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Goldman Plunges, As Market Cap Shrinks By $8.3 Billion Just Since The Matt Taibbi Takedown
Business Insider ^ | 05/21/2011 | Joe Weisenthal

Posted on 05/21/2011 6:32:04 PM PDT by SeekAndFind

If you haven't been paying attention, Goldman Sachs shares have been in freefall.

They lost over 3% Friday amid a slew of headlines about imminent subpoenas related to Blankfein, the firm's activities during the crisis, and just generally for being the much-reviled Goldman Sachs.

The stock has lost over 10% in just the last week since Matt Taibbi wrote his latest takedown, costing the firm over $8 billion in market cap.

From its 52-week high made earlier this year, the stock is off 24%.

At $134, it's only barely above its $129 book value, meaning that either A) people don't believe that the company's book value is real, or b) the value of the Goldman Sachs franchise has been reduced to $5/share, or just over $2.5 billion, based on 517 million shares outstanding.

The stock is only barely above where it was at its depths last summer, before it settled civil fraud charges from the SEC.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: advice; commodities; economy; goldmansachs; investment; marketcap; matttaibbi
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1 posted on 05/21/2011 6:32:10 PM PDT by SeekAndFind
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To: SeekAndFind

READ THE MATT TAIBBI TAKEDOWN HERE :

http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511

The People vs. Goldman SachsA Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges


2 posted on 05/21/2011 6:33:01 PM PDT by SeekAndFind (u)
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To: SeekAndFind
Ok, by me that place is worse than an over flowing commercial septic tank.
3 posted on 05/21/2011 6:34:30 PM PDT by org.whodat
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To: SeekAndFind

This article appears in the May 26, 2011 issue of Rolling Stone

INTRO EXCERPT:

________________________________________________________________________________

They weren’t murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it.

Thanks to an extraordinary investigative effort by a Senate subcommittee that unilaterally decided to take up the burden the criminal justice system has repeatedly refused to shoulder, we now know exactly what Goldman Sachs executives like Lloyd Blankfein and Daniel Sparks lied about. We know exactly how they and other top Goldman executives, including David Viniar and Thomas Montag, defrauded their clients.

America has been waiting for a case to bring against Wall Street. Here it is, and the evidence has been gift-wrapped and left at the doorstep of federal prosecutors, evidence that doesn’t leave much doubt: Goldman Sachs should stand trial.


4 posted on 05/21/2011 6:34:30 PM PDT by SeekAndFind (u)
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To: SeekAndFind
This is the result of Blankfein's "testimony" in front of Senator Carl Levin (D-MI) a few months ago. Specifically, how GS was shorting mortgage instruments while concurrently promoting them to their customer base (the pr*cks). Blankfein dodged the questions and just about dared Levin to do something about it.

That damned fooled, glasses-on-the-nose Senator finally is earning his keep.

However, I don't see Halder excited about the matter.

5 posted on 05/21/2011 6:37:02 PM PDT by Zuben Elgenubi
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To: SeekAndFind

The SEC should investigate Goldman Sachs for corruption.


6 posted on 05/21/2011 6:38:52 PM PDT by scorchedearther
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To: SeekAndFind

But aren’t they Bambi’s friends? Holder won’t touch them.


7 posted on 05/21/2011 6:40:36 PM PDT by OrangeHoof (Washington, we Texans want a divorce!)
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To: SeekAndFind

We could be talking potential RICO charges here, and if that happens, the heads won’t just be rolling at Goldman Sachs...

Stay tuned...


8 posted on 05/21/2011 6:45:13 PM PDT by Bean Counter (If Obama is the answer, how stupid was the question??)
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To: OrangeHoof

Did Buffett get out , go I hope not. I think his warrants were at 115.


9 posted on 05/21/2011 6:47:07 PM PDT by scooby321
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To: SeekAndFind

Goldman was by far the largest corporate contributor to Obama’s 2008 campaign and 90% of its political contributions go to Dems. Good luck in getting this administration to prosecute them. Goldman is the worst of Wall Street. Having said that Mike Taibbi, the author of the article is a wildly liberal commentator who hates all things corporate. If you read through the article he has cited a bunch of liberal generalizations that show his liberal outrage and can be distilled to one charge. Goldman made money shorting the market and won a bet with institutional traders on the other side who were equally sophisticated about the markets.


10 posted on 05/21/2011 6:49:02 PM PDT by chuckee
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To: SeekAndFind

Is GS too big to fail, I forget?


11 posted on 05/21/2011 6:49:10 PM PDT by Huskrrrr
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To: SeekAndFind

You cant just print money and get away with it. The German economy collapsed in 27 months after the printed money to pay military pensions. We will collapse far sooner.


12 posted on 05/21/2011 7:01:23 PM PDT by delbertt
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To: scorchedearther
The SEC should investigate Goldman Sachs for corruption.

Who will investigate the SEC?

13 posted on 05/21/2011 7:09:23 PM PDT by upsdriver (to undo the damage the "intellectual elites" have done. . . . . Sarah Palin for President!)
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To: SeekAndFind

no doubt GS shorted themselves to take advantage of the fall


14 posted on 05/21/2011 7:10:02 PM PDT by FlyingEagle
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To: SeekAndFind

As if GS is any more crooked than the US government.


15 posted on 05/21/2011 7:10:02 PM PDT by TruthBeforeAll (I will never ask permission to do what's right.)
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To: SeekAndFind
Personally, I'd like to see them in blaze orange behind bars for a long, long time.

But that won't happen. Slap on the wrist at most. Goldman is buddy-buddy with nobama and nobama will tell Holder to go easy.

Rent the movie Inside Job if you really want to see how badly Wall Street has ripped us off. It's truly disgusting. But nothing will happen as long as DC is corrupt.

Read my tag. That came about as a result of watching that movie.

16 posted on 05/21/2011 7:26:12 PM PDT by upchuck (Think you know hardship? Ha! Wait till the dollar is no longer the world's reserve currency.)
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To: SeekAndFind

I am not convinced Goldman Sachs is criminally culpable, but I am convinced that Goldman Sachs needs to take a vow of governmental chastity. Close the lobbying operation. NO political contributions. A ban on hiring government officials: anyone who has served recently, and anyone who has ever held high office no matter how recently. And a harder to enforce, but still important, bar runs the other way — no Goldman alums to hold high public office.


17 posted on 05/21/2011 7:26:42 PM PDT by only1percent
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To: org.whodat

Me too. Crooks need to pay.


18 posted on 05/21/2011 7:43:03 PM PDT by Anti-Bubba182
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To: SeekAndFind

This guy sounds like a crazy lib, but the reading is interesting....

http://www.myspace.com/tom_heneghan_intel/blog/542954674


19 posted on 05/21/2011 7:43:59 PM PDT by Mortrey (Impeach President Soros)
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To: Zuben Elgenubi

Holder’s too stupid to understand the issues. If they’re not racial in scope, he doesn’t get it.


20 posted on 05/21/2011 8:09:06 PM PDT by A_Former_Democrat ("Celebrate 'Civility'")
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