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Author Topic: "Goldman Sach's golden parachute" - Funded by taxpayers?  (Read 911 times)
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WhiskeyGirl
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« on: August 18, 2009, 12:24:45 PM »

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From the standpoint of maximising shareholder value or bonuses for executives there is no reason that Goldman should not take on more risk. After all, they are betting with the taxpayers' money, not their own. If the taxpayers are prepared to front Goldman the money for its gambling, why wouldn't smart bankers like Blankfein take as much money as possible and take the biggest risks possible? Wouldn't any gambler make big bets at the casino table if he's playing with the house's money?

Of course it is remarkable that the Federal Reserve Board and the Treasury are allowing Goldman to continue to operate just as it did in the pre-crash era. While nothing may have changed for Blankfein and the other Goldman honchos, Goldman's legal status has changed. It, along with Morgan Stanley, converted from being an investment bank to being a bank holding company last October at the high point of the financial crisis.

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But the really great thing about Goldman is that it makes no effort to disguise the fact that it is taking big risks with the taxpayers' money and handing out the winnings to its top traders. Everything is entirely out in the open. (Actually, not everything is open. We don't know how much Goldman has borrowed through the Fed's special lending facilities.)


Audit the Federal Reserve?

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Goldman admits that it is taking big trading risks. It announced that it is putting aside $9bn in bonuses. There is no need for any conspiracies in this picture. Goldman has said that it's ripping off the taxpayers and getting rich in the process. And, there is nothing anyone can do about it because they own the people in power.

Aren't there smart people that can run our Treasury and Federal Reserve that HAVEN't work at Goldman or other large banks, hedge funds, or the like?

http://www.guardian.co.uk/commentisfree/cifamerica/2009/aug/17/goldman-sachs-us-economy-tarp

If there's a golden parachute...Goldman gets the gold, taxpayers get the shaft?

What new economic bomb awaits? 
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