Wednesday, April 17, 2013

Goldman Sachs Knows How to Spread the Wealth Upward and Push the Risk Downward

Goldman Sachs is opening a bank branch in London for ultra-rich depositors and, of course, these deposits are covered by the FDIC and have access to the Federal Reserve discount window.  Note that Goldman's first quarter net income for 2013 was $2.26 billion.

On the other hand, Goldman says it is cutting its compensation ratio by 1%.  Cutting costs and improving "efficiency" has already been achieved by Goldman's reducing total staff numbers by 10%  since 2010.

You can read the articles here and here

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