So we have it. A 550 million dollar settlement. Let's look at some old headlines so that we can put this into perspective.
Goldman Sachs Posts Record Profit, Beating Estimates (Update4 ...
Jul 14, 2009 ... Goldman Sachs Posts Record Profit, Beating Estimates (Update4) ... government funds and report the first quarterly loss as a public company. ... The company's second quarter ended in May until Goldman Sachs changed its ..Second-quarter net income was $3.44 billion, or $4.93 a share, the New York-based bank said today in a statement..
The settlement - 16 percent of it's second quarter 2009 Net Profit
Stunning Profit at Goldman Revives Gilded Pay Packages - NYTimes.com
Jul 14, 2009 ... Is the huge compensation pool at Goldman Sachs a sign that the financial ... Goldman posted the richest quarterly profit in its 140-year ...
Goldman posted the richest quarterly profit in its 140-year history and, to the envy of its rivals, announced that it had earmarked $11.4 billion so far this year to compensate its workers.The settlement - 5 percent of 2009 employee bonuses.
The settlement - 18.33 percent of 2010 first quarter Net ProfitGoldman Sachs Says Quarterly Profits Nearly Doubled : NPRApr 20, 2010 ... The powerful Wall Street bank may be facing government fraud charges, but Goldman Sachs reaffirmed itself as one of the most profitable ...
The powerful Wall Street bank may be facing government fraud charges, but Goldman Sachs reaffirmed itself as one of the most profitable banks in the country Tuesday, announcing quarterly profits of more than $3 billion. It's good news for the bank, which suffered a hit to its reputation — and its stock price — when the government last week announced it was charging Goldman Sachs with fraud in relation to its brokering of mortgage-related securities.
But let's do some math so we can put it into perspective that everyone can relate to.
If you subtract the settlement from their first quarter earnings, they would be left with a paltry 2 billion 450 million dollars ($2,450,000,000). Oh my, how will they ever survive this?
If you subtract the settlement from last year's bonus pool they would have had only 10 billion 800 million dollars ($10, 800,000,000) to distribute amongst themselves. I can see them all standing in line to get food stamps to feed their families.
They are laughing all the way to their offshore bank accounts. A meaningless law suit and an even more meaningless fine.
What we have here is a government "gone wild". A government that condones actions that harm the very people that elect them to protect them. And folks, don't pin this just on Obama. It began with Clinton, continued and expanded under Bush and is just being continued by Obama. There is much more to this picture then meets the electoral eye. It begs the question again and again of "who is really in control of our country"?
The damage done to us, the citizenry of this once great nation, is the only bi partisan effort we see. This farce knows no political party, in fact, it seems to rule both major parties and it matters not who has control of Congress. You must remember that the real bleeding began under GW Bush and the only change Obama brings us are the pennies left on the street for us all to pick up.
Again, there seems to be little outrage from the public and none from our media. A slap in the face of all Americans, the millions still unemployed and underemployed, the millions who have lost their homes and the millions that are slated to lose their homes just this year alone.
I am personally sickened by this action or more appropriately this inaction. The problems we face will not be corrected by this so called financial reform which is no more then new regulators appointed to regulate the already non functioning regulators.
Had our government been working right along and the regulators enforcing the rules and laws we already had in place, none of this would exist.
This whole economic crisis was no more then a planned event to transfer the wealth of this nation to a handful of mortal beings who believe they are working for God. But like the Greeks of ancient times, their God is created only in their mind. The Greeks had their Zeus and we have our Blankfein. Oh my, what a country.
The banksters still rule, the Fed still controls and the people still suffer. Wake Up America.
1 COMMENTS:
I had high hopes that a lot more would come out of the civil suit against Goldman Sachs, but the power does not reside in the ordinary person. Even the government doesn't seem to represent the people who elect them. It would be nice to have a little Revolution of ordinary citizens who want to take back their country from the financiers and lobbyists.
Maybe it will happen but not in my lifetime.
I shall continue to follow the progress of GS but with far less hope of any meaningful change.
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