Did Goldman Sachs send YOU a "thank you" card yet for their record bonuses??

[dixiegrrrrl]

Goldman Sachs on pace for record bonuses: report

Mon Jun 22, 10:01 am ET

NEW YORK (Reuters) – Goldman Sachs Group Inc is on pace to make record bonus payouts after a robust first half, the Guardian newspaper reported on Sunday.

The surge in projected profit can be attributed to a lack of competition and increased revenue from trading foreign currency, bonds and fixed-income products, the newspaper said, citing insiders at the firm.

Link to yahoo news page: http://tinyurl.com/nr6n29

Gee, "attributed to lack of competition".
Yet, strangely, not a word about the 10 billion bailout, or all the money GSachs makes selling
all those Treasury bonds that Geithner is printing out 24/7.

[ima_sinnic]

1. I thought there was supposed to be some limit on bonuses, what with the bailout & all

I guess that was just more wishy-washy empty rhetoric about "change." what does it matter?--they got what they wanted, our money, and with no regulation, so they're free to continue fucking us over. the next time they go bankrupt, we suckers will again be ordered to hand over our loot, no strings attached and no way to say no. it's such a winning strategy.

[dixiegrrrrl]

3. What happened with the bonuses/ TARP funds was this:

Obama threatened to cap bonuses if banks took the TARP money, so all of a sudden several banks found they miraculously could repay and could afford bonuses, too.
Of course, not all of it was repaid, and the original TARP loans of late 2008 were used to
"reduce competition".

Magic.

[TomClash]

2. Rumor has it no one is getting them in the US

Only the UK employees get them.

[vincna]

4. Goldman never wanted or needed TARP money

Paulson pressured them into taking it so as not to stigmatize some of the other banks. In any case, they've repaid the TARP money, so they are no longer under any restrictions, as far as I know.

[ixion]

8. balderdash

If they hadn't gotten money in 2k8, they would have gone the way of Lehman Bros, etc.

http://news.google.com/archivesearch?pz=1&ned=us&hl=en&q=goldman+sachs+bankrupt&cf=all&sugg=d&sa=N&lnav=d1&as_ldate=2008&as_hdate=2008&ldrange=1990%2C2007&hdrange=2009%2C2009

[vincna]

9. They didn't want the money, they were forced to take it

From the April 14 Wall Street Journal

..."At a meeting President Barack Obama hosted with bank executives at the White House in late March, Lloyd Blankfein, Goldman's chief executive, argued that banks needed freedom to repay the loans the U.S. forced them to accept in October. Eight large institutions received a total of $165 billion in capital, including $10 billion for Goldman. The pay restrictions were tied to those loans. The banks were told then that everyone had to accept the money so it wouldn't be obvious who needed it most."

From the same article

..."Even then, Goldman executives didn't believe the firm needed U.S. money. On Sept. 23, as the financial crisis intensified, Goldman raised $5 billion from Warren Buffett's Berkshire Hathaway Inc. Goldman hoped the investment -- preferred stock with a steep 10% annual return -- would reassure investors. Goldman raised another $5.75 billion in a common-stock offering."

Complete article:

http://online.wsj.com/article/SB123966372945715013.html

[wroberts189]

5. If they did it was sent to bush/cheney. nt

[marketcrazy1]

6. the day goldman sachs

NEEDS a bailout, I mean REALLY needs a bailout or else! will be the day i take all my money out of the bank, stock up my basement with food, board up all my doors and windows and sit in the corner with my shot gun on my lap! because on THAT day the shit will have truly hit the fan!!! Goldman is the proverbial canary in the financial system coal mine! with all the people they have on the inside the day they go down EVERYONE will go down!!!

[vincna]

7. I completely agree (and hope it never happens) - nt