GoldmanSachs666 Message Board

According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Wednesday, July 20, 2011

Goldman Sachs's Motto: Profit Over People

Goldman Sachs has released its second quarter report on earnings. Maybe with these dismal results, Goldman Sachs will stop predicting those overly optimistic economic reports that it so loves. The reality will set in for the 1,000 employees that will be leaving Goldman Sachs so that GS can keep its profits up. Profits over people, Goldman Sachs reiterates. Some of the lower earnings come from fewer client services and less risk taking for GS. That sounds like a good thing!

Perhaps Goldman Sachs is waiting for the next round of Quantitative Easing.
Goldman Sachs Plans Job Cuts as Debt Trading Misses Estimates
By Christine Harper - Bloomberg

Goldman Sachs Group Inc. (GS), the U.S. bank that makes most of its money from trading, said it will cut about 1,000 jobs after a plunge in fixed-income revenue that was bigger than analysts estimated.

Second-quarter fees from trading debt, currencies and commodities tumbled 63 percent from the previous quarter, more than twice the drop at other major U.S. banks. Net income was $1.09 billion, or $1.85 per share, the New York-based company said today in a statement, falling short of the $2.30 per-share average estimate of 23 analysts surveyed by Bloomberg.

Led by Chairman and Chief Executive Officer Lloyd C. Blankfein, Goldman Sachs last year ceded its dominant position among fixed-income traders to larger rival JPMorgan Chase & Co. (JPM) In the second quarter of 2011, Goldman Sachs cut risk-taking to the lowest level since 2006. Debt-trading revenue of $1.6 billion dropped below JPMorgan Chase & Co.’s $4.28 billion, Citigroup Inc.’s $3.03 billion and Bank of America Corp.’s $2.7 billion.

“It’s clear that Goldman underperformed many of its peers,” said Richard Staite, an analyst at Atlantic Equities LLP in London, who has a “neutral” rating on the stock. “It seems to have prompted them into a cost-saving initiative.”

The firm identified annual cost savings of $1.2 billion that will include about 1,000 job cuts this year, Chief Financial Officer David A. Viniar told analysts during a conference call after earnings were released. Goldman Sachs employed 35,500 people at the end of June, up 100 people from the prior quarter.

‘Foreseeable Future’

“It looks like the environment’s going to be somewhat slower for the foreseeable future and so we decided it made sense at this point to cut some level of expenses to be more efficient,” said Viniar, who turned 56 years old today.

Job cuts will be “broad based” and are likely to affect both junior and senior employees, he said, adding that Goldman Sachs’s plans to grow in countries such as China, India and Brazil, where the firm has been doing the most rapid hiring, won’t be affected.

Operating expenses in the second quarter totaled $5.67 billion, down 28 percent from $7.85 billion in the first quarter and 23 percent below the $7.39 billion in the second quarter of 2010. Compensation expenses fell 39 percent from the first quarter to $3.2 billion.

Goldman Sachs fell $2.73, or 2.1 percent, to $126.61 in New York Stock Exchange composite trading at 2:04 p.m. The stock, at its lowest level since April 2009, has dropped about 25 percent this year.

Read the entire article here


Anonymous said...

The amount of thievery and the financial sectors ability to remove itself from serious penalty speaks volume to how corrupt the system truly's really obscene.

Warren Buffett's Wells Fargo Busted For Lying To People, Wristslapped With $85 Million Fine By The Emperor Of Moral Hazard Himself

Anonymous said...

This is beautiful and the truth...

Only Poor People Should Be Allowed To Fail

My regular readers surely remember George Carlin’s Great Big Club, the one you’re not in. The club’s members are the elites who have a large say in how the U.S. (and world) economy is run. They often come from the world of Big Finance. Usually they are former (and future) employees of the big Wall Street banks. There is no overt conspiracy to run the world. Instead, there is a loose but incredibly effective coalition of common interests. Washington politicians, at least the important ones, are often in their pocket.

Larry Summers carries water for those interests. He is their mouthpiece and back in 1999 under Clinton, he was their enforcer. There he is (far right) on the cover of Time Magazine in February, 1999 along with Bob Rubin and Alan Greenspan. And how was this 3-man committee to save the world going to accomplish this great feat? By deregulating derivative securities, repealing Glass-Steagall, etc.

Anonymous said...

Why Cenk Uygur Left MSNBC

The problem with MSM...they don't like to be challenged. Guy gets the door for telling it his way. Listen...

Anonymous said...

Top Fed official got waiver on AIG holdings: GAO

WASHINGTON (Reuters) - New York Federal Reserve Bank President William Dudley received a waiver allowing him to keep investments in firms the Fed was rescuing at the height of the financial crisis when he was a top staffer, a congressional watchdog agency found.

"(Three) days after the Federal Reserve Board authorized FRBNY (the Federal Reserve Bank of New York) to assist AIG -- the then-FRBNY president granted ... a waiver to a senior management official with financial interests in AIG and GE (General Electric) who was involved in decision making related to these two companies," a report from the U.S. Government Accountability Office released on Thursday said.

Treasury Secretary Timothy Geithner at that time was the president of the New York Fed.

Anonymous said...

yes profit over people...

Corporate Tax Holiday in Debt Ceiling Deal: Where's the Uproar?

We’re seriously talking about defaulting on our debt, and cutting Medicare and Social Security, so that Google can keep paying its current 2.4 percent effective tax rate and GE, a company that received a $140 billion bailout en route to worldwide 2010 profits of $14 billion, can not only keep paying no taxes at all , but receive a $3.2 billion tax credit from the federal government. And nobody appears to give a shit. What the hell is wrong with people? Have we all lost our minds?

Joyce said...

Thank you for the links above.

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