Posted on 07/22/2009 7:23:39 AM PDT by SeekAndFind
Maybe because they made money the real old fashioned way???
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.
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.
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.....
Why Bash Goldman Sachs for Making Money?
Because the swindling thieves rigged the system to their own advantage?
That they did - by having the government bail them out of their poor risk management hole.
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.
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.
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.
Why bash Bernie Madoff for making money??
Exactly. Apparently, that will be the next hit piece from Mr. James Stewart.
This cr@p has already been refuted.
http://seekingalpha.com/article/149921-the-fine-line-between-profits-and-theft?source=yahoo
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.
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.
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/
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.
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.
That is correct DS! Goldman Sacks funneled American taxpayer money through AIG - total of 13 Billion dollars.
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