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Startling, too, is how much of its profits Goldman is expected to share with its employees. Analysts estimate that the bank will set aside enough money to pay a total of $18 billion in compensation and benefits this year to its 28,000 employees, or more than $600,000 per employee. Top producers stand to earn millions.
it looks like this year has been very good to goldman sachs employees, although not such a good year for american taxpayers.
According to previous NYSE rules, any company that carried out program trading—essentially, large computer-automated trades worth more than $1 million—had to report the trades to the NYSE, which then made the information publicly available.
But, under new regulations (PDF) published last week, that requirement has been removed.
"The NYSE announced that it will no longer be releasing its weekly program trading data," Taibbi wrote in a blog posting. "This is quiet obviously a move designed to make it even more impossible to track what is going on in the NYSE and shield, in particular, Goldman Sachs." (taibbi)
What happened to Obama's policy about monitoring and limiting the salaries of the corporate leaders who took bailout money? Was that another Obama lie?
What happened to Obama's policy about monitoring and limiting the salaries of the corporate leaders who took bailout money? Was that another Obama lie?
Once they paid back their TARP they are home free.
The story of Goldman's missing PT data has now entered the twilight zone. Matt Goldstein at Reuters reports that Goldman spokesman Michael Duvally notified him that Goldman did in fact not only perform its usual NYSE SLP domination, but also reported of this, as it does every week:
“According to the data Goldman Sachs submitted, we are certain we were among the
top firms in terms of program trading volume for the week ending June 26.”
And guess who is taking the blame: our old friend Ray Pellecchia over at the NYSE:
“Due to an error on our part, the program trading report needs to be revised and we will have a revised list out later this week. It was a system error on our part.”
Ray... just what system does the NYSE use that mysteriously DROPS THE TOP PROGRAM TRADING PARTICIPANT: is there a [if shares traded > 1 billion; AND; NYSE vows to Zero Hedge infinite transparency, do "Report 0"] line somewhere in that particular system?
the irony of all of these new bonuses and risk taking again should not be lost on the american people, especially in light of rising unemployment numbers and increasing foreclosure rates.
“It’s really quite rational for somebody like Goldman, who of course made a lot of money on the backbone of risk coming into the crisis, after being bailed out, to increase risk as a natural extension of that strategy,” said Joseph Mason, a banking professor at Louisiana State University in Baton Rouge who previously worked at the U.S. Treasury’s Office of the Comptroller of the Currency. “The government has created those incentives.”
yes, it is back to business as usual for goldman. goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, RIDING IN TO RESCUE US ALL BY LENDING US BACK OUR OWN MONEY AT INTEREST, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased. They’ve been pulling this same stunt over and over since the 1920s.
(broadcatching wodpress)
isn't that what they have been doing? sitting on taxpayer money to generate a profit and then suckering people with these inflated statistics? housing is still dropping so where is the profit?
NEW YORK – Goldman Sachs is emerging as the king of post-meltdown Wall Street. The New York-based banking giant took advantage of improving markets to widen the gap between itself and its competitors, earning more than $2.7 billion during the second quarter
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That has been even more amplified during the recent credit crisis and ensuing recovery as credit and debt markets have started to open up
This type of talk truly bothers me. It lead people to believe we are almost out of the woods. Maybe I wrong (anybody can be.) but I think it a long way until we fully stabilize at a new "normal". Truly, how does this writer know that we are post-melt down? Or a recovery in the credit market? Why can't this just be a lull in the action.
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Goldman's historically strong and disciplined risk management allowed it to enter trading where its competitors might have been more hesitant
Floridasandy is right. Same ol' situation. Let see if they will need to come to the well again in the near future.
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Though it had adequate capital to handle the downturn, Goldman was compelled to participate in the program, receiving $10 billion. As part of the program, the government placed certain restrictions on banks, such as additional oversight and executive compensation caps
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Goldman, relying on its healthy capital base, paid back those funds in June, freeing itself of the added restrictions. Not all other banks have been able to repay their government debt yet. Bank of America Corp. and Citigroup Inc. have been among the hardest hit by the downturn and each received $45 billion from the government.
OK if they paid back the loan...great.....they can do what they want. But next time (near future) if they need our help....and we find out they need that help because they made bad decisions/gambles they are are their own. Even if they did pay back the tarp.
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While Goldman was preparing to repay the government, it was also taking advantage of the thawing credit markets and a rallying equity market. With its own balance sheet intact, Goldman became a primary source for other companies looking for an underwriter to help them tap the reopened markets.
Ok guys. Please show we where this thawing of the credit market is? And where is this money to fuel the thaw coming from?
And let me ask. Do you think this thaw is really a thaw? Or is it more like permafrost?
So now its a bad thing when a company makes money? They paid back their government loan, but are still a bank holding company thus are working within a stricter regulatory framework than they were before.
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