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Saturday, January 2 2010 |
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- While Goldman CEO Lloyd Blankfein understands that "people are pissed off" with bankers, he says everybody should be happy: "Companies are looking to grow again and raise money. That's where we come in. The financial system may have led us into the crisis but it will lead us out."
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This news story has 31 comments:
And could you make that in Rupees?
Where would GS be without bank holding company status? How about giving that up, as well as going back to mark to market accounting?
Blankfein has the nerve to preach to us.
Sad.
How about its a result of free government money from 1. TARP, 2. AIG, 3. loans as a result of being a "bank holding company" (which they certainly are not).
Combine those three with the knowledge that the government won't let you lose and, hey, you too could earn $22 billion in bonusses.
Its sad to see this really, because it shows everyone that the vast majority of our corporate leaders don't care a lick about their country nor their fellow citizens. They only care about their own wealth. (and please spare me the "they are just looking out for their shareholders" - if they were they wouldn't have been in the position to be bailed out in the first place).
A real leader would have his "talented" finance folks calculate the fair value of all the financial help his firm has received and then pay it all back twice....once to the taxpayers, and the second amount over time in programs designed to help those in manufacturing displaced from the financial collapse......not because there is a law that says he must.....but rather because he's a responsible leader of an American company.
The examples are everywhere. J&J announced 8,000 layoffs this week.....and what was the CEO doing? Buying $8+ Million real estate in Florida. Mind you he's free to buy whatever he'd like.....but who in their right mind buys some lot of land for $8 million and then two days later announces he's firing 8,000 employees? And he can't blame anyone else for his firms state.....he's been the CEO for something like 8 years and he inherited a great franchise.....and this is his third major layoff program. Thats a leader?
I'm very tired of companies trumpetting their "corporate citizenship" when we all know they are taking far more than they are contributing and its time these guys get called on the carpet for it. They are selling out our country while pocketing 30 more pieces of silver.
+++++++++++++++++
The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.
++++++++++
Feeling deprived of your property yet? How many cheaper dollars do you have? How is your home equity? What day will you wake up and realize we needed to listen to TJ?
Wake up. Reject the bankers. Embrace the nuts that propose to "End the Fed" (and those that profit by its theft - GS)
He really doesn't understand the level of anger against bankers could get him hung if he's not careful. Talk about the provincialism of New Yorkers.
On Nov 08 09:15 AM Neil459 wrote:
> No, what we are pissed off about is that government officials at
> all levels have been bought off to routinely ignore the issues/problems
> and the media has no idea because their 1960's view of utopia is
> being promised to them. Not really much different than the 76 virgins
> promised suicide bombers.
>
> Now Mr. Blankfein should be really pissed off that the people he
> is paying to protect GS and his industry are deflecting the blame
> for the resulting problems back to him.
What is telling? Not a single negative thumbs down.
The commentators all know, unlike average Americans the real truth of what went on during the past 18 months.
Which is:
The largest tax payer heist in history was successfully accomplished with the help of the FED, Treasury, Congress, all to enrich a select few at the expense of the many.
For instance here is what really happened with Goldman Sachs:
They knew like many others they were in deep trouble. Paulson knew it, so did the Treasury. But GS wanted more. They knew that if they converted to a "bank" they could be saved, but they also knew that because of their HFT abilities, connections to Washington, etc, they could in essence use tax payer money, to become "to big to fail". Also and more importantly, make hundreds of billions of dollars using taxpayer money (as play money) to trade day and night and enrich themselves. This is exactly what happened. They were so successful at it (like many other firms who could suddenly, in a matter of months, pay back the gov't) they not only paid the gov't back but also made incredible amounts of money for themselves which will get paid back as bonuses. That and being able to "buy" H1N1 vaccines for all their employees.
What should have happened was: GS pays back all the taxpayer money they were lent, and as a taxpayer thank you for just allowing them to survive, any monies made beyond base salaries for the employees of these companies who created this entire mess, should have been given back to the general population.
Period.
Instead we now have almost 20% real unemployment in this country.
Another 20% already on welfare in this country.
A country where about 15% of our children go to bed hungry each night.
And we have the likes of GS, BAC, C, AIG, et al, receiving hundreds of billions and their executives and employees enjoying a life fewer than 10% of all Americans will ever enjoy.
Not to mention of course our incredibly corrupt government who is in the process of mortgaging the next 3 generations wealth away all for their own personal gain.
We are now living in what I consider to be one of the lowest points in American history. Where corruption even at the highest levels of government is accepted and welcomed, and where those people in government are willing to do anything of the price is right regardless of the consequences. You couple that with a complacent population who are dumbed down to levels i personally thought could never be achieved and you truly have the seeds planted for the slow decay of our nation, just like the Roman empire 2000 years ago.
History does repeat itself, though most would disagree. Why agree when you can have more fun with your I-phones and watch American Idol?
(I almost choked on my oatmeal.)
How do these finanicial companies lead? Lead in what? Creating jobs? Adding value to our society. They lead in enriching a few upper management employees to millions and leaving the rest of the country saddled with enormous debt.
> Who are you going to believe? This selfish, self-serving clown or
> I don't know, maybe some really thoughtful cat like, hmmmm, okay,
> Thomas Jefferson:
> +++++++++++++++++
> The central bank is an institution of the most deadly hostility existing
> against the Principles and form of our Constitution. I am an Enemy
> to all banks discounting bills or notes for anything but Coin. If
> the American People allow private banks to control the issuance of
> their currency, first by inflation and then by deflation, the banks
> and corporations that will grow up around them will deprive the People
> of all their Property until their Children will wake up homeless
> on the continent their Fathers conquered.
>
> ++++++++++
>
> Feeling deprived of your property yet? How many cheaper dollars do
> you have? How is your home equity? What day will you wake up and
> realize we needed to listen to TJ?
>
> Wake up. Reject the bankers. Embrace the nuts that propose to "End
> the Fed" (and those that profit by its theft - GS)
Havilah Mint?
I do. It’s that the entire concept of “good faith and credit” has been exchanged for a bowl of red beans. If and when we return to a gold standard, a la Havilah Mint coinage because of the corruption these entities have unleashed, be prepared, the leaven bubbles of “wealth” in virtually every central bank’s written words will return to the ether land they originated from. Humans are creatures, why we collectively attempt to deny this truth is beyond me. The more we deny this and think we possess deity powers to create wealth out of nothing, the more deserving we are to be treated as beasts. Better to use the creation and our 70-80 orbits of allotted time for learning and doing good than to join these forces of denial, pride and betrayal. imho
On Nov 08 10:42 AM Archman Investor wrote:
> I just read all the comments.
> What is telling? Not a single negative thumbs down.
> The commentators all know, unlike average Americans the real truth
> of what went on during the past 18 months.
> Which is:
> The largest tax payer heist in history was successfully accomplished
> with the help of the FED, Treasury, Congress, all to enrich a select
> few at the expense of the many.
>
> For instance here is what really happened with Goldman Sachs:
>
> They knew like many others they were in deep trouble. Paulson knew
> it, so did the Treasury. But GS wanted more. They knew that if they
> converted to a "bank" they could be saved, but they also knew that
> because of their HFT abilities, connections to Washington, etc, they
> could in essence use tax payer money, to become "to big to fail".
> Also and more importantly, make hundreds of billions of dollars using
> taxpayer money (as play money) to trade day and night and enrich
> themselves. This is exactly what happened. They were so successful
> at it (like many other firms who could suddenly, in a matter of months,
> pay back the gov't) they not only paid the gov't back but also made
> incredible amounts of money for themselves which will get paid back
> as bonuses. That and being able to "buy" H1N1 vaccines for all their
> employees.
>
> What should have happened was: GS pays back all the taxpayer money
> they were lent, and as a taxpayer thank you for just allowing them
> to survive, any monies made beyond base salaries for the employees
> of these companies who created this entire mess, should have been
> given back to the general population.
> Period.
> Instead we now have almost 20% real unemployment in this country.
>
> Another 20% already on welfare in this country.
> A country where about 15% of our children go to bed hungry each night.
>
> And we have the likes of GS, BAC, C, AIG, et al, receiving hundreds
> of billions and their executives and employees enjoying a life fewer
> than 10% of all Americans will ever enjoy.
> Not to mention of course our incredibly corrupt government who is
> in the process of mortgaging the next 3 generations wealth away all
> for their own personal gain.
>
> We are now living in what I consider to be one of the lowest points
> in American history. Where corruption even at the highest levels
> of government is accepted and welcomed, and where those people in
> government are willing to do anything of the price is right regardless
> of the consequences. You couple that with a complacent population
> who are dumbed down to levels i personally thought could never be
> achieved and you truly have the seeds planted for the slow decay
> of our nation, just like the Roman empire 2000 years ago.
>
> History does repeat itself, though most would disagree. Why agree
> when you can have more fun with your I-phones and watch American
> Idol?
Close them down. They are blood-suckers who add no value to the real economy.
On Nov 08 11:34 AM ari5000 wrote:
> Lead us out?
>
> How do these finanicial companies lead? Lead in what? Creating
> jobs? Adding value to our society. They lead in enriching a few
> upper management employees to millions and leaving the rest of the
> country saddled with enormous debt.
>
In this book are listed the behaviors of the various mental disorders.
Buy a copy of this book, or get one from the library. Look at the behaviors of the Personality Disorders. Then, look at behaviors of a subclass of the Personality Disorders, the Narcissistic Personality Disorder.
Focus especially on the behaviors of Entitlement.
Compare the behaviors of the Banksters to these lists, especially Entitlement.
Now, the problem with being a Personality Disorder is because you live within the bubble of your disorder. You earnestly believe what you think reflects 'reality.' And, if you are really disordered, you think and act like you are more important/entitled than others.
Can you imagine the carnage this thinking creates when reality intersects with your Personality Disordered personal bubble?
Now, when your personal bubble has created a bubble for the rest of us, can you imagine the carnage we face.
I don't think even Mr. Blanfein believes his rhetoric.
My idea,short of something fair like getting paid back,would be to attach wires to all these execs;they would not be able to speak to anyone except clients of the firm or immediate family.They could continue to make all the money theywish,hopefully give much of it away to museums and such but NEVER serve on their boards..We do not want to see or hear from them again. If they violate these simple rules,perhaps they should have to spend a month cleaning up an old company's vacant warehouse that they lbo'd ten years ago.
Archer - Excellent observation. I was seeing the same thing when I read your comment. Hours later, there are a few thumbs down, but you will note that the down-raters haven't had the courage to put up a full comment defending the absurdity of Lloyd's statement.
On Nov 08 10:42 AM Archman Investor wrote:
> I just read all the comments.
> What is telling? Not a single negative thumbs down.
> The commentators all know, unlike average Americans the real truth
> of what went on during the past 18 months.
> Which is:
> The largest tax payer heist in history was successfully accomplished
> with the help of the FED, Treasury, Congress, all to enrich a select
> few at the expense of the many.
>
> For instance here is what really happened with Goldman Sachs:
>
> They knew like many others they were in deep trouble. Paulson knew
> it, so did the Treasury. But GS wanted more. They knew that if they
> converted to a "bank" they could be saved, but they also knew that
> because of their HFT abilities, connections to Washington, etc, they
> could in essence use tax payer money, to become "to big to fail".
> Also and more importantly, make hundreds of billions of dollars using
> taxpayer money (as play money) to trade day and night and enrich
> themselves. This is exactly what happened. They were so successful
> at it (like many other firms who could suddenly, in a matter of months,
> pay back the gov't) they not only paid the gov't back but also made
> incredible amounts of money for themselves which will get paid back
> as bonuses. That and being able to "buy" H1N1 vaccines for all their
> employees.
>
> What should have happened was: GS pays back all the taxpayer money
> they were lent, and as a taxpayer thank you for just allowing them
> to survive, any monies made beyond base salaries for the employees
> of these companies who created this entire mess, should have been
> given back to the general population.
> Period.
> Instead we now have almost 20% real unemployment in this country.
>
> Another 20% already on welfare in this country.
> A country where about 15% of our children go to bed hungry each night.
>
> And we have the likes of GS, BAC, C, AIG, et al, receiving hundreds
> of billions and their executives and employees enjoying a life fewer
> than 10% of all Americans will ever enjoy.
> Not to mention of course our incredibly corrupt government who is
> in the process of mortgaging the next 3 generations wealth away all
> for their own personal gain.
>
> We are now living in what I consider to be one of the lowest points
> in American history. Where corruption even at the highest levels
> of government is accepted and welcomed, and where those people in
> government are willing to do anything of the price is right regardless
> of the consequences. You couple that with a complacent population
> who are dumbed down to levels i personally thought could never be
> achieved and you truly have the seeds planted for the slow decay
> of our nation, just like the Roman empire 2000 years ago.
>
> History does repeat itself, though most would disagree. Why agree
> when you can have more fun with your I-phones and watch American
> Idol?
Blankfein should have studied (and comprehended) more history than just Keynesian economics.
That said,
If he is so confident that their good banking works will soon manifest general economic growth maybe the bailout should have been structured as follows:
1) All stock in GS is halted and effectively privatized until unemployment reaches 6%, at which time it will freely trade.
2) No bonuses will be paid until unemployment reaches 6%.
3) No salaries can exceed 50 times the lowest paid employee at any firm that receives bailout or receives any payment from any company that received a bailout (AIG passthrough).
Don't like the terms? Go raise your own capital to cover your stupid, irresponsible bets.
On Nov 08 10:42 AM Archman Investor wrote:
> I just read all the comments.
> What is telling? Not a single negative thumbs down.
> The commentators all know, unlike average Americans the real truth
> of what went on during the past 18 months.
> Which is:
> The largest tax payer heist in history was successfully accomplished
> with the help of the FED, Treasury, Congress, all to enrich a select
> few at the expense of the many.
>
> For instance here is what really happened with Goldman Sachs:
>
> They knew like many others they were in deep trouble. Paulson knew
> it, so did the Treasury. But GS wanted more. They knew that if they
> converted to a "bank" they could be saved, but they also knew that
> because of their HFT abilities, connections to Washington, etc, they
> could in essence use tax payer money, to become "to big to fail".
> Also and more importantly, make hundreds of billions of dollars using
> taxpayer money (as play money) to trade day and night and enrich
> themselves. This is exactly what happened. They were so successful
> at it (like many other firms who could suddenly, in a matter of months,
> pay back the gov't) they not only paid the gov't back but also made
> incredible amounts of money for themselves which will get paid back
> as bonuses. That and being able to "buy" H1N1 vaccines for all their
> employees.
>
> What should have happened was: GS pays back all the taxpayer money
> they were lent, and as a taxpayer thank you for just allowing them
> to survive, any monies made beyond base salaries for the employees
> of these companies who created this entire mess, should have been
> given back to the general population.
> Period.
> Instead we now have almost 20% real unemployment in this country.
>
> Another 20% already on welfare in this country.
> A country where about 15% of our children go to bed hungry each night.
>
> And we have the likes of GS, BAC, C, AIG, et al, receiving hundreds
> of billions and their executives and employees enjoying a life fewer
> than 10% of all Americans will ever enjoy.
> Not to mention of course our incredibly corrupt government who is
> in the process of mortgaging the next 3 generations wealth away all
> for their own personal gain.
>
> We are now living in what I consider to be one of the lowest points
> in American history. Where corruption even at the highest levels
> of government is accepted and welcomed, and where those people in
> government are willing to do anything of the price is right regardless
> of the consequences. You couple that with a complacent population
> who are dumbed down to levels i personally thought could never be
> achieved and you truly have the seeds planted for the slow decay
> of our nation, just like the Roman empire 2000 years ago.
>
> History does repeat itself, though most would disagree. Why agree
> when you can have more fun with your I-phones and watch American
> Idol?
He CLAIMED that Wall Street was "leading the U.S. economy out" of recession.
In FACT, all the Wall Street oligarchs have REDUCED their lending, while JP Morgan tries to force small businesses into taking one of their new credit cards - with a 30% interest rate.
Blankfein knows that Wall Street is HARMING not helping the U.S. economy - and this is simply another example what shameless liars all these banksters are.
However, I'm certain that the upheld and gaping maw of the severed head - the blood spurting from the corpse at the guillotine - also had an impact on the wicked and the cheering mob alike.
Without blood and death; the somnambulance, equivocation, and tyranny will continue.
Unfortunately.
Unfortunately people in power are really good at keeping Americans from getting so angry and outraged that we all finally do make heads roll.
Quote from the above article:
"It was reported that they were considering donating in excess of £627 million to charity in an attempt to quell the furore over the likely size of the pot. "
All in a days work of burglarizing the American people and them keeping them complacent enough not to do anything about it.
GoldLovingTurtle
On Nov 08 10:22 AM Michael Clark wrote:> I don't know, Neil. Blankfein paid out billions to buy the government.
> He made billions off of higher risk instruments and he's got the
> government in the palm of his hand. Yes, the government is corrupt
> -- and I'm angry and disgusted about that. But Blankfein is no victim
> of the government. Blankfein, and his type, are the ones driving
> the truck. Blankfein corrupted the government; the government didn't
> corrupt Blankfein.
True, but we expect bankers and other private enterprises to look out for themselves. That in and of itself is not the problem. On the other hand we expect the government to look out for the people. Not that it as occurred recently, but just the same we expect it. So the demons in this situation are the government and that they can be bought off.