Goldman Sachs in London: Massive Profits, Fat Bonuses.
By Susie Madrak Sunday Jun 21, 2009 4:00pmDo you ever get the feeling that the class war is over, and their side won? Money for these guys - but massive conniptions over paying for national health care?
Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm's 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms.
A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm.
Staff in London were briefed last week on the banking and securities company's prospects and told they could look forward to bumper bonuses.
Figures next month detailing the firm's second-quarter earnings are expected to show a further jump in profits. Warren Buffett, who bought $5bn of the company's shares in January, has already made a $1bn gain on his investment.
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too many bought into the reagan trickle down myth
so we sat around over the past 20 years while the gap widened
now, its too late
barring a world wide revolution of the working class...we are done
and no one should be surprised by this
but wait till you hear the faux outrage from the house floor come monday
Knowing these people they probably are brainstorming their next shearing of the American public ten years down the line.
Did you expect them to have a conscience and say, "Our bad, we're sorry. We were little piggies and now we're ready to share"?
Money, guns, any form of power, will never be relinquished willingly by these people. It will have to be pried from their cold dead fingers.
is trying to make people forget we've just been victims of the most massive ripoff (2001-2008) in U.S. History.
We gave them billions for free and they turned around and used it to make record profits. Big fucking surprise. If they would give me a shit load of money, no strings or risk, I may even be able to make it work.
Please tie this in with the U.S.. Are only the European branches of Goldman Sachs, JP Morgan and Morgan Stanley (along with Barclays Capital, Credit Suisse and Deutsche Bank) having great years? How are the American offices doing? Was bailout money flowing through London? Are any of these profits flowing back to the US? Back to the government? Back to us?
to the european branches?
where have you been?
I'm just wondering if there are any banking laws in the UK that keep it from flowing back this way, I guess. And if there are any of our laws that keep our government from getting something back to this side of the pond.
i dont know
with all the changes in the eu...i havent the slightest
compartmentalized. At least in the healthier of the banking houses, the ones that didn't get hit as hard.
And I think ya gotta figure that a lot of these multi-tentacled multinationals compartmentalized the losses. Look at AIG: It seems that their enormous losses came from a few of their many appendages, the only difference between AIG and, say, Goldman Sachs is that AIG was hemorrhaging critically from those few tentacles, where the wounds suffered by Goldman Sachs were much closer to superficial.
everyone i know, every company i work for or with has been forced to cut back
so how the fuck are these financial institutions able to give bonuses?
i dont want to be rich...i would just like not to worry about what tomorrow may bring
these bonuses are going only to a branch office that didn't cause the mess, and isn't obligated to operate under US law.
I'm not suggesting it would be right or just. Simply legal.
but how much you wanna bet that those bonuses are coming straight from american tax payer dollars
its legal thievery
bugs me that individuals running ponzi schemes are going to prison...but we have all been a part of the greatest ponzi scheme ever divised by man
reaganomics
ya think?
It also doesn't hurt to have dozens of former employees in positions at the highest levels of our government making sure you have that edge. Free market competition and all.
anytime soon that's obvious.
The Gov is making it as hard as possible to pay the money back.
This government doesn't want the people's money repaid, this government wants to control the financial system. Pretty obvious their motivation, they're grabbing as fast as they can at all other areas of our economy.
the only thing that is ever going to work for the good of society, the only thing that will ever bring an end to their sociopathic predation, is to nationalize all banks and financial intitutions. They serve noboy but themselves, they will never will serve any other than themselves, even if they bring about the ruin of the nation, or the world. There will always be counter measures to any and all regulation, and we seem to have some deep-seated unwillingness to hold these social parasites criminally liable when they break the laws. Until we nationalize them, they're going to keep doing what they do; time will only embolden them.
then kick back and collect interest checks for a "living".
the time for nationalization is over
maybe the new rules will have an effect...but im not optimistic
banks did not need to be nationalized as long as the new deal firewalls were in effect
but we the people fell asleep at the wheel as a corrupt repuke congress used an emasculated clinton to rip those firewalls assunder
and then the bush crime family drove trucks right through them
... you're letting chris dodd off the hook WAY too easily.
Uh, me remembers it was Barney Frank and Chris Dodd driving the free house program trucks right through that brought the financial house down. Weren't it?
it was the bush crime family.
You know you can post your lies and bullshit all over the internet. It will not make your made up fantastical Thug talking points come true. At theis point, you are better off believing you are a pr0n star.
And really, we could class your lies as pornographic.
I got news for you Paul, The financial elite who run the "global banking industrial complex" are giggling and snickering at your "nationalize the banks" suggestion.
no one wants to namecheck the 9 men behind the federal reserve, or the men behind the men?
i'd wager the top dog is a real "rotten child"...
Well........
Execs of some bailed-out banks have kept use of corporate jets for personal use, WSJ says
..........flight records show that executives at Regions Financial Corp., Bank of America Corp., Morgan Stanley and Citigroup Inc. had used corporate jets for personal use throughout the financial crisis. The Journal reviewed Federal Aviation Administration flight records of 14 federally aided banks that register planes in their own names. http://finance.sympatico.msn.ca/investing/new...
So......yep
the TARP clusterfuck has now come full circle: the insolvent "banks", propped up with taxpayer money, can pay off the TARP loan before any CRUCIAL regulations are imposed. the major banks can now, deceptively, assure the public that they are ok, and that the system is fine as it is, and that the problems before were merely a black swan.
the US treasury-banking cabal continues on unabated, and the govt-corp is no different under obama than it was under clinton.
either obama is a total fraud, or bill hicks was right.
6 months of an obama presidency, where he has been trying to clean up a 30 year mess, and has been forced to fight both sides of the aisle
but he is the fraud?
you guys will never be happy
so the repukes can retake congress and you get what you deserve
me, im going to live on an island
so, to clean up a 30 year mess, let's see what he does...
-takes larry summers are his top econ adviser...
-puts timmy geithner in charge of the treasury...
-and surrounds himself with other rubinites...
he sure was handed a "30 year mess" (thanks to reagan/bush/clinton/bush), i do not discount that. but, when he appoints the people that are largely responsible for getting us into this mess he is either woefully ignorant of the role these people played, or he supports their policies. which do you think it is?
Your math is skewed. The New Deal started in '32. What you're looking at is a 70 year mess.
The we have to go back before the Great Depression.
So you blame Hoover?
It is too early to call him a total fraud. *can you believe I'm saying this?*
The problem is, as Bill Maher states, their are conservatives (Dems) and then there are complete nutcases (Rep)....libs, progressives and leftists, all hoped, prayed and wished with all their might that the kooks of the Rethuglican party would lose control of congress, the senate and the presidency, and that all would be wonderful if that happened. Disillusioned? Lying to themselves? Only remembering the good things from Democrats of the past, and not all the bad things?
Did you know the origins of financial deregulation, for example, were really started by a Democrat BEFORE Ronnie Raygun? Didn't know that? And then continued under Clinton.
you must be referring to paul volcker's actions at the fed
I actually was referring to the totally bipartisan fashion that this entire house of cards fiasco has been done. Both parties fully supported deregulation. Sure Reagan was instrumental, but any more than Clinton? Hell, Reagan barely knew where the hell he was most of the time. Although he did introduce Greenspan to the world, so guess maybe he is as responsible for the deregulated mess.
... i didn't call obama a total fraud.
i left open the possibility bill hicks was right.
you clicked on the link, right?
it's time to speculate openly over what ways obama might be coerced through... his actions don't match up to the campaign rhetoric AT ALL.
"change you can believe in"?
it's about $0.37 -and that's if you're lucky.
makes one speculate just who really runs Washington, doesn't it? I mean, here is by far the most popular president in years, and yet, rather than reward those who brought him to power through votes, he seems to be rewarding those in Washington that represent the opposite of change. I've been his biggest critic, but still cannot grasp just what the heck is going on in his administration. As you say, he is either being forced to stick with the status quo, or he is truly nothing more than the American Idol President, all flash, with "brought to you in part by..." advertisements attached to his and his family's clothing. Something does smell, and it sure as heck isn't a change. BTW, love Bill Hicks!
A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm.
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Goldman Sachs is the ultimate insider. After all, Hank Paulson shoveled 500 million of the shareholders money into his pocket, then shoveled tax paupers money into Goldman.
too many bought into the reagan trickle down myth
-------------------------
All economics is myth. The math is that every inflation results in a deflation. All else is smoke and mirrors. Inflation peaked during Carter and disinflation, leading to deflation, began under Reagan.
The People of Iran are showing us the ONLY way we can beat the bastard capitalist pigs. Rise up and destroy them once and for all. But Americans don't have the guts.
careful now.
They don't. Plus they're too busy watching American Idol and worrying about whether Brangelina broke up. Or they think homos getting married is more important.
If the bush/chenny cabal had anything to do with it, it was a ripoff!
Planned before they were appointed.
The tarp was just the last thing bush/chenny thought they could get away with.
The whole last eight years has been the biggest heist ever preformed. Some of the people just love it.
republicanism is a mental illness!
Like Dumbya said 7 or 8 years ago when addressing "Muh Base"."Some call you the haves and have mores,I call you Muh Base" !!Now "Muh Base" are the haves and have it alls,and We "The Peons" are now We the "Pissed On's".I am shocked--shocked I Say that Gambling has been going on in "Muh Base" !!!!!!
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