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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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