Why Bash Goldman Sachs for Making Money?

Smart Money ^ | 7/22/2009 | james B. Stewart

[stephenjohnbanker]

Watch this video on Goldman Sachs and then tell me they are not scum. I tried to do business with them in the 90’s, and they structured the deal so they could steal my clients assets
if they wanted to.

http://www.youtube.com/watch?v=Biu1HxFGl5Y

[dirtboy]

I don't think Goldman is doing that. If they are underhanded or crooked, I'd like a simple explanation of how that is so.

Try getting overexposed on risk (and in the process making a fortune through excessive leverage) - but then asking taxpayers to bail out AIG (and themselves) for their failure to properly assess their risk.

I have no problem with someone making lots of money. But if they take risks to make that money and then the risks are realized, don't come crying to the taxpayer. Return some of your previous gains - they were earned through excessive risk, they should in turn be reduced because that risk came to pass.

[Colvin]

Folks continue to give you reasons they are upset with Goldman, and you continue to find it unacceptable.

I take it you believe they have made their money honestly, and the rest of us believe they have no magic formula that allows them to beat the odds every time, but instead we believe they have made the correct payoffs to enable them to take our tax money.

I don't think you were really looking for an answer to your question, but rather looking for a good argument.

[dirtboy]

Nah, there is a small band of folks who run around FR spinning this nonsense, hiding behind nit-picking, rationalization and outright abuses of logic to defend the indefensible - that outfits such as GS took every possible step to maximize their leverage (and profits) at the expense of prudent risk management and reserves - and when it all blew up, they had Uncle Sugar Paulsen cover the downside with taxpayer dollars.

Is it legal? Sure, in what passes for legal in DC nowadays. But as someone commented years ago, the real crime in DC is what IS legal. You know, the type of corrupt cronyism that real conservatives have been fighting against for years. So when someone comes into FR and tries to defend this corruption, they should not be surprised when the conservatives give them a good, hard spanking.

[Colvin]

Thanks, Dirtboy.
Sounds like frustrated lawyers looking for an argument to win.

[Colvin]

“So you pay your taxes voluntarily?”

My point is taxes are taken from us with out our personal consent. The IRS may take action against you if you do not pay.
That is FORCE

[ding_dong_daddy_from_dumas]

Goldman gave $1M to Obama in the 2008 election. And the unions donated generously too. Did anybody notice how Obama pays off his political friends?

Plus GS has been lobbying for carbon credits. Even though Obama promised no lobbyists, Mark Patterson, a buddy of Al Gore, and a GS “energy” ex-lobbyist, is now Treasury chief of staff. Goldman only is too happy to cash in on this nation’s misfortune if Obama gets his way on Crap and Trade. In my book Goldman, and any other company issuing private “carbon taxes” on us before Uncle Sam can even get it, is a traitorous corporation.

To paraphrase Patrick Henry, if this be conspiracy theory, make the most of it.

[4rcane]

Madoff stole, even though he didn’t forcibly take money from someone