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Taxpayer Sinkhole In Washington - Please help me understand...
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WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Taxpayer Sinkhole In Washington - Please help me understand...
«
on:
November 01, 2009, 06:11:56 AM »
I've always wondered WHY a company like Goldman Sachs would need a $10 billion dollar bailout from taxpayers.
Why should taxpayers have gone out and created generational debt, something that amounts to slavery to
save
companies like Goldman?
Why are there no stories of Goldman being forced to merge/absorb other failing entities like itself? Lehman for example?
Other banks seem to have been under some pressure to absorb other failing entities, to created even bigger companies, all being financed by the taxpayer funded sinkhole, courtesy of Congress, the president, Treasury, and Federal Reserve?
Why is it that this group seems to have a ‘job rotation’ that includes Goldman?
How is it even possible that a company needs $10 billion from taxpayers to save itself, when their bonuses exceed $10 billion a year? A company that reportedly may pay out over $20 billion in 2009?
Did Goldman really need that money, or was it a cover story?
Maybe they didn’t want to look out of place with the other losers in the taxpayer/slavery sinkhole?
Where are the financial statements to support that need? Maybe it was just a phone call, no documentation needed.
Did Goldman really need help?
Why aren’t the books at the Federal Reserve open to rigorous audits?
Who’s keeping an eye on the size of the sinkhole?
For some reason, the government does ‘stress’ tests on big banks, small banks, and now under the guise of healthcare, wants to stick it’s nose into every business books like never before?
Why are they (like the Barney committee) avoiding the financial wheeling and dealings at the Federal Reserve?
Something isn’t right in Washington, and all the fingers seem to point again at secret organizations, secret/closed door wheelings and dealings, and a job rotation.
Anyone else wonder why Goldman needed that $10 billion?
The Obama administration just seems to focus on make the sinkhole deeper and throwing in more good money/labor from the folks on Main Street.
Why are Goldman and the Federal Reserve seemingly off limits to the light of day?
jmho
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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
Re: Taxpayer Sinkhole In Washington - Please help me understand...
«
Reply #1 on:
November 01, 2009, 06:31:03 AM »
Quote
Goldman Sachs, we learned earlier this month, may end up paying more than $20 billion in bonuses to its employees in 2009.
The controversial bonuses that American Insurance Group (AIG) had wanted to pay had been intended to reward performance before the company collapsed, and
most of the recipients appear to have had no involvement in the decisions that precipitated the collapse.
The Goldman bonuses, in contrast, were intended to reward Goldman's employees for their outstanding performance during the economic crisis. The performance was made possible by the government's having bailed out Goldman in September 2008, when it is believed that, upon Lehman's declaring bankruptcy, Morgan Stanley was 24 hours away from following suit--and Goldman Sachs 72 hours.
It was saved by receipt of bailout money and, more important, by being permitted to convert from a broker-dealer to a bank holding company.
That entitled it to borrow from the Federal Reserve -- unlike Lehman Brothers, which was denied a Fed loan because it was a non-bank.
That was not a sound basis for denying it a loan, but Goldman would have been in the same boat, had it not converted.
Why bail out any of these companies? It doesn’t seem to be a sound business decisions for taxpayers. How many generations will be on the hook for this debt created by Congress and the president? How many will pay for the tsunami of debt being created by Congress and the president today?
Who is going to explain to Americans how hyperinflation works? Gee prices double every two months and your paycheck (if you’re lucky to have a job) do not? Maybe folks will wake up before it get’s worse?
Do most Americans understand how hyperinflation works? How it destroys a lifetime of saving? There is no security unless you have gold or other assets that don’t lose value?
I don’t think anyone has done that kind of ‘splainin yet.
Quote
Goldman's 2009 profits -- the source of the bonuses -- are not from lending, however, but from proprietary trading.
That is, it has been using its own capital for speculation: buying stocks and bonds, and selling stocks and bonds short, and engaging in other speculative maneuvers.
There is nothing wrong with speculation, but its social value is not as great as the profits of successful speculators.
The social value of speculation is its contribution to a more accurate valuation of assets, in this case of stocks and bonds. The contribution by an individual speculator, even one as large and expert as Goldman Sachs, must certainly be a great deal smaller than its profits.
If Goldman Sachs makes $10 billion trading stocks and bonds, the individuals or firms on the other side of its transactions are $10 billion poorer. It is because the profits from successful trading so greatly exceed the social value of that trading that there is suspicion that too much IQ is being sucked into finance.
Who’s money is being used to finance all this trading? Is it being done in anonymous Dark Pools? How do anonymous traders in Dark Pools pay taxes on their profits?
Are the profits generated from HFT? Flashing? Is there any social value in holding a stock or bond for less than a second? Repeat multiple times a day?
Why isn’t all this trading public? Reported? Tracked?
http://correspondents.theatlantic.com/richard_posner/2009/10/the_goldman_sachs_bonuses.php
It’s OK. Obama gave us like $15 extra every in our paycheck. How much debt did that $15 add onto the backs of future generations? How far will the Obama administration kick that can into the future?
How much will that $15 erode the savings and investments of millions of Americans? Americans who SAVED for their retirements and children’s education?
It’s OK. Obamacare is on the way. Everything, but secret wheelings and dealings on Wall Street, the Federal Reserve, and Treasury will be taxed, and borrowed to pay for this monster.
Washington doesn’t care if they lift another 20% from your weekly check, they’re already taking care of you by giving you that $15.
You didn’t need that money anyway. You were tricked into causing the great derivative failure of 2008, even though you didn’t know what a derivative was.
Now there is a new market on the horizon…energy trading. Imagine the profits that will be rolling in!!! Obama plans to bankrupt the coal industry and anyone using coal. Just like the folks on Main Street.
How much will Wall Street bonuses be next year for the grim reapers?
Will they be measured in trillions, do you think?
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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: Taxpayer Sinkhole In Washington - Please help me understand...
«
Reply #2 on:
November 01, 2009, 06:32:28 AM »
Is there a chart somewhere that compares the number of employees that jumped ship at Goldman during the 'crisis'?
I'd like to know how many stayed put compared to other Wall Street wonders?
Why would anyone leave the gravy train?
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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