Minimum bonus $200 million? How Goldman Sachs Ate Your Money...

[WhiskeyGirl]

How Goldman Sachs Ate Your Money

In an earlier column, “Goldman Sachs’ Obscene Bonuses,” which appeared in The Black Star News on March 1, 2007, I argued that Goldman’s 2006 bonuses were the result of questionable accounting.

 

In 2007, the year of the financial crisis, when Goldman’s bonuses were astronomical- more like the bonuses of a hedge fund than a publicly traded company- 50 employees of Goldman Sachs received a minimum bonus of $20 million. That is $1 billion of your money.

Remember when the Treasury Department had those talks with AIG concerning a bailout of AIG?  One Wall Street executive was present during those talks between AIG, the Federal Reserve System and the Treasury, presided over by Hank Paulson, former Chairman of Goldman Sachs.

And who was that one Wall Street executive?

...Lloyd Blankfein,  Paulson’s successor as Chairman of Goldman Sachs.

...the taxpayer paid Goldman that $20 billion, which AIG owed to Goldman, via the bailout.

But guess what? 

Of that $20 billion, $1 billion went to pay the bonuses of 50 individuals at Goldman...Paulson and Goldman knew that Goldman would not go out of business if it did not receive the $20 billion.  Goldman would merely have shown a loss of  $20 billion- if it did not receive the money.

Goldman adheres to a standard, when the interests of the public are at stake of “Caveat emptor,” or in English “Let the buyer beware.”  Yet, when Goldman’s interests are at stake, it is always Goldman before country.

...Goldman’s political influence is so great that Congress permitted the American government to pay Goldman $20 billion.

 

read more here -
http://blackstarnews.com/?c=125&a=5646