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The New World Mercator Projection Map-


NEW NEW WORLD MAP

This map was sponsored by Goldman Sachs

“If you’re going to try to convince people you care about things other than money, may I suggest you remove the words gold and sack from your name?”

Amy Poehler

 

Letter #4 to Goldman Sachs’s Lloyd Blankfein


Letter #4 to Goldman Sachs‘s Lloyd Blankfein

Posted: 25 Jun 2013 07:18 AM PDT

In this book of letters written by ordinary people affected by the fallout from the financial crisis is a chapter devoted to Goldman Sachs starting on page 91.

The fourth letter is from page 95 in The Trouble is the Banks:  Letters to Wall Street, edited by Mark Greif, Dayna Tortorici, Kathleen French, Emma Janaskie and Nick Werle, printed in paperback edition by n +1 Research Branch Small Books Series #4, 2012, New York, NY.

Here is letter #4:

An Opportunity

To:  Lloyd C. Blankfein, Goldman Sachs

Dear Mr. Blankfein,

We are writing to you to interest you in a fantastic new opportunity for you and your loved ones.  We are offering you the once in a lifetime opportunity to refinance all of your many homes and/or jets for the wealth–oops, did I say wealth–equity that you are holding in them.

Did you know that the property you bought for millions is actually worth gazillions of dollars under this plan?  Yes!  Gazillions!  With our excellent and trustworthy panel of advisors we can help you truly capitalize on your investments and really make the most of what life has to offer.

What we do is:  take the money you “earned” during those fantastic boom years, and invest it in schools, hospitals, housing and jobs for the poor, educate feed and clothe people before their brief yet worthy lives extinguish.

There really is nothing to lose from your side:  just take the money backed by the assets of the houses, jets, boats and jewelry, sign your name, and we can provide you with short-term aspirations!  It really is that simple.  And don’t take our word for it, talk to many of our other customers in the 1% base range.  Plenty of satisfaction all round!

With Such Sincerely Tepid Regards,

OWS Refinancing

 

Letter #3 to Goldman Sachs’s Edith W. Cooper


In this book of letters written by ordinary people affected by the fallout from the financial crisis is a chapter devoted to Goldman Sachs starting on page 91.

The third letter is from page 94 in The Trouble is the Banks:  Letters to Wall Street, edited by Mark Greif, Dayna Tortorici, Kathleen French, Emma Janaskie and Nick Werle, printed in paperback edition by n +1 Research Branch Small Books Series #4, 2012, New York, NY.

Here is letter #3

Hello Edith–Wow, Now I Know a 1 Percenter!

To:  Edith W. Cooper*, Goldman Sachs

Greetings Edith,

I hope this message finds you well.  Gosh, I am thrilled to meet you, even though we haven’t met face-to-face…yet!

I mean, wow, I actually know a 1 percenter now!  How cool is this?

Of course, you probably don’t have much to worry about even if you’re not feeling well, because I trust that you have great health insurance–thanks to me helping pay for it.

Wow, Edith, how great is that! 🙂

Since I hope we get to know one another better, here’s a little bit of info about me:  I have a degree in journalism and my hubby has a double Master’s in music, but since we’re over 50 years old, our premiums climbed, so we were faced with a slippery slope choice…Do we eat, or do we pay for health insurance?  It was a toss-up, but we decided that food was more important.

Oh wait–you haven’t heard about our foreclosure?  Law enforcement came to our door and gave us one hour to vacate!  Oh, that morning was so much fun–I wish you could have been there!  Yes, we were in that first wave in ’08, after putting down a down payment of…wait for it…$300,000.

We totally qualified, you see…hubby had a great business, until his clients could no longer pay him…Our lender told us “don’t worry, we want to work with you!  We can see you have never been in trouble before!”–and well, it’s a long story.

I’ll save the rest of this story for next time, because I am so looking forward to writing back again..very, very soon.

Your new pen pal,

Hilary Grant

Los Osos, CA 93402

P.S.  I can’t wait to hear about the beautiful clothes you must wear.  I buy all of my clothes these days at thrift stores, but maybe we can compare notes?

*Edith W. Cooper is Executive Vice President and Global Head of Human Capital Management for Goldman Sachs

via Goldman Sachs: Information, Comments, Opinions and Facts: Letter #3 to Goldman Sachs’s Edith W. Cooper.

Financial Sector Thinks It’s About Ready To Ruin World Again


“It’s been about five or six years since we last crippled every major market on the planet, so it seems like the time is right for us to get back out there and start ruining the lives of billions of people again,” said Goldman Sachs CEO Lloyd Blankfein.

700

The nation’s major banks and investment firms say they are ready to give utterly decimating the world’s                       economies “another go.”

NEW YORK—Claiming that enough time had surely passed since they last caused a global economic meltdown, top executives from the U.S. financial sector told reporters Monday that they are just about ready to completely destroy the world again.

Representatives from all major banking and investment institutions cited recent increases in consumer spending, rebounding home prices, and a stabilizing unemployment rate as confirmation that the time had once again come to inflict another round of catastrophic financial losses on individuals and businesses worldwide.

“It’s been about five or six years since we last crippled every major market on the planet, so it seems like the time is right for us to get back out there and start ruining the lives of billions of people again,” said Goldman Sachs CEO Lloyd Blankfein. “We gave it some time and let everyone get a little comfortable, and now we’re looking to get back on the old horse, shatter some consumer confidence, and flat-out kill any optimism for a stable global economy for years to come.”

“People are beginning to feel at ease spending money and investing in their futures again,” Blankfein continued. “That’s the perfect time to step in and do what we do best: rip the heart right out of the world’s economy.”

According to sources, the overwhelming majority of investment bankers are “ready to get the ball rolling” by approving a host of complex and poorly understood debt-backed securities that are doomed to quickly default, as well as issuing startlingly high-risk loans certain to drive thousands of companies into insolvency.

Top-level executives also told reporters that when it comes to depleting the life savings of millions of people and sending every major national economy into a tailspin, they feel “refreshed and raring to go.”

“The other day I actually overheard someone on the sidewalk utter the words ‘I’m saving up for retirement,’ and right away I thought to myself, ‘Well, time to get down to work,’” said Morgan Stanley chairman James P. Gorman, adding that the increasing number of individuals entertaining ideas of starting their own businesses or buying houses was the financial sector’s cue to set off another devastating global recession. “We’re definitely thinking on a huge scale again, because we all really enjoy toying with the livelihoods of millions of people overseas and forcing them to wonder why reckless, split-second decisions made thousands of miles away dictate their whole country’s socioeconomic future.”

“Plus, it’ll be nice to finally wipe out the Euro once and for all this time,” Gorman added.

While most private equity firms, investment banks, and hedge funds are reportedly still undecided on the precise route to take in order to torpedo the job market and crash all international stock exchanges, sources confirmed they are nearly in position to resume gambling away trillions of dollars belonging to the American populace.

“We’ve got a lot of options on the table; it’s just a matter of picking which one we want to use to paralyze every single sector of the world economy,” said Capital One executive vice president Peter Schnall. “We already burst the dot-com and housing bubbles, so this time we can maybe mix it up by popping the education bubble and shattering the lives of everyone with outstanding student loans. Or maybe we’ll artificially inflate prices of stocks in social media companies and then pull the rug out, bankrupting every investor tied to companies like Facebook and Twitter. Or do both.”

“On second thought, maybe we’ll wipe out the housing market again too, just for the hell of it,” Schnall quickly added. “Might as well, right?”

According to a recent survey of Wall Street officials, 82 percent said they were “excited to shake off the rust” and send the Dow and NASDAQ into another freefall. Additionally, 75 percent of respondents admitted they have been “champing at the bit” for months to wholly undermine the nation’s local banks and money market accounts, leaving Americans too terrified to leave their savings anywhere.

Moreover, the chief financial officers from Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo unanimously told reporters that it has been “way too long” since they last saw the utterly dejected faces of American families whose homes had just been foreclosed on due to circumstances totally beyond their control.

“Now that the public’s efforts to curtail questionable Wall Street trading practices have all but ceased, it’s time for us to bring the world to its knees again,” said AIG CEO Robert Benmosche. “There are still plenty of opaque financial derivatives, high-frequency trading operations, and off-balance sheet transactions out there, all with virtually no federal regulation. Trust me, we can definitely work with that. And if anything, we can always just lobby for further concessions and deregulation in Washington—which, by the way, is so, so easy to do—and then we can cause as much damage as we want.”

Added Benmosche, “And while we’re at it, we’ll make sure we once again come away from this whole thing scot-free and far wealthier.”

via Financial Sector Thinks It’s About Ready To Ruin World Again | The Onion – America’s Finest News Source.

Letter #2 to Goldman Sachs’s Lloyd Blankfein


Letter #2 to Goldman Sachs‘s Lloyd Blankfein In this book of letters written by ordinary people affected by the fallout from the financial crisis is a chapter devoted to Goldman Sachs starting on page 91. The second letter is from page 93 in The Trouble is the Banks:  Letters to Wall Street, edited by Mark Greif, Dayna Tortorici, Kathleen French, Emma Janaskie and Nick Werle, printed in paperback edition by n +1 Research Branch Small Books Series #4, 2012, New York, NY.

download (5)

Here is letter #2: $9,165 an hour–Wow Lloyd, You’re a Big Earner To:  Lloyd C. Blankfein, Goldman Sachs

Hi Lloyd,

So I just read online that your salary in 2010–including all of those delightful perks that just put a smile on one’s face–is $19.06 million. And your hourly wage is $9,165.  That’s great!  Do you even collect that much when you take lunch? Do you realize that by working a mere two hours you earn as much as someone who works full-time at minimum wage earns in a year? Wondering  if I could have your job for say, three hours a week.  Would that be too much to ask? You can leave the stuff that you don’t like about your job to me:  talking to the press about Occupy Wall Street, testifying at hearings about board members who are charged with insider trading.  You know, all that icky stuff. You can still wheel-and-deal and be your macho master-of-the-universe self.  I’ll just do the three hours of grunt work you don’t like each week. What do you say, Lloyd?  Deal?

Susie Meriden, CT

via Goldman Sachs: Information, Comments, Opinions and Facts: Letter #2 to Goldman Sachs’s Lloyd Blankfein.

A Letter to Goldman Sachs’s Lloyd Blankfein


A Letter to Goldman Sachs‘s Lloyd Blankfein

An Open Letter to Goldman Sachs CEO Lloyd Blankfein

To:  Lloyd C. Blankfein, Goldman Sachs

Mr. Blankfein,

So, I’ve been writing these letters to bank CEOs where I gently rib them about stuff like “being abysmally terrible at their jobs” and “openly stealing from the general populace” and “having the morality of a supervillain” and stuff like that.  You know.  The usual.  And so I was writing one to you about what a terrible businessman you are, and how you had to get your old boss to give you $64 billion because of how badly you suck at being a CEO.  Ha, ha.  It was going to be funny.

So I was doing research to find more things to make fun of you about.  But I kept reading more and more about what a hive of scum and villainy your company actually is, and the more I read the less I felt like being funny.  Because, you know, whatever.  Any jackass can illegally accept naked short sales or underwrite bonds and encourage people to short those bonds or help Greece hide the true nature of its debt in order to make some extra cash, causing long-term damage to not just Greece but the whole Eurozone and therefore the world economy–which is at risk of going under (again!) partially because of your nefarious deeds (again!  I guess you can fool people twice!).  Hell, I could do that.

But really it was in finding out that your company’s creation of the Goldman Sachs Commodity Index helped literally starve millions of people that I stopped feeling jokey and started actually feeling pity for you.*  That’s the worst thing to feel for somebody, Lloyd, because it means I consider you less than me.  You know what?  I do!

I’m asking this honestly:  How do you sleep at night?  I know that sounds all melodramatic, but when I’ve, you know, inadvertently hurt somebody‘s feelings, I have trouble getting any rest at all.  I can’t imagine ever getting a bit of shut-eye again if I found out I helped artificially drive up the price of wheat in the greatest year of plenty the world had ever known, pushing 250,000,000 more people to the breaking point and causing food riots in thirty countries.

You must either have a really comfortable bed or a metric boatload of Ambien.  Or no conscience whatsoever, and such broken morality that you don’t realize what damage your little money games are causing the planet

.

No, I’m just playing, I’m sure you’re a great guy.  Ha, ha.

Dave

New York, NY 10039

*  See Frederick Kaufman, “The Food Bubble:  How Wall Street Starved Millions and Got Away with It, Harper’s, July 2010.

via Goldman Sachs: Information, Comments, Opinions and Facts: A Letter to Goldman Sachs’s Lloyd Blankfein.

Goldman Sachs’s Predations Redux


Goldman Sachs‘s Predations Redux

“The clear theme is that Goldman Sachs loves its clients with the same lip-smacking love that any predator has for incautious prey.  If Blankfein is right that Goldman Sachs is doing God’s work it follows logically that God hates Goldman’s clients.”  (quoted from William K. Black, New Economic Perspectives)

What kind of predation does Goldman Sachs engage in?  Here’s a brief list from Black’s article:

1. Goldman used derivatives to help the Greek government hide its deficit;

2.  Goldman was sued for assisting in Enron‘s control frauds which helped Enron avoid paying taxes;

3.  Goldman helped spread the subprime mortgages fraud (under Hank Paulson‘s leadership) that led to the 2008 financial crisis and The Great Recession;

4.  Goldman has had numerous regulatory actions and investigations that culminated in their paying $550 million to settle SEC charges in 2010;

5.  Goldman settled with regulators and paid fines for illegal foreclosures and robo-signing forgery;

6.  The FHFA had evidence of “pervasive” appraisal fraud by Goldman during its securitiations of subprime mortgages;

7.  Goldman disregarded underwriting guidelines in order to increase profits;

8.  Goldman purchased fraudulent mortgage originators’ loans and resold them to Fannie and Freddie;

9.  Goldman leveraged information in its warehouse lending business to increase its profits;

10.  Goldman forced lenders to repurchase defective loans that were still on Goldman’s books;

11.  Goldman realized that the securitizations they had helped create were no longer safe and began to “short” the “junk” mortgages;

12.  By shorting the market, Goldman profited from its clients’ losses;

13.  Goldman knew about the devastation that its securitizations would inflict on the economy but, rather than warn everyone against the coming crisis in the mortgage market, it stayed quiet and profited enormously by shorting the market!

via Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs’s Predations Redux.

via Goldman Sachs: Information, Comments, Opinions and Facts: Goldman Sachs’s Predations Redux.

One Can Only Hope That Goldman Sachs Would Vaporize!


We all now know that no executive of a bank will ever be investigated or prosecuted for the accounting control frauds he committed that resulted in the financial crisis of 2008.  Human beings have a craving for justice to be rendered to those who commit fraud and especially to those who have become super-rich by poaching the savings and pensions of others.  The human mind is fully capable of making up a recipe to remedy that injustice.

Take, for example, the story from Norse mythology about the father who decided to divide his sons’ shares of his inheritance by the amount of gold each son could hold in his mouth (from The Globe and Mail, Saturday, May 11, 2013, p. R12).  Gold as a “mouth-tale” is an effective metaphor and suits our fantastical purposes.

We are often told by the world of commerce that we are all “consumers” no matter what we buy even if it is not digestible as food:  we consume resources; we consume products; we consume wealth–all very involved with the mouth and its greedy ingestion of “things.”

What better way for the gods to reiterate their rating of Goldman’s value (long-term avoid) than by how much gold Blankfein can literally hold in his mouth and consume!  What better way to depict the character of Blankfein than by his “consuming his own gold.”

A yearly salary of $21 million for 2012 is a lot of gold to “mouth!”

Thus the fantasy world, where there is justice, metes out the painful digestion of justice on those who deserve it.

via Goldman Sachs: Information, Comments, Opinions and Facts: One Can Only Hope That Goldman Sachs Would Vaporize!.

via Goldman Sachs: Information, Comments, Opinions and Facts: One Can Only Hope That Goldman Sachs Would Vaporize!.

The Goldman Diary


We are led to believe that the world is in recession but these bailed out bankers are still able to make huge profits and pay themselves vast sums of money.

You know a long time ago well maybe not so long the old Imperial powers looted their colonies without showing a drop of remorse.

Today the Imperial powers are dormant and have been overhauled by the financial institutions. These dragons of fiscal matters are today’s new colonists. These people care not a whit for countries or international borders they will rob and plunder wherever the treasure lies.

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Goldman Sachs’s Jon Corzine –8th April

The FBI report on the MF Global collapse that was sent to the bankruptcy trustee paints a damning picture of former Goldman Sachs chief executive, Jon Corzine.  Investors in MF Global lost $2.1 billion–a sure indication that these high-priced executives do not live up to their hype.  Why Corzine is not in jail is not a mystery but certainly alludes to fraud that goes unpunished in a corrupt justice system.

Corzine’s spokesman prefers to blame everyone else except the guy in charge.  Meanwhile, the wreckage of the economy and the bad faith in justice continues apace.

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THURSDAY, APRIL 11, 2013

How Many Ways Does Goldman Sachs Get Preferential Treatment?

Let me count one of those ways:  Goldman Sachs (accidentally) obtained preferential treatment when it received the Federal Reserve FOMC minutes, which give important information regarding intended monetary policy, before the public did.The comments at the end of the following article show how little credence the “accidental” leak has with the public some of whom consider information leaks a feature of the system rather than a bug in the system.  There is a lot of cynicism from the public regarding all banks and their relationship with the Federal Reserve.
==============================================================================
The Guardian, Friday 12 April 2013 19.49 BST

Goldman Sachs paid its chief executive, Lloyd Blankfein, $21m last year – and granted him a further $5m in bonus shares in January.

The Wall Street bank handed Blankfein $13.3m (£8.7m) in restricted shares and a $5.7m cash bonus on top of his $2m annual salary last year.

His total 2012 pay was $9m more than in 2011, and the highest since the $68m he received in 2007, before the financial crisis struck.

The payout, disclosed in a filing with the US regulator the Securities and Exchange Commission (SEC), makes Blankfein, 58, the world’s best paid banker.

On top of his annual pay Goldman granted him long-term incentive plan (LTIP) shares worth an additional $5m at today’s share price. But he will have to meet performance targets in order to collect the full amount, and the value of the shares could go up or down.

Blankfein’s top four lieutenants collected a total of $72m in annual pay, bonuses and share options last year.

============================================================================
More Preferential Treatment for Goldman Sachs
Posted: 12 Apr 2013 09:20 AM PDT
When Goldman Sachs became a commercial bank in 2008 (in order to save itself from insolvency), it apparently came under commercial bank regulations. However, in 2010 Goldman bought warehouses of aluminum products as an investment even though “[u]nder US banking regulations, banks are barred from owning the physical commodity assets that they operate.”

But, of course, the Federal Reserve gave Goldman 5 years of grace (until autumn 2013) while it decides if Goldman is exempt from the rules. This is another instance of the two-tier system of justice in the US–one for banks and the other for the rest of us.

================================================================================

Payments

Goldman Sachs bankers to reward themselves a staggering £8.3billion in bonuses- jan 2013
The bank will be first to unveil its rewards – an average of £250,000 a person
Increase, up from £230,000 last year, comes as families are struggling to make ends meet
Calls for restraint by politicians, who used taxpayers’ money to bail banks out, have fallen on deaf ears

Goldman Sachs paid its chief executive, Lloyd Blankfein, $21m last year – and granted him a further $5m in bonus shares in January. -April 2013

The Wall Street bank handed Blankfein $13.3m (£8.7m) in restricted shares and a $5.7m cash bonus on top of his $2m annual salary last year.

His total 2012 pay was $9m more than in 2011, and the highest since the $68m he received in 2007, before the financial crisis struck.

Cash bonanza anticipated for Goldmans workers as firm sets aside £2.75bn pay and bonus pot- April 3013

Bankers at Goldman Sachs – including its 6,000 London staff – are in line for another bumper year as results this week are forecast to show average pay packets of £85,000 for the first quarter alone.

==============================================================================

Goldman Sachs is Caught In Its Own Web of Deceit 18 Apr 2013 
A federal judge, District Judge Susan Wigenton, has upheld Prudential’s $270 million lawsuit against Goldman for fraudulent RMBS it sold to them.

A little bit of justice goes a long way when complete justice is denied.

=================================================================================

What Is Goldman Sachs Really Like?
19 Apr 2013
First, Goldman Sachs has paid its latest fine for RMBS fraud to Stichting Pensioenfonds ABP and according to the Bloomberg’s article:

“ABP sued New York-based Goldman Sachs in New York State Supreme Court in January 2012. The company alleged that it purchased certain mortgage-backed securities in reliance on false and misleading statements and that the securities were riskier than had been represented, backed by mortgage loansworth significantly less than had been represented.”
. . . . . . . . . . . . . . . . .

Second, Professor Jeffrey Sachs calls the banks what they really are in an audio/video recoding posted at Market-Ticker. He is talking by telephone to a conference of academics discussing ending the fractional reserve lending system in order to repair the financial system by taking liquidity away from bankers who treat their banks as casinos for gambling. He calls the bankers cynical and full of conflicts of interest. Here is a partial transcript of what he thinks the banking system is:

“Prima facie, [it is] criminal behavior. It’s financial fraud on a very large [scale]; there’s a tremendous amount of insider trading…. [John] “Paulson worked together with Goldman Sachs to defraud massively many European banks which bought the toxic mortgages that Paulson had put together…. Goldman ended up paying a small fine and the chair of Goldman, of course, continued in his position and continued [to attend] White house State dinners.”

Other descriptors that Sachs uses for bankers and banking include:
“lawlessness,” “collapse of decency,” “a lot of them are crooks,” “nefarious behavior,”

Goldman Sachs should not be a commercial banking unit. That [it is] is sad.

The banking system is dysfunctional; there is a crisis of values that is extremely deep. Legal structures and regulators need reform. “I regard the moral environment of Wall Street people as pathological.” They bear no responsibility to others; they are tough, greedy, aggressive and out of control and have “gamed the system.” Regulators and the White House remain docile. Politics is corrupt to the core.

==============================================================

Fraud*
According to the Collins English Dictionary 10th Edition fraud can be defined as: “deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage”.[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent “discoveries”, e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Goldman Sachs Says: TINA (There Is No Alternative)


Goldman Sachs Says: TINA (There Is No Alternative)

When Blankfein says that the UK has no other choice but to stay with its austerity plan or it will (here’s the threat):  “face a negative reaction from global investors,” he knows that Goldman Sachs will benefit from austerity at the expense of the rest of the public:

Austerity gives Goldman opportunities to privatize and financialize the economy further;

Austerity allows Goldman to continue to be a parasite sucking on the lifeblood of the economy;

Austerity will guarantee more bailouts when Goldman takes big risks and fails;

Austerity will keep the 1% wealthy and the wealth accumulation for the rich will continue apace;

Austerity keeps wealth within the financial sector where Goldman can enjoy it;

Austerity guarantees Goldman’s “rentier” status, i.e., it collects unearned money via debt;

Austerity is financial warfare against labor, against industry and against the government;

Austerity will increase the role of the bank and lead to an increase of power and wealth over the rest of society while citizens suffer from low wages, low or no pensions, high debt and fewer entitlements.

Goldman Sachs loses bid to keep shareholder proposal to split chairman and CEO roles off proxy statement


images

 

Chalk another one up for activist investors.

Goldman Sachs yesterday lost its bid to keep a shareholder proposal to split the chairman and CEO roles off its proxy statement.

Yesterday, the Securities and Exchange Commission informed the bank that it couldn’t block the proposal from being included among a list of proposals at its next annual shareholder meeting.

The proposal was sent by CtW Investment Group, which owns just 25 Goldman shares, for inclusion on the proxy.

Goldman argued that the proposal was vague and didn’t merit a vote. The SEC said it’s “unable to concur” with that view.

Lloyd Blankfein currently holds both titles at the gold-plated investment bank, which argues that it benefits from having a unified voice at the head of the firm.

The proposal to split the chairman and CEO roles is one that Goldman has faced several times in the past.

Last year, Goldman named James Schiro as a lead independent director in an effort to quiet activism from pension plan American Federation of State, County and Municipal Employees.

AFSCME also recently made a similar request for JPMorgan to split its chairman and CEO roles, which are currently held by Jamie Dimon.

via Goldman Sachs loses bid to keep shareholder proposal to split chairman and CEO roles off proxy statement – NYPOST.com.

via Goldman Sachs loses bid to keep shareholder proposal to split chairman and CEO roles off proxy statement – NYPOST.com.

Goldman Sachs is Doing God’s Work


Goldman Sachs is Doing God‘s Work

So Blankfein is doing “God’s work?”  From The Wall Street Journal article by Matt Phillips, we have the following excerpt:

“The Times of London’s mammoth 6,900-word piece on Goldman Sachs over the weekend contains plenty of fodder for those that see the investment bank as Wall Street’s top dog, as well as those that see it as a creepy, conspiratorial vampire squid of finance.

“But the key quote that’s getting attention comes in Goldman Chief Executive Lloyd Blankfein’s exchange with a reporter after a question on whether there should be limits to compensation:

Is it possible to make too much money? “Is it possible to have too much ambition? Is it possible to be too successful?” Blankfein shoots back. “I don’t want people in this firm to think that they have accomplished as much for themselves as they can and go on vacation. As the guardian of the interests of the shareholders and, by the way, for the purposes of society, I’d like them to continue to do what they are doing. I don’t want to put a cap on their ambition. It’s hard for me to argue for a cap on their compensation.”

So, it’s business as usual, then, regardless of whether it makes most people howl at the moon with rage? Goldman Sachs, this pillar of the free market, breeder of super-citizens, object of envy and awe will go on raking it in, getting richer than God? An impish grin spreads across Blankfein’s face. Call him a fat cat who mocks the public. Call him wicked. Call him what you will. He is, he says, just a banker “doing God’s work”

“Even if you have serious questions about whether investment banks actually perform a useful societal function, there’s no reason to get all bent out of shape about Blankfein’s comments. The “impish grin,” that seems to go along with the abbreviated quote makes it clear that the head Goldmanite just can’t resist winding us all up a bit.”  (from The Wall Street Journal, Matt Phillips)

So God made a banker

nd on the eighth day God looked down on his planned paradise and said, “I need someone who can flip this for a quick buck.”

So God made a banker.

God said, “I need someone who doesn’t grow anything or make anything but who will borrow money from the public at 0% interest and then lend it back to the public at 2% or 5% or 10% and pay himself a bonus for doing so.”

So God made a banker.

God said, “I need someone who will take money from the people who work and save, and use that money to create a dotcom bubble and a housing bubble and a stock bubble and an oil bubble and a commodities bubble and a bond bubble and another stock bubble, and then sell it to people in Poughkeepsie and Spokane and Bakersfield, and pay himself another bonus.”

So God made a banker.

God said, “I need someone to build homes in the swamps and deserts using shoddy materials and other people’s money, and then use these homes as collateral for a Ponzi scheme he can sell to pensioners in California and Michigan and Sweden. I need someone who will then foreclose on those homes, kick out the occupants, and switch off the air conditioning and the plumbing, and watch the houses turn back into dirt. And then pay himself another bonus.”

God said, “I need someone to lend money to people with bad credit at 30% interest in order to get his stock price up, and then, just before the loans turn bad, cash out his stock and walk away. And who, when asked later, will, with a tearful eye, say the government made him do it.”

God said, “And I need somebody who will tell everyone else to stand on their own two feet, but who will then run to the government for a bailout as soon as he gets into trouble — and who will then use that bailout money to help elect a Congress that will look the other way. And then pay himself another bonus.”

So God made a banker.

http://articles.marketwatch.com/2013-02-06/finance/36936876_1_bubble-bailout-money-god

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Leaden Circles

First a warning, musical; then the hour, irrevocable. The leaden circles dissolved in the air.

My Archives

because the internet is not forever

CineSocialUK

Up to the minute, fair, balanced, informed film reviews.

PUZZLED PAGAN PRESENTS

A Shrine to Pop Culture Obsessiveness. With Lots of Spoilers

Thrilling Days of Yesteryear

“Nostalgia isn’t what it used to be” – Peter DeVries

thedullwoodexperiment

Viewing movies in a different light

Twenty Four Frames

Notes on Film by John Greco

Suzanne's Mom's Blog

Arts, Nature, Family, Good Works, Luna & Stella Birthstone Jewelry

It Doesn't Have To Be Right...

... it just has to sound plausible

NJ Corporate Portrait Photographer Blog

The life of a corporate portrait photographer who likes to shoot just about anything.

arwenaragornstar

A French girl's musings...

Jordan and Eddie (The Movie Guys)

Australian movie blog - like Margaret and David, just a little younger

Octopus Films

A place for new perspectives on films, TV, media and entertainment.

scifist 2.0

A sci-fi movie history in reviews

The Reviewer's Corner

The Sometimes Serious Corner of the Internet for Anime, Manga, and Comic Reviews

First Impressions

Notes on Films and Culture

1,001 Movies Reviewed Before You Die

Where I Review One of the 1,001 Movies You Should Watch Before you Die Every Day

Movies Galore of Milwaukee

Movie Galore takes a look at Silent films on up to current in development projects and gives their own opinion on what really does happen in film!

The Catwing Has Landed

A Writer's Blog About Life and Random Things

mibih.wordpress.com/

Anime - Movies - Wrestling

Gabriel Diego Valdez

Movies and how they change you.

The Horror Incorporated Project

Lurking among the corpses are the body snatchers....plotting their next venture into the graveyard....the blood in your veins will run cold, your spine tingle, as you look into the terror of death in tonight's feature....come along with me into the chamber of horrors, for an excursion through.... Horror Incorporated!

Relatos desde mi ventana

Sentimientos, emociones y reflexiones

Teri again

Finding Me; A site about my life before and after a divorce

unveiled rhythms

Life In Verses

Gareth Roberts

Unorthodox Marketing & Strategy

leeg schrift

Taalarmen

100 Films in a Year

12 months. 100 films. Hopefully.

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