Goldman Sachs News and Links - October 14, 2009

kenny's sideshow: Goldman Sachs and the Federal Reserve must ...
By kenny's sideshow
This Thursday, in a move that would make Baron von Louis Rothschild blush with shame (or burst with pride), Goldman Sachs will announce that it is more than doubling its bonus pool: from 11 billion in 2007 to 23 billion in 2008. ...

Larry Rubinoff:  This one is worth reading.

Geithner Aides Reaped Millions Working for Banks, Hedge Funds
Bloomberg
The advisers include Gene Sperling, who last year took in $887727 from Goldman Sachs and $158000 for speeches mostly to financial companies, including the ...

The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.
As part of Geithner’s kitchen cabinet, Sperling and Sachs wield influence behind the scenes at the Treasury Department, where they help oversee the $700 billion banking rescue and craft executive pay rules and the revamp of financial regulations. Yet they haven’t faced the public scrutiny given to Senate-confirmed appointees, nor are they compelled to testify in Congress to defend or explain the Treasury’s policies.

Larry Rubinoff: There should be not only public outrage for this but Congressional investigations as well.  Congress must be aware of this yet does and says nothing.  What we have here is a King Aruthr and his Knights at the Round Table who keep resurfacing throughout various administrations.  It is time for "Change".  A change of faces everywhere througout our government.

Paul Kangas' Stocks in the News
Nightly Business Report
An analyst downgrade on Goldman Sachs undermined the financial sector and doomed the rally, resulting in a mixed close. The Dow fell 14.74 ending at 9871.06 ...

Goldman Sachs (GS) losing $2.92. Analyst Meredith Whitney downgraded the stock from "buy" to "neutral." Earnings are due out incidentally Thursday for Goldman Sachs.

Larry Rubinoff:  An analysts downgrade brought down Goldman's stock.  Goldman Sachs is making record profits and paying record bonuses.  Despite all this, a simple "donwgrade" caused their stock to fall.  

I can't help but wonder why with all the negative press, with all the high level "criminal" activity that these types of reports do nothing to interfere with their profit and continued greed.  How is it the financial sector led by Goldman Sachs can flourish when the so many people in this country are still devastated economically.  There is no recovery for the average person, still unemployed, foreclosed on or in the process of and just plain hungry?  I don't get it do you?

Goldman Sachs: Overlords-R-Us ~ Goldman Sachs Information ...
By RobertM
The $23 billion figure could leave some American taxpayers woozy -- the US government bailed out Goldman Sachs with a multi-billion 

Larry Rubinoff:  This news release was picked up by Google Alerts which is where I get most of these links.  RobertM is a contributor and volunteer for GoldmanSachs666 and has contributed much of his time not only posting articles but assisting with the technical side of this site as well.  

I just thought it would be appropriate to recognize RobertM here and to publically thank him for his valuable contributions.  Thank you Robert.  Keep up the good work.  We truly appreciate your efforts.

Goldman Sachs' CEO Blankfein: "We are Performing a Public Service"

Editors note: It never ceases to amaze me when I hear financial demolition artists like Lloyd Blankfein not only excusing their blatant bad behavior but patting themselves on the back for having saved the world from total financial destruction. They seem entirely unable to comprehend that they themselves created the panic of 2008 and worse, they continue the same behavior completely unchecked by the regulatory agencies that are meant to protect the public but instead bow to the Blankfeins of the financial world. Sick. - JDA

*barf* you have got to be kidding me.

WSJ:

Rightly or wrongly, a business occasionally is picked out by the fates to serve as the "unacceptable face of capitalism"—a term coined by the late British Prime Minister Edward Heath. Goldman Sachs, for a lot of people, is today's UFC.

The kinder jokes refer to the legendary investment firm as "Government Sachs," because of its connections to former Treasury Secretary Hank Paulson (once a Goldman CEO) and other alumni who, as Washington officials, had hands in last year's financial crisis rescue operations. More rudely, a writer in Rolling Stone magazine likened Goldman to a "great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."

...

He defends all that he considers exemplary about the firm: its disciplined risk taking; that 90% of its revenue and profits are generated in service to clients; that it's not just a giant hedge fund, as some critics say; that it plays a vital social role in matching those who have capital with those who need it; that its partners frequently retire young to devote themselves to philanthropy or public service.

Philanthropy! The nerve!

Anyway, read the rest of the article via Jr Deputy Accountant here. Try not to throw up.