The real price of Goldman’s giganto-profits

[babsbunny]

The real price of Goldman’s giganto-profits

http://trueslant.com/matttaibbi/2009/07/16/on-goldmans-giganto-profits/

Equity underwriting boomed during the period as dozens of banks raised money to strengthen capital and repay Troubled Asset Relief Program funds. The business reported record revenue of $736 million.via Article - WSJ.com.

So what’s wrong with Goldman posting $3.44 billion in second-quarter profits, what’s wrong with the company so far earmarking $11.4 billion in compensation for its employees? What’s wrong is that this is not free-market earnings but an almost pure state subsidy.

[Ninga]

1. Matt Taibbi is on point and on fire with this story. It has long legs and is just starting

to capture the attention of readers.

K & R and go Taibbi!!!

:bounce:

:yourock: