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06-23-2009, 01:29 AM | #1 |
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Goldman Sachs on pace for record bonuses: report
It appears that it is now time to rape what`s left of the economy . What I can`t understand here is GM borrows money and they have to pay it back these jacka*s`s borrow it and give it to their executives and the public is supposed to pay it back what gives . There should be no bonus`s till they pay back what they borrow
NEW YORK (Reuters) – Goldman Sachs Group Inc is on pace to make record bonus payouts after a robust first half, the Guardian newspaper reported on Sunday. Goldman staff in London were briefed on the outlook and told they could look forward to the bonus hikes if the company registers its most profitable year ever, the report said. The surge in projected profit can be attributed to a lack of competition and increased revenue from trading foreign currency, bonds and fixed-income products, the newspaper said, citing insiders at the firm. Bonuses have been a point of contention between the Obama administration and Wall Street, which last fall endured a credit crisis that paralyzed the financial markets. The U.S. Treasury responded with the Troubled Asset Relief Program, which made $700 billion in loans available to banks. Goldman Sachs received $10 billion from TARP, which it repaid last week. In letters to lawmakers last week, Goldman CEO Lloyd Blankfein said the firm is obligated to "ensure that compensation reflects the true performance of the firm and motivates proper behavior." A Goldman Sachs spokesman in New York was not immediately available to comment on Monday. (Reporting by Steve Eder; editing by John Wallace) Last edited by Northern Boy; 06-23-2009 at 01:35 AM. |
06-23-2009, 01:31 AM | #2 |
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Re: Goldman Sachs on pace for record bonuses: report
Yeah let's issue record bonuses instead of paying back TARP money!
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06-23-2009, 02:10 AM | #3 |
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Location: So. Cal. U.S.
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Re: Goldman Sachs on pace for record bonuses: report
I'm not for bonuses at all but the article above says they got 10 billion from TARP and repaid it last week.
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06-23-2009, 02:13 AM | #4 |
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Re: Goldman Sachs on pace for record bonuses: report
I didn't see that. ooops! Isn't it funny they could make record profits after being so destitute to need the funds in the first place?
Where can I apply for TARP funds? |
06-23-2009, 02:41 AM | #5 |
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Join Date: May 2009
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Re: Goldman Sachs on pace for record bonuses: report
yes,I'd like to borrow ten billion at no interest, too.
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06-23-2009, 03:25 AM | #6 |
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Re: Goldman Sachs on pace for record bonuses: report
Care for a cup of commentary to go with the Sach's CR*P?
How To Rob The Treasury For Bonuses Monday, June 22. 2009 Karl Denninger You have to love Goldman Sachs: See First Post Or Guardian Article: Goldman to make record bonus payout http://www.guardian.co.uk/business/2...bonus-payments 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.Nothing like a little taxpayer money funneled through AIG to add to the pool, right? In April, Goldman said it would set aside half of its £1.2bn first-quarter profit to reward staff, much of it in bonuses. It is believed to have paid 973 bankers $1m or more last year, while this year's payouts are on track to be the highest for most of the bank's 28,000 staff, including about 5,400 in London.Let's remember that Goldman got roughly $10 billion in AIG-funneled money to "settle" CDS that their CEO said was a fully-hedged position and which would have had no material impact if AIG had gone down, mostly because they had collected nearly all of the hedge before AIG got in serious trouble. That is, they got paid twice - once with their hedge (good move guys) and again by government fiat, directed by Henry Paulson who coincidentally used to run Goldman. Also note the size of the first-quarter profit, multiply by four (assuming equally good results) and then compare against the "extra" payout through AIG to figure out whether there would be any bonus pool absent that payment. Looks to me like the US Taxpayer is funding all of Goldman's bonuses, never mind this ditty: Last week, the firm predicted that President Barack Obama's government could issue $3.25tn of debt before September, almost four times last year's sum. Goldman, a prime broker of US government bonds, is expected to make hundreds of millions of dollars in profits from selling and dealing in the bonds.Nice, eh? Do Treasury's bidding, get paid for it, get an extra $10 billion from the taxpayer as a gift to cover a bet you had already hedged against default, and pocket it all. Change we can believe in - yep, we'll steal even more than we did under The Bush Administration! SOURCE: http://market-ticker.denninger.net/a...r-Bonuses.html |
07-12-2009, 06:25 PM | #7 |
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Re: Goldman Sachs on pace for record bonuses: report
The Great American Bubble Machine
Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression MATT TAIBBI Posted Jul 02, 2009 8:38 AM In Rolling Stone Issue 1082-83, Matt Taibbi takes on "the Wall Street Bubble Mafia" — investment bank Goldman Sachs. The piece has generated controversy, with Goldman Sachs firing back that Taibbi's piece is "an hysterical compilation of conspiracy theories" and a spokesman adding, "We reject the assertion that we are inflators of bubbles and profiteers in busts, and we are painfully conscious of the importance in being a force for good." Taibbi shot back: "Goldman has its alumni pushing its views from the pulpit of the U.S. Treasury, the NYSE, the World Bank, and numerous other important posts; it also has former players fronting major TV shows. They have the ear of the president if they want it." Here, now, are excerpts from Matt Taibbi's piece and video of Taibbi exploring the key issues. VIDEOS and CONTINUES: http://www.rollingstone.com/politics..._machine/print SOURCE: http://www.gcnlive.com/ |
07-12-2009, 06:36 PM | #8 |
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Re: Goldman Sachs on pace for record bonuses: report
This is the company the the U.S. Treasurer works for it is also the largest bank involved in the derivatives game they will have the most to loose should that bubble burst. That is why the money is going to the banks do not believe the short bounce in the markets and those saying we are coming out of the recession .
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