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Goldman Sachs has less than $.02 Trillion in assets and $39 Trillion in derivatives exposure.
Is table 1 on page 22($million) creative accounting? http://www.occ.treas.gov/ftp/release/2009-72a.pdf
Matt Taibbi... knocks another one out of the park!
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.
`Last year, when Hank Paulson told us all that the planet would explode if we didn’t fork over a gazillion dollars to Wall Street immediately, the entire rationale not only for TARP but for the whole galaxy of lesser-known state crutches and safety nets quietly ushered in later on was that Wall Street, once rescued, would pump money back into the economy, create jobs, and initiate a widespread recovery. This, we were told, was the reason we needed to pilfer massive amounts of middle-class tax revenue and hand it over to the same guys who had just blown up the financial world. We’d save their asses, they’d save ours. That was the deal.
Read More . . . http://trueslant.com/matttaibbi/2009/07/16/on-goldmans-giganto-profits/
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6 COMMENTS:
Start by asking what and where Dan Sparks, Goldman’s former mortgage head and his team is doing now, it was more than just great timing that he left in Spring 2008.
Dan doesn't work at GS anymore, most of the GS mortgage guys came from Bear Stearns now with the exception of Kevin Gasvoda and Michelle Gill. Never short, count out, or bet against GS, the company is hot shit.....this guy knows what I'm talking about....
so where is Dan Sparks now? I know Gasvoda, but I never found out what happened to Sparks...
sitting in front of a senate committee nuancing and parsing every syllable, hoping not to perjur himself.
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I think stuff related to Matt Taibbi is very concerning.
Ever since he knocked another one out of the park, I just hope thing keep going right.
By the way, Matt Taibbi seems to be a nice person
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