First Goldman Sachs (GS +1.7%) wanted into commercial banking to survive the crisis. Now some...

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Neil459 Comments (2640)
 
They voted for this government and should have to suffer its wrath just like the rest of us.
22 Sep 2009, 05:41 PM Reply Like

herbert hoover Comments (2005)
 
What Goldman wants, Goldman gets.
22 Sep 2009, 06:49 PM Reply Like

Sean Ryan Comments (16)
 
I don't think they ever actually *wanted* a bank charter. The odds that Lloyd Blankfein and John Mack both happened to go to work one Monday and think "you know what, we should get a bank charter" seem improbably remote. Far more likely is that then-Secretary Paulson effectively ordered them to do so last autumn, at a time when both Congress and the White House seemed perfectly happy to cede all responsibility to Paulson. It should surprise nobody that given the chance, Goldman wants to shed the bank charter.
22 Sep 2009, 07:43 PM Reply Like

coloneldebugger Comments (834)
 
I am probably wrong, but wasn't getting the bank charter part of the process to get their gubmint hand out?
22 Sep 2009, 07:50 PM Reply Like

TraderMark Comments (2422)
 
It is amazing how short memories are

Goldman and Morgan ran into the arms of government as Lehman, and Merrill were about to be shot in the head back to back. Merrill only saved by a suspicious Bank of America deal. After Lehman went everyone knew Merrill was next, but then a monster deal at premium pricing came from Bank of America.

Morgan Stanley's CEO was on phone with Administration saying if this keeps up we won't have any investment banks left.

So they went in as bank holding companies to be shielded by the Fed

anyone who thinks otherwise is an apologist

If Goldman goes in to be protected by government when times are tough but can back out when they wish so they can compensate at will, that's really showing you who runs this country.


On Sep 22 07:43 PM Sean Ryan wrote:

> I don't think they ever actually *wanted* a bank charter. The odds
> that Lloyd Blankfein and John Mack both happened to go to work one
> Monday and think "you know what, we should get a bank charter" seem
> improbably remote. Far more likely is that then-Secretary Paulson
> effectively ordered them to do so last autumn, at a time when both
> Congress and the White House seemed perfectly happy to cede all responsibility
> to Paulson. It should surprise nobody that given the chance, Goldman
> wants to shed the bank charter.
22 Sep 2009, 07:56 PM Reply Like

TraderMark Comments (2422)
 
p.s. what compensation restrictions did I miss at Goldman? I see nothing. What a joke of a reason. Bonuses are already back to 2007 levels.

Did I miss the memo that things would change at Goldman despite being a "bank holding company"
22 Sep 2009, 07:57 PM Reply Like