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Why Bash Goldman Sachs for Making Money?
Smart Money ^ | 7/22/2009 | james B. Stewart

Posted on 07/22/2009 7:23:39 AM PDT by SeekAndFind

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1 posted on 07/22/2009 7:23:39 AM PDT by SeekAndFind
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To: SeekAndFind

Maybe because they made money the real old fashioned way???


2 posted on 07/22/2009 7:25:35 AM PDT by gov_bean_ counter (Barak Obama: Pontificator in Chief and Poster Child for the Peter Principle)
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To: SeekAndFind

What they did is immoral and outrageous. Greed is a vice and it is one of the seven deadly sins. There is a reason greed is wrong.


3 posted on 07/22/2009 7:25:51 AM PDT by Paved Paradise
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To: SeekAndFind
The rescue of insurance giant AIG may not have had any direct benefit

Wrong. GS got $13 billion in federal bailout money through AIG. And guess who engineered the AIG bailout? Former GS chairman Hank Paulsen. THAT is what has people ragging on GS now - they used AIG credit default swaps to increase their leverage and their profits, apparantly without making sure AIG could cover what had been issued. And when they found out AIG was not good, they ran to their sugar daddy at Treasury and he made sure GS got their money. Privatizing profits, publicizing risk and losses - that is the issue here.

4 posted on 07/22/2009 7:27:20 AM PDT by dirtboy
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To: SeekAndFind

For starters, Goldman Sachs, after recieving taxpayer bailout money, turned right around and made hundreds of millions off of jacking the very same American taxpayers via oil and gas speculations, which invariably raised the price of both oil and gas. Schweeeeeeeet, huh?

But yeah, lets continue to defend Goldman Sachs making huge profits.....


5 posted on 07/22/2009 7:27:44 AM PDT by cranked
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To: SeekAndFind
Why Bash Goldman Sachs for Making Money?

Because the swindling thieves rigged the system to their own advantage?

6 posted on 07/22/2009 7:27:51 AM PDT by Willie Green (Go Pat Go!!!)
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To: gov_bean_ counter
Maybe because they made money the real old fashioned way???

That they did - by having the government bail them out of their poor risk management hole.

7 posted on 07/22/2009 7:28:01 AM PDT by dirtboy
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To: SeekAndFind

My feeling is a that Goldman is a trough for the Dems to funnel money.
I don’t trust a bank that produces Robert Rubin or Gov. Corzine.


8 posted on 07/22/2009 7:28:03 AM PDT by gussiefinknottle (woof!woof!woof!)
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To: SeekAndFind

We protest because the profits were privatized while the risks are nationalized. There is no disincentive to take the risks. They get salaries and bonuses either way. That is fascism.


9 posted on 07/22/2009 7:28:27 AM PDT by ricmc2175
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To: SeekAndFind

I don’t fault any company for making a profit. What concerns me is the fact they were on the verge of going under due to questionable decisions. Those same people are now in key positions that have an effect on the economy. So I question if they’re the best people.


10 posted on 07/22/2009 7:29:32 AM PDT by edpc (01010111 01010100 01000110 00111111)
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To: SeekAndFind

Why bash Bernie Madoff for making money??


11 posted on 07/22/2009 7:30:24 AM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: Uncle Ike

Exactly. Apparently, that will be the next hit piece from Mr. James Stewart.


12 posted on 07/22/2009 7:33:17 AM PDT by cranked
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To: SeekAndFind

This cr@p has already been refuted.

http://seekingalpha.com/article/149921-the-fine-line-between-profits-and-theft?source=yahoo


13 posted on 07/22/2009 7:37:16 AM PDT by Rockitz (This isn't rocket science- follow the money and you'll find truth.)
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To: SeekAndFind
Now, without the slightest sign of being in any way chastened, Goldman bankers have gone out and earned so much that they stand to receive huge bonuses that rival those at the height of the credit bubble for which they deserve at least some of the blame.

For exceptionally small values of "earned".

Government money poisons everything it touches. Just as programs like affirmative action cast suspicion on everyone it is supposed to help (is your doctor a good doctor, or a D- student who was pushed through on an affirmative action program? The fact that question has to be asked harms the good doctors), TARP and all the other government bailouts cast doubt on every successful bank. Is the bank in a strong position because they avoided the mortgage meltdown by only granting sane mortgages, or are they in a strong position because someone in treasury (who maybe worked at that bank last year, still has friends there and expects to go back after a stint in the government) decided that company would be a winner at the expense of other companies not so connected. Is that dog a strong wolf, or is it government's pampered pet?

(Goldman insists that it was so well insured against an AIG demise that it wouldn't have lost money had AIG failed)

If AIG had gone belly up, it would likely have dragged all those insurance plans down with it.

14 posted on 07/22/2009 7:37:22 AM PDT by KarlInOhio (As a child Obama was rejected from Little League because of lack of a birth certificate.)
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To: SeekAndFind

Straw man. Nobody’s bashing them for making money. Having their cronies and operatives in government rig the game to cover their bets is to be condemned.


15 posted on 07/22/2009 7:38:01 AM PDT by Wolfie
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To: SeekAndFind

Because Goldman Sachs made money a) illegally and b) with preferential treatment at the expense of the taxpayer.

A little research has really opened my eyes. Start here:

http://www.zerohedge.com/taxonomy_vtn/term/197
and
http://market-ticker.denninger.net/


16 posted on 07/22/2009 7:38:02 AM PDT by cowtowney
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To: Uncle Ike
Why bash Bernie Madoff for making money??

Are you implying that Goldman Sachs is managing a huge ponzi scheme similar to Madoff ? If so, I'd like to see some evidence.
17 posted on 07/22/2009 7:38:18 AM PDT by SeekAndFind
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To: Paved Paradise

But of course it is not so nearly immoral or outrageous, if the proceeds are being used to promote the agenda of The Won, and the various lower eschelons that support the agenda.

These holy words were transcribed from scholars of Marx-Lenin, in that ill-gotten gains used to further the socialist cause, were never ill-gotten to begin with, but were simply reparations due and owing to the proletariat.


18 posted on 07/22/2009 7:39:22 AM PDT by alloysteel (Never let an inanimate object know that you are in a hurry.)
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To: SeekAndFind

The list is endless on how GS games the markets to loot and steal. Back during the dot bomb implosion when Corzine was running them - GS and other investment banks were trading the IPOs of dot bomb stocks on IPO daya back and forth to drive worthless companies from $15 to 150 on IPO day due to small floats. Why to get the suckers on Main Street to buy this junk.

GS also cleared trades and lent money to hedge funds that wiped out much of their competition - Lehman, Bear, Merrill, etc.

The hedgies then went after Goldman and Morgan Stanley and they ran crying to Hank Paulson at Treasury and the SEC to make the hedge funds stop. They got what they wanted.


19 posted on 07/22/2009 7:46:01 AM PDT by Frantzie (Remember when Bush was President and Americans had jobs (and ammo)?)
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To: dirtboy
Wrong. GS got $13 billion in federal bailout money through AIG.

That is correct DS! Goldman Sacks funneled American taxpayer money through AIG - total of 13 Billion dollars.

20 posted on 07/22/2009 7:47:27 AM PDT by KC_Conspirator (Still waiting for journalists ask Obama how he'll "heal" a deeply divided nation- FreeperOldDeckHand)
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