By Dylan Ratigan http://www.huffingtonpost.com/dylan-ratigan/goldman-sachs-black-magic_b_324095.html How did Goldman, Sachs & Co. -- saved a year ago by the US taxpayer -- magically make $3 billion in 3 months a year later? This as the US dollar collapses, unemployment soars and foreclosures hit a record? Here is the Goldman, Sachs & Co. revenue break down for the past 3 months: * Financial Advisory-M/A: 325 million. * Equity Underwriting: 363 million. * Debt Underwriting: 211 million. * Trading-Principal Investments: 10 billion. Notice that 10 billion is much bigger than two or three hundred million made from the traditional Wall Street businesses. That $10 billion is evidence of their magic trick. For we the taxpayer gave Goldman Sachs the following: 1. 10 Billion in TARP 2. 11 Billion from the Fed 3. 30 Billion from the FDIC 4. 13 Billion from AIG For a grand total of almost $70 Billion (Goldman along with every other bank and AIG would have been defunct without this money). Goldman at the apex of the crisis is delivered this money -- which they then use to borrow against at $20 or $30 for every $1. Which at 30x equals $2.1 trillion in available capital. As one of the only banks in the world with money at the time, Goldman Sachs was able to buy billions in distressed assets around the world at record low prices -- only to watch $23.7 trillion in US taxpayer money be deployed during the past year to re-inflate the asset's values that Goldman had purchased with our tax money. 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? 1. 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. 2. 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. So how do you do it? Read more at: http://www.huffingtonpost.com/dylan-ratigan/goldman-sachs-black-magic_b_324095.html
That article was really lacking. Sounded like he spent 2 minutes on it while he was stuck in traffic on the freeway.
Keep in mind that Ratigan is now working for MSNBC and writing for Huffington Post. This kind of incomplete analysis is right in the wheelhouse of those two outlets. Don't fool yourself into thinking that he did any more work on this piece of garbage than he did fixing his hair. It's simply what the boss wants to hear, that's all. You can either believe this or do some of your own research and draw your own conclusion. Cutting and pasting from Huffpo doesn't exactly qualify as research...believe this nonsense at your own risk. Here's a hint to get you started...some of the figures that Ratigan cites as being given to GS are double counted...can you see where????
Arianna Huffington... Born in Greece, raised in the U.K. and sounds like Zsa-Zsa Gabor, who was from Hungary.
+1 There is no "FAIL" in your logic. This was a case of the key people in the government looking-out for their buddies at GS, and making them ultra-wealthy at the expense of Joe Taxpayer (and their competition, who was destroyed in the process). While not totally corrupt and evil, it does come pretty close to it. And if any of you geniuses doubt what I'm saying here, why-o-why is the Vampire Squid demanding that his evil minions stay extremely quite about their massive payouts and bonuses, and is desperately trying to figure-out a way to save face to the American public.
650K average salary for a company that employs 33,000 people. Yea, that sounds fair. Goldman said its bonuses reflected performance and were necessary to retain top staff. Wal Mart was aggressively pursuing these "gurus" that would be out of a job last year if they weren't bailed out.
You think he wakes up in a cold sweat, repetitive nightmares of angry mobs carrying pitchforks and torches maybe? Anyway, 10:1 the east end of Long Island would rather drag his wife out to the street and beat her to a pulp before setting their sights on him.