The Long Crisis

Posts Tagged ‘Goldman Sachs’

The big macho swinging dicks at Goldman Sachs are involved in creating yet another investment bubble. This time they are buying pistols and ammunition just in case the public gets a bit upset with the payout of what looks to be record year end bonuses. I expect that legal or not in addition to the pistols a few of those arrogant unrepentant knaves have a few automatic weapons stowed away. When your bonus payment is into the millions you can afford the very best.

Why would anyone be surprised that Goldman had a bang up year in 2009? Their good alumini buddy, the former Secretary of the Treasury hammering Hank Paulson, set them up with billions of dollars of nearly free taxpayer money in 2007 – 2008. This was followed by Tim Geither’s near giveaways in 2008 – 2009. This allowed the financial gurus at Goldman to go back to work and regenerate their devious front end running ways along with the worldwide marketing of junk securities to make bucket loads of money.

While main street America suffered with the kind assistance of the US government nothing much changed at Goldman Sachs and at their Wall Street friend’s firms. Except that they made even more buckets full of money.

The big question is why the man, President Obama, has rolled over so completely for Wall Street? Since the end of the world toxic asset scare it really has pretty much been business as usual on the Street. Goldman and other firms are still playing with ever larger fires in the use of over leverage and in the use of derivatives. And Obama and Congress only talk and posture about tightening up regulation. As a recent example, the financial services industry controlled the debate over the proposed increased regulation of derivatives and much to the industry’s glee it looks like the final bill was written by their lobbyists.

There are some who think that Goldman and the big banks have gained control of the US government. When you look at how the industry gets its way at the expense of the public it is hard to argue against the point.

When the year end bonuses are announced, as they will have to be for public companies, the government may once again have to come to the financial big shots rescue. However, this time around it may have to deploy the US Army, and not handout more taxpayer bailouts.

I doubt that as large as the Goldman Sachs bonuses will likely be if the firepower that can be generated by the firearms purchased by the Goldman executives will be enough on their own to hold off the desperate sure to be well armed mob. Those Goldman guys probably can’t manage to shoot straight anyhow. Once again they will run to their Uncle Sam for help.

Tweet This Post

The arrogance and stick it in the tax payers face nature of the Wall Street and Big Bank executive criminals, lead by none other than Goldman Sachs, is out of control.

A Goldman Sachs International adviser defended compensation in the finance industry as his company plans a near-record year for pay, saying the spending will help boost the economy.

Goldman Sachs Group Inc., based in New York, reported that they had set aside $16.7 billion for compensation and benefits in the first nine months of 2009, up 46 percent from a year earlier and enough to pay each worker $527,192 for the period. The amount set aside this year is just shy of the all-time high $16.9 billion allocated in the first three quarters of 2007.

I’m not makimg this up. You can see the full story at Bloomberg News.

You really should watch the video. Not only does it cover the Goldman Sachs compensation story but talks about all the new fees Bank of America and Citigroup Bank are already charging their best customers. You know, the customers who always pay their bills on time and play by the rules. Now they get the shaft from their bankers.

All of the firms mentioned above have taken billions of dollars in no or very low cost bailout funds from the US government, that means taxpayer dollars, (well, maybe some of the money has been borrowed from the Chinese but the taxpayer is still on the hook for it) and continue to reward their top executives and employees with massive bonuses. Keep in mind that these are the same con men who are largely responsible for wrecking the economy.

“We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all,” Brian Griffiths, who was a special adviser to former British Prime Minister Margaret Thatcher, said yesterday at a panel discussion at St. Paul’s Cathedral in London. The panel’s discussion topic was, “What is the place of morality in the marketplace?”

The market for pitchforks and more drastic weapons must be heating up. Along with high blood pressure medications. I warn you that watching the video may not be good for your health.

In my opinion every American tax payer should immediately close their accounts with these outlaw firms and boycott them. At least Americans still have the power of choosing where to take their business. Since money is the only thing these rascals understand it should be used to take them down. There are still plenty of deserving community banks who would appreciate the business.

The “too big to fail” institutions should be allowed to fail.

Tweet This Post

Here we go again. The SEC releases information about a recent promotion for yet another former Goldman Sachs executive who will have enforcement duties involving – yes, you guessed it, Goldman Sachs.

For those who’ve lamented the various links between Goldman Sachs and the financial regulatory system and the Federal government, this certainly isn’t the best of news.

Bloomberg reports that the Securities Exchange Commission has named Adam Storch, a former Goldman exec, as its enforcement division’s first chief operating officer. Storch is all of 29 years old and previously worked in Goldman’s business intelligence unit. I’m sure that he is a very smart guy but I do wonder about his level of experience and his ties to Goldman.

Here’s Bloomberg’s take on the matter:

“The COO, who started Oct. 13, has “a great deal of background” in technology and managing processes and the pace of work, Robert Khuzami, head of enforcement, said yesterday in Washington. Storch, who worked since 2004 in a unit at Goldman Sachs that reviewed contracts and transactions for signs of fraud, will be charged with making the unit more efficient. Storch, reached by telephone at the SEC, declined to comment.”

According to what appears to be his LinkedIn profile, Storch spent his undergraduate years at the State University Of New York At Buffalo, and earned an MBA from New York University’s Stern School Of Business. Other experience — besides Goldman — includes working as a Senior Analyst at Deloitte and Touche.

I guess it is truly more of In Goldman Sachs We Trust. Some even say that Goldman is the power behind the imperial presidency that has only expanded under first George W. Bush and now Barack Obama.

Read more at: Huffington Post

Tweet This Post