming from begrudging...
  • Okay, This Time Matt Taibbi Nails Goldman And The Bailout

    07/16/2009 4:55:29 PM PDT · by FromLori · 24 replies · 649+ views
    “Goldman will surely deny that its risk-taking is subsidized by the taxpayer -- but then so did Fannie Mae and Freddie Mac, right up to the bitter end. An implicit government guarantee is only free until it's not, and when the bill comes due it tends to be huge. So for the moment, Goldman Sachs -- or should we say Goldie Mac? -- enjoys the best of both worlds: outsize profits for its traders and shareholders and a taxpayer backstop should anything go wrong.” “So what’s wrong with Goldman posting $3.44 billion in second-quarter profits, what’s wrong with the company...
  • The Joy of Sachs (in which Krugman twists himself into a pretzel)

    07/17/2009 12:59:52 PM PDT · by Lorianne · 4 replies · 399+ views
    New York Times ^ | July 16, 2009 | Paul Krugman
    The American economy remains in dire straits, with one worker in six unemployed or underemployed. Yet Goldman Sachs just reported record quarterly profits — and it’s preparing to hand out huge bonuses, comparable to what it was paying before the crisis. What does this contrast tell us? First, it tells us that Goldman is very good at what it does. Unfortunately, what it does is bad for America. Second, it shows that Wall Street’s bad habits — above all, the system of compensation that helped cause the financial crisis — have not gone away. Third, it shows that by rescuing...
  • Two Giants Emerge From Wall Street Ruins ( Goldman Sachs and JP Morgan Chase)

    07/18/2009 5:41:23 AM PDT · by SeekAndFind · 10 replies · 605+ views
    New York Times ^ | 7/18/2009 | GRAHAM BOWLEY
    A new order is emerging on Wall Street after the worst crisis since the Great Depression — one in which just a couple of victors are starting to tower over the handful of financial titans that used to dominate the industry. On Thursday, JPMorgan Chase became the latest big bank to announce stellar second-quarter earnings. Its $2.7 billion profit, after record gains for Goldman Sachs, underscores how the government’s effort to halt a collapse has also set the stage for a narrowing concentration of financial power. “One theme here is that Goldman Sachs and JPMorgan really have emerged as the...
  • "Naked Conflicts": NY Fed Chairman Resigns Over Goldman Controversy

    05/08/2009 12:55:51 PM PDT · by AH_LiveRight · 3 replies · 768+ views
    Yahoo Finance ^ | May 8, 2009
    New York Fed Board Chairman Stephen Friedman resigned yesterday amid controversy he owned stock and served as a board director of Goldman Sachs -- an entity he was served with overseeing as a Fed regulator. From Friedman's resignation letter: "…although I have been in compliance with the rules, my public service motivated continuation on the Reserve Bank Board is being mischaracterized as improper." It was improper says our guest, William Black, associate professor of Economics and Law University of Missouri, Kansas City. Bottom line: It's a clear conflict of interest for private banks to own an arm of the Fed,...
  • Former Head of Pension Agency Takes Fifth Amendment at Senate Hearing (any scruples .. anywhere?)

    05/20/2009 4:23:33 PM PDT · by STARWISE · 7 replies · 1,472+ views
    AP/Fox News ^ | 5-20-09
    The former director of the government's pension agency took the Fifth Amendment at a Senate hearing where lawmakers quizzed him about allegations that he had inappropriate contacts with three Wall Street firms. ### The former director of the government's pension agency took the Fifth Amendment Wednesday when senators asked about allegations that he had inappropriate contacts with Wall Street firms while running the operation, which insures the pensions of 44 million Americans. Charles E.F. Millard denies that he had improper communications with the firms that recently won multimillion-dollar contracts to advise the agency on a new strategy to invest its...
  • Goldman Sachs to make record bonus payout

    06/21/2009 7:32:28 PM PDT · by GreatDaggar · 9 replies · 488+ views
    Guardian News ^ | June 21, 2009 | Phillip Inman
    Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm's 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms. A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm. Staff in London were briefed last week on the banking and securities company's prospects and told they could look forward to bumper bonuses if, as predicted, it...
  • Duh: Goldman Sachs Killed AIG (GS, AIG)

    06/22/2009 10:26:10 AM PDT · by FromLori · 1 replies · 365+ views
    Well, kind of. Goldman Sachs (GS) Group Inc. and Societe Generale SA extracted about $11.4 billion from American International Group Inc. before the insurer’s collapse as the firms demanded to hold cash against losses on mortgage-linked securities, according to regulatory filings. Goldman Sachs got $5.9 billion and Societe Generale received $5.5 billion of about $18.5 billion in collateral paid by AIG in the 15 months before the September bailout. The payments helped settle AIG’s obligations on $62.1 billion of credit-default swaps that the Federal Reserve later removed from the New York-based insurer as part of the rescue. Officials at AIG,...
  • The Fourth Branch of the U.S. Government: Goldman Sachs?

    06/26/2009 11:14:45 AM PDT · by shoptalk · 13 replies · 683+ views
    Seeking Alpha ^ | June 25, 2009 | Graham Summers
    Quietly and almost unnoticed by most Americans, the US Federal Government introduced a fourth branch to its political structure in 2006. As you know we already had three branches; they are: § The Judicial: the Supreme Court § The Executive: the President § The Legislative: Congress This pretty much has us covered in terms of political strategy… but what about financial issues? Everyone knows Congress has no clue how to allocate capital. And the Executive Branch doesn’t exactly have a great track record when it comes to financial matters either (we’ve run a deficit virtually every year since 1970). Shouldn’t...
  • Confirmed: Goldman Sachs (GS) Workers Could Make $700,000 Each

    07/02/2009 8:34:25 AM PDT · by FromLori · 4 replies · 341+ views
    Goldman Sachs (GS) recently said that media reports that its employees would make huge sums based on the firm’s 2009 earnings were not true. It turns out that they probably are. In an article in The Wall Street Journal, the paper says Goldman “is on track to pay out as much as $20 billion this year, or about $700,000 per employee.” Goldman is just asking for trouble. Somewhere along the line, large banks which plan to pay their employees richly this year and, in some cases, offer tremendous compensation packages to retain top talent must have missed the Congressional and...
  • A Goldman trading scandal? (Goldman Sach's automated trading software stolen)

    07/06/2009 12:40:57 AM PDT · by TigerLikesRooster · 40 replies · 3,335+ views
    Reuters ^ | 07/05/09 | Matthew Goldstein
    A Goldman trading scandal? Posted by: Matthew Goldstein Did someone try to steal Goldman Sachs’ secret sauce? While most in the US were celebrating the 4th of July, a Russian immigrant living in New Jersey was being held on federal charges of stealing top-secret computer trading codes from a major New York-based financial institution—that sources say is none other than Goldman Sachs. The allegations, if true, are big news because the codes the accused man, Sergey Aleynikov, tried to steal is the secret code to unlocking Goldman’s automated stocks and commodities trading businesses. Federal authorities allege the computer codes and...
  • Goldman Sees No Harm From Computer Programmer: Source

    07/06/2009 12:35:12 PM PDT · by Lazamataz · 36 replies · 785+ views
    CNBC ^ | 06 Jul 2009
    Goldman Sachs has not seen its business or clients harmed by the activities of a computer programmer being held in custody for allegedly stealing secret trading codes from the firm, a source familiar with the situation said. Sergey Aleynikov, 39, was being held in federal custody on Monday, pending the posting of $750,000 bail. Aleynikov was ordered by U.S. Magistrate Kevin Nathaniel Fox in Manhattan on Saturday to post a personal recognizance bond to be secured by three financially responsible people, according to court documents. The bond also was to include $75,000 in cash, and Aleynikov was ordered to surrender...