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> Topic:
"The Return of Greed—Banks Reopen Global Casino"
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Topic: "The Return of Greed—Banks Reopen Global Casino" (Read 1936 times)
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WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
"The Return of Greed—Banks Reopen Global Casino"
«
on:
August 01, 2009, 09:58:43 PM »
Quote
Less than a year after the eruption of a financial crisis that has devastated economies across the globe and wiped out an estimated 40 percent of the world’s wealth, a number of major banks and investment houses are posting record profits and setting aside sharply higher—in some cases, record—sums for salaries and bonuses to their employees.
In 2008, Deutsche Bank recorded the biggest losses in its history—€3.9 billion ($5.5 billion). How is this turn-around to be explained?
A recent article in Der Spiegel magazine entitled
“The Return of Greed—Banks Reopen Global Casino”
provides some insight. The article cites a former leading financier, who declares,
“A few years ago, the investment banks got rich on their customers’ money. When that resource became too small, they fell back on their shareholders’ money. Now they've got hold of the biggest pool the world can offer: taxpayers’ money.”
The article quotes the head of German operations of an international investment bank, who declares,
“The taxpayer is paying for the chips at the casino. It doesn't get any better.”
Quote
Reimbursement for employees at Goldman Sachs is on track to reach an average of $770,000 this year, the highest annual compensation in the bank’s history.
Quote
Ackermann sweeps aside the charge that the banking community bears responsibility for the present crisis and declares that any moves toward creating smaller banks would be unproductive. Instead, he calls for new measures to protect the interests of “complex global financial institutions,” i.e., major banks such as Deutsche Bank.
Quote
The CEOs of Goldman Sachs, JPMorgan Chase and Deutsche Bank regard the current crisis, for which they are largely responsible, as an opportunity, and they are ruthlessly exploiting it. For the working class, this means an immense intensification in the exploitation of labour and the destruction of all that remains of social gains won in more than a century of struggle.
read more here -
http://www.australia.to/index.php?option=com_content&view=article&id=13151:international-banks-exploit-the-crisis-to-reap-massive-profits&catid=157:just-in
Making all this money on the backs of Main Street and working people? What do any of these banks contribute to the nations that bailed them out? Before the crisis? After?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Why didn't the greedy reap their reward last year? What? Send More Money?
«
Reply #1 on:
August 10, 2009, 06:19:40 PM »
Quote
Goldman had more at stake than anybody else in seeing that AIG survived. Critics contend, although Goldman hotly rejects this, that Goldman could have crumbled if the insurer had failed to cough up its dues. There is no doubt that the treasury's decision to rescue AIG worked hugely in Goldman's favour.
Paulson's decisions last year were uneven. He helped put together a rescue takeover of Bear Stearns, then allowed Lehman Brothers to go bust. Days later, he decided that AIG needed to be propped up.
There's no doubt that one of the reasons was that he feared that bankruptcy of AIG would destabilise more financial institutions. The biggest one of them was Goldman
.
Quote
...Paulson probably believed that Goldman was critical to the survival of the financial system. Others might disagree.
How much of the pie does Goldman currently have access to? FDIC? Federal Reserve?
from the comments -
Quote
mahavati
10 Aug 09, 9:19pm (about 1 hour ago)
"He helped put together a rescue takeover of Bear Stearns, then allowed Lehman Brothers to go bust."
I agree. By 'allowing' he made a deliberate decision to do nothing.
History will find that Paulson and Bush letting Lehman go bust was the biggest blunder of that incompetent administration's tenure.
They didn't have a clue.
If it wasn't a blunder then it's even more sinister.
Goldmans revenge!!
That's the trouble when you allow senior ex-executives of powerfull financial institutions to take powerfull government positions.
They not only bring invaluable experience, they also bring mind-sets, old favours, obligations, prejudices, etc...
http://www.guardian.co.uk/business/andrew-clark-on-america/2009/aug/10/goldman-sachs-aig-treasury
Who owns the private "Federal Reserve"? Who get's the big bucks?
Isn't it possible there are some conflicing interests?
Maybe there should be laws against rotating between the Treasury, Wall Street, and The Federal Reserve?
Didn't Barack campaign for change? Yet, many of his administration are from the Clinton White House. How many were lobbyists? Bankers? Part of the Job Rotation?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: "The Return of Greed—Banks Reopen Global Casino"
«
Reply #2 on:
August 25, 2009, 08:57:41 PM »
Quote
Goldman Sachs Caught Frontrunning....again.
Report August 24, 2009 – Comments (5) | RELATED TICKERS: GS , BLO , S
In a Wall Street Journal Article, accusations that Goldman Sachs is at it again have resurfaced in the MSM. How come none of this is the least bit surprising? Were we expecting them to GET religion on the HFT Trading Issue, the 'flash' order scandal, or their Crony Capitalism strategies they are utilizing in packing the US Treasury and Government with their own Alumni? Now, The Wall Street Journal has shown that their 'stock recommendations' are insider deals as well. Where does the Chain of Fraud end? Maybe it doesn't.
...Since the Motley Fool has now CENSORED the last two Blogs I have posted on Goldman Sachs, we should all know who, or what, is pushing back at us. Isn't it all very obvious.
http://caps.fool.com/Blogs/ViewPost.aspx?bpid=248175&t=01006181459549445759
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: "The Return of Greed—Banks Reopen Global Casino"
«
Reply #3 on:
August 25, 2009, 09:08:08 PM »
I couldn't find the frontrunning article at
http://www.thedailybeast.com/cheat-sheet/item/goldman-tips-off-biggest-clients/unfair/?cid=tag:all1
,
a comment
Quote
jst4horses
Hello Eric Holder:
Another for your list of prosecutions.
Didn't Martha get hard time for listening to her stock guy that she paid to take care of her stocks.
About time some of these other dahlings go visit Bernie.
Flag It|Permalink|Reply2:59 am, Aug 25, 2009
but I did find this -
Quote
Questions raised over Goldman research policy
NEW YORK (MarketWatch) -- Goldman Sachs Group Inc. regularly provides its top clients with stock-trading tips that differ from the firm's published research reports, The Wall Street Journal reported on Monday.
http://www.marketwatch.com/story/questions-raised-over-goldman-research-policy-2009-08-24
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: "The Return of Greed—Banks Reopen Global Casino"
«
Reply #4 on:
August 27, 2009, 11:18:13 AM »
Quote
Aug. 27 (Bloomberg) -- Goldman Sachs Group Inc. and Chilean brokerage and investment bank Celfin Capital SA agreed to develop derivative products for Chilean pension funds, Diario Financiero said.
Goldman Sachs and Celfin will create and market financial instruments, including cross-currency and interest-rate swaps, for the South American country’s private pension funds...
http://www.bloomberg.com/apps/news?pid=20601086&sid=aJGZdgDeLqPA
I wonder if U.S. taxpayer money is at risk? Will bailout Goldman Sachs again? Goldman makes big profits, taxpayers pay off the debt to save them for generations?
Logged
All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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