Via this blog I cannot attest to but this article makes sense at a relative cursory glance.
http://www.ritholtz.com/blog/2009/07/what-is-goldman-sachs/
Posted on 07/18/2009 7:08:47 PM PDT by Red Steel
THE MONEY MACHINE THAT IS GOLDMAN SACHS is humming again just a few quarters after the firm's existence was briefly in doubt following Lehman Brothers' collapse.
Goldman last week reported $3.4 billion in net income for the second quarter, its strongest showing ever. Stripping out a one-time preferred dividend related to the firm's repayment of its $10 billion government TARP investment, Goldman earned $5.71 a share, up from $4.58 in the second quarter of 2008.
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Goldman isn't the bargain it was then when the stock traded under 100, but it could rise to $175 to $200 in
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Amazingly, Goldman said that the outsized trading profits that powered its results didn't stem from large proprietary trading positions in the sharply improving credit and stock markets. On the firm's conference call, Chief Financial Officer David Viniar insisted that Goldman earned the vast bulk of its trading profits from simply making markets for customers at a time when many former rivals are gone or have scaled back their trading operations.
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Known for its excessive pay packages in good times, Goldman is back to its old ways despite criticism from Washington that it's unseemly for the firm to dole out so much money so soon after a financial crisis produced a vast federal backstop that guaranteed the firm's survival. Goldman is on course to pay each of its 29,400 employees a stunning average of $770,000 in 2009 based on money set aside so far this year. The $770,000 figure does include items like payroll taxes and health benefits, but the vast bulk is in cash and equity compensation. During 2007, its most profitable year, Goldman's compensation was about $720,000 per employee before falling about 50% last year.
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No major companies appear even close to Goldman in average compensation.
(Excerpt) Read more at online.barrons.com ...
This table lists the top donors to this candidate in the 2008 election cycle. The organizations themselves did not donate , rather the money came from the organization's PAC, its individual members or employees or owners, and those individuals' immediate families. Organization totals include subsidiaries and affiliates.
Because of contribution limits, organizations that bundle together many individual contributions are often among the top donors to presidential candidates. These contributions can come from the organization's members or employees (and their families). The organization may support one candidate, or hedge its bets by supporting multiple candidates. Groups with national networks of donors - like EMILY's List and Club for Growth - make for particularly big bundlers.
| University of California | $1,564,490 |
| Goldman Sachs | $994,795 |
| Harvard University | $854,017 |
| Microsoft Corp | $833,617 |
| Google Inc | $803,436 |
| Citigroup Inc | $699,790 |
| JPMorgan Chase & Co | $695,132 |
| Time Warner | $589,334 |
| Sidley Austin LLP | $588,598 |
| Stanford University | $586,557 |
| National Amusements Inc | $550,683 |
| UBS AG | $543,219 |
| Wilmerhale Llp | $542,618 |
| Skadden, Arps et al | $530,839 |
| IBM Corp | $527,572 |
| Columbia University | $526,802 |
| Morgan Stanley | $514,881 |
| General Electric | $499,130 |
| Latham & Watkins | $493,835 |
| US Government | $491,420 |
GS is deadmeat on the market.Thats the buzz on the black market street and not motor mouth cramer.
On another thread, I said that GS attracted “whores and crony capitalists” -— and I got slapped for it by someone who may well be a troll.
However, Goldman seems at make much of its money with vast government assistance, and the revolving door between Goldman and government officials bothers me.
Didn’t Glenn Beck feature a segment this week about GS’s oligarchal rule within Zero’s administration?
GS appears to have an undue advantage in the market place because of their close relationship with this government and bailout money received. No laissez faire.
This is a nasty little game happening on the markets and GS think they are king SH$T.These guys are good but not that good.Cracks in the armour will surface shortly.GE thinks the same thing but just watch.The world investors are tiring of this BS along with the day time guys.I see a war brewing big time.
That will be their downfall.They are being blackballed on the market.Good riddance to the Pri$ks of misery for sleeping with the government.This will be a house of cards meltdown.
Here’s something that could keep you busy for hours. It’s an interactive “map” of all the various connections Goldman has with people and organizations. You can click on any of the individual boxes surrounding and connected to Goldman for closer detail. The tentacles of this monster are something to see.
http://www.muckety.com/Goldman-Sachs-Group-Inc/5000806.muckety?big=true
On another thread, I said that GS attracted “whores and crony capitalists” -— and I got slapped for it by someone who may well be a troll.
However, Goldman seems at make much of its money with vast government assistance, and the revolving door between Goldman and government officials bothers me.
I agree this company needs to be broken up and split apart and auctioned off. Either that are we decide there is no American government anymore and admit that it is bought and paid for by this company.
That would make it the principle capitalist company predicted by Karl Marx.
I don’t believe half of what Glen says... but thinking he’s got this one nailed.
Then again, I didn’t believe the “economy is about to crash” stuff last summer either.
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