CNNMoney: Firm wants to return bailout bucks

CNN Money ^ | February 6, 2009 | Davids Ellis

[Azeem]

NEW YORK (CNNMoney.com) -- Goldman Sachs wants to give back the $10 billion it received from the government last year. But it may not be that simple.

David Viniar, Goldman Sachs' (GS, Fortune 500) chief financial officer, made headlines Wednesday when he told attendees of a Credit Suisse conference that he would like to pay back the $10 billion in capital it received from the government last fall.

Public distaste for the nation's banking industry has boiled over in recent days, amid signs that major financial firms have done seemingly little to rein in their spending despite the fact that they are now getting taxpayer funding.

[Azeem]

Last line says it all. Replace Capitalism with Fascism.

"What it really comes down to is Goldman Sachs does not have control of its own destiny," said James Ellman, head of San Francisco-based Seacliff Capital, a hedge fund specializing in financial services. "The President of the United States does and the President of the United States will tell us in 3 to 4 days what Goldman Sachs' options are."

[RC one]

Works for me.

[Diogenesis]

"Sen. Dodd has been rewarded in the 2008 election cycle with $7.65 million in campaign contributions
he took in $11.7 million in all — from the securities, insurance, real-estate and commercial-banking industries...
Citigroup, $310,294; SAC Capital Partners, $282,000; United Technologies, $263,400; AIG, $224,678;
Bear Stearns, $205,600; St. Paul Travelers, $205,400; Royal Bank of Scotland, $203,750; Goldman Sachs, $175,600; Morgan Stanley, $155,000; Credit Suisse, $154,550;
Merrill Lynch, $134,950; The Hartford, $94,350; Bank of America, $91,300; JPMorgan Chase, $129,150; USB, $101,900; Hartford Finance Services, $101,500
Lehman Brothers, $128,400; KPMG, $113,100; General Electric, $108,250; Deloitte Touche, $108,000
With $165,400, Sen. Dodd also tops the list of members of Congress who took campaign cash from Fannie Mae and Freddie Mac since 1989.
Sen. Barack Obama, the self-styled agent of change, is a distant second at $126,000...."

[Travis McGee]

“Small business man wants to return ‘loan’ to mafia.”

Good luck getting Guido to agree!

[mewzilla]

LOL. Guess Government Sachs didn’t bring a long enough spoon....

[bvw]

They bought their own troubles. If it they only brought it upon themselves, I might even cheer — put we are all in that same boat. The holes they drilled to catch fish are sinking us all.

[allmost]

"What's more, under the terms of the Treasury's capital purchase program, a bank can only buy out the government's stake as long as the money comes from an equity offering of a similar amount that meets government approval."

Just the beginning. Get them indebted with easy money then refuse to let them pay it back unless some bureaucrat, who's job and general influence could depend on extending this, says it's okay.

[proxy_user]

Well, they do have a large legal staff. They could question the initial legal validity of being required to take the money, and the government would cave, not wanting the issue to be tried in court with uncertain results.

[papasmurf]

Really? You didn’t know this would happen?

Open Secrets says YOU ASKED FOR THIS CRAP!!!
Along with 90% of ALL GOLDMAN donations.

VINIAR, DAVID
RIDGEWOOD,NJ 07450 GOLDMAN, SACHS & CO/CFO 9/13/08 $2,300 Obama, Barack (D)

755 GOLDMAN SACHS DONATIONS FOR BARAK OBAMA ALONE TOTALING $830,341

I HOPE YOU BURN IN HELL, BIOTCH!

Call 9-wa-wa, asshat!

[papasmurf]

See my post #9.

[mattdono]

Once you’re in the governments pocket, you ain’t never getting out.

You idiots at Goldman Sachs wanted the money and you wanted this guy.

Enjoy your limited salaries, captains of socialism.

[Interesting Times]

Welcome to the Hotel Socialisma.

You can check out any time...

[UCANSEE2]

And does the list of donors match up to the list of companies who received bailout money??????

[JenB987]

Asd they say, the grass isn’t always greener, buddy.

[livius]

I read a report posted here earlier that said the Government wanted to convert its holdings from preferred shares (non-voting) to common stock (voting).

[mo]

David Viniar.....one of 25 highest paid men

http://money.cnn.com/galleries/2007/fortune/0709/gallery.women_men_highest_pay.fortune/21.html

anybody as naive about human affairs, has no business anywhere near that much money or that much government!!!

[IamConservative]

That they can give it back and want to tells us a lot about how our $700B was spent.

[livius]

I read a report posted here in the wee small hours that the Government wants to convert its holdings from preferred shares (non-voting) to common stock (voting).

[popdonnelly]

This is great. It means these guys woke up to what taking money from the Federal government means. Obama’s executive order is a great way to stop people from asking for bailout money - an unintended consequence.

[Wolfie]

Translation: “My pay is going to be WHAT?!?!?”