Tag Archive for ‘Goldman Sachs’

Failure on Many Levels

Goldman Sachs buys and sells securities for customers and also trades for its own book. It’s the world’s biggest derivatives dealer. CEO Lloyd Blankfein told a British magazine in late 2009 that they were “doing God’s work.” Now we know what that entails.

How Do You Make $100 Million Per Day?

How do you make $100 million per day? Goldman Sachs did it—and still does it. It even brags about it. Goldman’s net revenues for 2009 were over $45 billion. Most of this—$34.37 billion—came from trading. During the second and third quarters of 2009, Goldman made over $100 million per day on 82 out of 130 trading days. It lost money on only three days during the same period.

Going Green for Goldman

What’s behind the cult of “global warming”? We’ve been hearing about it for years on television, in magazines, from politicians, and from certain corporate entities: Mankind is destroying the earth, and the only solution is to “go green.” Unless we radically change our behavior, the oceans will rise, catastrophe will ensue, and that will be the end of life as we know it.

Sachs of Gold

The story thus far: Not content with plunging the world’s economy into the worst crisis since the 30’s, the avaricious and reckless bankers have been saved from ruin—momentarily—by our taxes, yet they continue to treat us with breathtaking contempt. Far from feeling any remorse or humility, they pay themselves annual bonuses larger than what most people earn in their lifetime, and do so with an arrogance that beggars belief.

Trickle-Up Economics

Goldman Sachs senior executives are arming themselves with New York gun permits, according to Alice Schroeder on Bloomberg.com. The banksters “are now equipped to defend themselves if there is a populist uprising against the bank.”

Can the Economy Recover?

There is no economy left to recover. The U.S. manufacturing economy was lost to offshoring and free-trade ideology. It was replaced by a mythical “New Economy.”

The “New Economy” was based on services. Its artificial life was fed by the Federal Reserve’s artificially low interest rates, which produced a real-estate bubble, and by “free market” financial deregulation, which unleashed financial gangsters to new heights of debt leverage and fraudulent financial products.