WTF. Goldman Sachs is the poster kid of what is wrong with our country. The blogosphere is alive with folks ranking on Goldman Sachs and with good reason. First, you have the revolving door between industry and government where folks like Summers, Rubin, Geithner, Paulson, Neel Cash n’ Carry, et al work in private commerce, then they get jobs in the public sector where they change private commercial interests into public policy then it’s back through the revolving door into private industry to rake in the big bucks. Or as the NYT wrote, Government Sachs:
“While many Wall Streeters have made the trek to Washington, there is no question that the axis of power at the Treasury Department tilts toward Goldman. That has led some to assume that the interests of the bank, and Wall Street more broadly, are the first priority. There is also the question of whether the department’s actions benefit the personal finances of the former Goldman executives and their friends.”
So this private firm, Goldman Sachs, owned by private investors gets an enormous public bailout totaling BILLIONS of dollars in public funds. Predictably Goldman Sachs stock goes up, enriching each private investor. This was an enormous transfer of wealth from the pockets of hairdressers, grocery baggers, carpenters, teachers, cops, doctors, pet groomers and lawyers into the pockets of the owners of Goldman Sachs.
“Goldman Sachs Group Inc executives sold almost $700 million worth of stock since the collapse of rival Lehman Brothers last year, the Financial Times said on Monday. The newspaper said that most of the stock sales took place while the biggest U.S. investment bank was bailed out by the government with $10 billion of taxpayer money, according to filings with the Securities and Exchange Commission.”
You got that? Goldman Sachs was sucking because it overextended itself. The taxpayers bailed it out. Stock prices went up and executives sold, profited on the backs of taxpayers.
When my business went belly up. I got no bailout. I sold everything I had, barely held onto my house and paid the debt off. In 2007 three bigshots at Goldman each took home more than $70,000,000 in pay EACH. Then a year later they come to American wage earners with cup in hand. Ska-Rew!!
So last year right around Thanksgiving Goldman was trading at $52. Since then on the backs of wage earners it has tripled in value. Who is getting the benefit of that gain? It sure as hell isn’t the American wage earner taxpayer who generously contributed to bailing out Goldman.
And of course Goldman is back to paying out million dollar bonuses to the select few while the vast majority of Americans are still suffering through a personal financial crisis.
I’m really not qualified to write on Goldman, for that I turn to someone much better educated than me, Mike Morgan. I strongly suggest reading Mr. Morgan on a regular basis.
“Shame on Meredith – Today she prostituted herself in her nauseating glowing remarks about Goldman Sachs. What Meredith failed to point out, was exactly how and where Goldman Sachs is making their money . . . on the backs of pension funds, endowments and other fiduciary money that they are manipulating and front running. I should also mention, Meredith has failed to even hint at the problems facing Goldman Sachs as a going concern.”
Then I hear that some trading software was stolen from Government Sachs and that this software would allow the owners to manipulate the marketplace. “The 34-year-old prosecutor also dropped this bombshell: “The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways.” So Goldman admits to having software that can manipulate markets. Let’s see what happens to them.
Make no mistake about it, there are a very few individuals at the top of the food chain who are running things for their benefit. Everything else – Republican, Democrat, Palestinian, Israeli, white, black, gay, straight, pro-life, pro-choice is nothing but frosting. The real nuts of the matter to the powerful few is the accumulation of wealth and power.
GET OUTSIDE EVERYDAY!! ©
Okay folks, any mushroom experts out there? I saw this pretty little mushroom so I figured I’d share it. I think that it is amanita muscaria aka magic mushroom. I’m not certain because I don’t see the rings around the stem, but I do think that I see the universal veil near the base of the cap, but no rings on the stem. Any of you know for sure, or have a better educated guess than me?