< HOME  Thursday, May 28, 2009

Why Goldman Sachs Is the Greediest and Most Dastardly of the Wall Street Pigs

The poor little piggies at Goldman $achs are getting bitchy about being viewed was welfare recipients. Well, guess what, G$, you are and are hereby directed to show up once a week to submit your urine for testing.
Why Goldman Sachs Is the Greediest and Most Dastardly of the Wall Street Pigs By Jim Hightower

Goldman holds billions in taxpayer cash, plans for billions in exec bonuses this year, and has powerful friends in Obama's govt. up the wazoo.

No doubt you're going to feel terrible about this. Top executives of Goldman Sachs, the Wall Street powerhouse, are in a pout about how they're being treated by you and me -- i.e., the public.

These execs are used to being revered as financial geniuses, but having taken a $10 billion bailout from us taxpayers last fall, they're now widely viewed as ... well, as welfare recipients. Like other welfare checks, the big one that Washington doled out to Goldman Sachs came with some strings attached, causing the chieftains to get all huffy. Especially galling to these princes of privilege is the limit on salaries and bonuses that bailed out banks are allowed to give to those in the executive suites

Thus, Goldman recently threw a little hissy fit and haughtily declared that it will pay back our $10 billion to get the blankety-blank government out of its private business. Bold move! At last, Wall Streeters are reasserting their rugged, free-enterprise ethic, right?

Uh, not exactly.

What Goldman officials fail to mention is that they'll still be clinging to several other lifeboats floated to them by those skinflint meanies in Washington. For example, when insurance giant AIG was given some $200 billion last year to save it from total collapse, $12 billion of it was actually a pass-through payment to Goldman Sachs. Best of all, this quiet handout did not come with any of those nasty restrictions on executive pay -- so Goldman is happily hanging onto this backdoor subsidy.

Then there's another $28 billion that was slipped to these hardy free-marketers in the form of special low-interest loans guaranteed by the Federal Deposit Insurance Corp. -- a subsidy that Goldman's chief financial officer concedes is vital to its survival. Far from foregoing this government underwriting, the bankers say they expect to ask for $7 billion more of it.

Additionally, Goldman has taken many more billions' worth of low-cost loans from Federal Reserve funds. How many more billions? The Fed and the bank say this is "proprietary" information, not for public disclosure, even though it is public money.

While we whipped Americans reverently kiss our bankers feet, on the other side of the pond, the Irish are still raising hell, whether it's telling the European Union NO to their Bolshevik experiment or giving a banker a face full.

Hooray for the Irish!!

"I LOST MY PENSION" Eggs Thrown @ Bank CEO Irish AIB Bank

At a question-and-answer session with Allied Irish Banks chairman Dermot Gleeson, an angry shareholder pelted him with eggs. The country's largest bank raised its 2009 projection from bad loans.


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2 Comments:

At Thursday, May 28, 2009, Blogger gr1m_reaper said...

.
Save up your rotten eggs!! there are plenty of bastards who need to catch 'em right in their snouts! how can they eliminate seniors' pensions, yet grant themselves gargantuan salaries and bonuses??

***e, that's how. "i'm sorry," and "it was a mistake," where have we heard that before? obviously not sorry enough to give back their ill-gotten gains!

 
At Thursday, May 28, 2009, Blogger Nepos Libertas said...

Thanks to the unearthing of the post, I wrote a new post over at Last Throes of U.S. Empire. Articulate but break and depressing as usual.

 

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