The GS 3Q $3.4 Billion Profit Miracle: "Goldman Sachs Is Getting Rich On The Back Of The American Taxpayer."
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Goldman's stock is up 155% since March, and the company netted $3.4 billion in profits last quarter, quadrupling it's earnings from a year ago. How did they do it?
- "Through magic, we will show how a single investment bank can make more than $3 billion in cash in 3 months time and create absolutely NO VALUE as unemployment skyrockets, foreclosures soar and the dollar collapses."
The short answer is they used $70 billion from taxpayers to acquire assets on the cheap during the crisis last fall when very few others had access to capital and the deals were hot, and now the asset prices have recovered in value:
- "Goldman Sachs is getting rich on the back of the American taxpayer."
- The question is not why did we bail out the banks. The question is why did we give the banks billions of our money so they could then buy assets by the trillions with our money and they keep the profits?
The answer is Henry Paulson, former Goldman Sachs CEO who ran the US Treasury, and Tim Geithner, current Treasury Secretary who at the time ran the New York Federal Reserve, willingly delivered Goldman Sachs the $70 Billion -- with no strings attached.
So what can we do?
- We must demand the return of those investment gains made with America's money - it was stolen from us and we can get it back. Demand Claw Backs - and not from the future but from the past - That is where our money is.
- We must have an exchange for all credit derivatives -- the current version is riddled with loopholes that let banks avoid transparency by mobbing offshore and prohibiting government regulators from being able to force the use of the exchange by the banks.
The Goldman Sachs bailout breaks down as follows:
- $10 billion from TARP
- $11 billion from the Federal Reserve
- $30 billion from the FDIC
- $13 billion from AIG
Please see Glenn Greenwald's latest:
Another Goldman Executive Named To Key Government Post As Its Profits Skyrocket
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Endeavor not to miss this one. One of Ratigan's best ever.
Oct 19, 2009 at 7:55 PM
Reader Comments (22)
http://www.businessinsider.com/if-were-gonna-bash-goldman-lets-get-our-numbers-correct-2009-10
http://www.businessinsider.com//tim-geithner-gods-gift-to-wall-street
Bailout Helps Fuel a New Era of Wall Street Wealth
http://www.nytimes.com/2009/10/17/business/economy/17wall.html?_r=1&hp
http://www.businessinsider.com/jpmorgan-citi-charge-with-cheating-on-student-loans-2009-10
http://www.economicpolicyjournal.com/2009/10/is-federal-reserve-still-shoveling.html
http://blogs.reuters.com/rolfe-winkler/2009/10/15/meredith-whitney-asks-the-tough-questions/
http://dealbook.blogs.nytimes.com/2009/10/08/a-look-inside-geithners-appointment-book/
The Rich Have Stolen the Economy
By PAUL CRAIG ROBERTS
http://www.counterpunch.org/roberts10162009.html
Off topic but interesting...
Goldman Sachs rant...watch this clip...lots of profanity...start at the 3 minute mark...
In the frantic hours before Barclays Plc sought bankruptcy court approval to buy most of Lehman Brothers Holdings Inc.’s assets last year, executives at both firms were concerned the deal would fall apart if the U.K. bank acted “like pigs” in picking over Lehman’s carcass.
The Nicolas Cage Liquidation Sale Is On
http://www.reuters.com/article/pressReleasesMolt/idUSTRE59I4L620091019
http://www.pokernewsdaily.com/barney-frank-18-others-issue-letter-to-geithner-bernanke-about-uigea-rules-5709/
And it is about time…
Associated Depressed - TEHRAN, Iran - Iran vowed retaliation Monday after accusing Pakistan, the U.S. and Britain of aiding Sunni militants who stunned the Islamic regime with a suicide bombing that killed top Revolutionary Guard commanders and dozens of others.
Go on punk, make my day.
wtf are you talking about, or are you just trying to get a rise out of us angry peace-mongers? please, if you want to make light of the murder of Persians, do it somewhere else. it has ZERO (0) to do with the bailouts, anyway. if, some years from now, we finally get rid of your boy Barry, and we still haven't bombed Iran, then by all means, make all the jokes you want. but you know, of course, that the in-over-his-head Imbecile in Chief is liable to be bullied or tricked, by people much smarter and much more cagey than he is, into murdering innocent people there. really, it's not even close to being funny.
Barack W. Obama. Warmonger. Idiot. Raging, over-the-top Bailout Socialist.
Remember, "bomb bomb bomb, bomb Iran.
He has had a looooong relationship with the banksters.
It is both parties...
Hang them High next
http://www.bloomberg.com/apps/news?pid=20601087&sid=azDE7Q.4qkTo
Dark Pool Trade Limit Said to Be Cut 95% in SEC Plan (Update3)
Oathkeepers - Defenders of the Constitution - Share this with ALL Military and Law Enforcement
http://www.youtube.com/watch?v=3I32j3rTkHk&NR=1
Gerald Celente-Their is NO Economic Recovery-Its A COVERUP
http://www.youtube.com/watch?v=efuepuPb2u8