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Posted on 03/05/2021 2:11:14 PM PST by nickcarraway
Traders at Goldman Sachs may reap huge profits from the winter storm last month that left many across Texas and other Southern states without electricity, clean water and heat, Bloomberg News reported Friday.
The Wall Street bank could make up to $200 million from the physical sale of power and natural gas and from financial hedges after spot prices jumped, the report said, citing people familiar with the matter.
SNIP
Bloomberg reported that while the bank could make $200 million on paper, the actual profits collected are likely to be less, as regulators and consumers intervene with legal challenges in the aftermath of the energy crisis and some companies go bankrupt.
(Excerpt) Read more at nypost.com ...
Enron2 Electric Boogaloo
Speculation is also known as “price gouging” in an emergency.
But the money was made in NY, so the folks in Texas will never know.
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She probably has nothing to do with it, but it’s a bad look, her being married to a Texas Senator.
Jealous much? A trader’s profit belongs to the trader and not to commies who don’t understand markets.
Vulture Capitalism
Always with the “evil” Corporation line, class envy...
I’m no fan of Goldman Sacks, but you know folks, when they
come after these companies it’s only a matter of time until they come after you.
I suggest as a people we stand up to the government across the
board and not just play along because it’s not our necks on the
line... yet!
People who contributed virtually nothing make a huge profit off the backs of hard working people. Sounds about right. That is how stock traders get rich. Anyone who remains on such a power plan will deserve what they get. Lets hope those plans loose everyone of their customers.
A few intelligently invested Texans might know.
Let’s be sure the Cruz household broke ties with Goldman Sachs.
The “North American Union” deal had Heidi Cruz finger print, as she was a paid advisor and associate of Goldman.
GS funded Ted Cruz’s rocket ride to a presidential campaign as soon as he set his bags down, in the US Senate. Bet they never stopped buying Ted, er,... I mean contributing to Ted, but anything is possible.
Goldman needs further examination.
Do you have some kind of numbers on that?
It may be true, but it seems weird, because Goldman Sachs disagrees with Cruz on 99% of issues, and to my knowledge, they've never funded a politician like Cruz in history.
Not every Goldman Sachs executive is a Democrat, but it's over 90%, and the Republicans they might find aren't like Cruz.
Wells Fargo made more. Scum.
You sound like a commie.
“She probably has nothing to do with it, but it’s a bad look, her being married to a Texas Senator.”
*****************************************************
To a near certainty she had nothing to do with it. And in whose world is it a “bad look” for the spouse of a US Senator to work for a living?
Sorry, folks.
Texas voters (or energy consumers) gambled on their usually moderate weather - and lost.
They could have chosen guaranteed energy rates, which would have cost the same or more than they must now pay for their recent record cold weather.
However, that cost would have been spread out over a period of years.
Energy price insurance is always available.
But, if you do not buy it, you cannot complain about an energy catastrophe AFTER it happens!
The New York shysters figure out how to make a fortune off of whatever happens. Gotta hand it to them.
Well said. Those Griddy customers pocketed thousands of dollars over the years with the cheapest rates by FAR. Then when it comes time to pay up during the crisis they want a bailout. No sympathy.
Now we know how Goldman-Sachs can afford to Hillary Clinton $675,000 for a speech.
And you sound like a foolish idiot who simply sees the world as you have been programed to see it. Never lifting your head up from the group of sheeple you are with in order to look around and evaluate, and compare to the past when times were much better. Capitalism is great, and of course it is the American way. But it still needs rules and limits because some people will do anything to find someone to take advantage of.
You know that under pure capitalism all those phone and internet spammers who create fraudulent schemes to steel all of grandma.s money under false pretenses would be nothing more than good capitalist’s. They would not be criminals at all. And bank robbers would just be good capitalist’s. You really should stop Bahhhaa-ing and lift you head up once and a while to reality.
The stock market used to be about evaluating a company and maybe making money if that company improved. In that sense your profit for your investment was tied to contributing to something real. Something that created jobs and helped the rest of the country. You got a reward and a profit. People were in for the long hall. Now it is mostly just a roulette wheel where people place bets on a rigged game. The value of the stocks have nothing to do with the value of the company. The big money is skimmed off the middle by people who are in one day and out the next. Those who know how the wheel is rigged.
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