Book Reviews | Gordon Campbell | News Flashes | Scoop Features | Scoop Video | Strange & Bizarre | Search

 


Michael Collins: Give It Back Goldman!

GIVE IT BACK GOLDMAN!

Wall Street Welfare Queen Average
Bonuses $1.0 Million a Person


Hacking its way through the financial jungle, Goldman always
comes out on top. Cheers! Image

The Money Party at Work

Michael Collins

There are a number of stories out there about Goldman Sachs gaining unfair advantage in the financial markets. One concerns a former employee who allegedly swiped a special program to maximize automated stock trades. Questions were raised about the propriety of this since Goldman is hauling in tons of cash on a daily basis while others struggle. A variation of this story involves speculation that Goldman gets insider information through some internet scheme and uses that to maximize their haul.

But the biggest outrage is what's happened in public.

We Made Goldman Sachs what it is Today

If it weren't for our tax dollars and the cash flow that citizens provide for the United States Treasury, Goldman Sachs would have joined Bear Sterns and Lehman Brothers in the graveyard of financial high flyers.

But they were saved. Bush Secretary of the Treasury Henry Paulson came to the rescue when he assured that one of Goldman Sachs most important customers, the AIG group, survived a financial mess of its own creation.

Our original contribution was in the $20 billion range but then our elected representatives helped Goldman even more when they jacked up the subsidy to $85 billion. That's enough money to hire a workforce of one million people at a salary of $60,000 a year, plus benefits.

Had AIG tanked, Goldman would have been in very serious trouble. In September 2008, Paulson, a former CEO of Goldman met with Tim Geithner, soon to be President Obama's Secretary of the Treasury, when Geithner headed up the New York Federal Reserve Bank. Goldman's CEO was "the only Wall Street chief executive" at the critical meeting.

This back room meeting was exposed by Gretchen Morgenson in an outstanding New York Times article: "Although it was not widely known, Goldman, a Wall Street stalwart that had seemed immune to its rivals’ woes, was A.I.G.’s largest trading partner … A collapse of the insurer threatened to leave a hole of as much as $20 billion in Goldman’s side, several of these people said." Sept. 27, 2008

While Lehman Brothers got nothing, AIG got some serious cash and survived, thus assuring Goldman's survival. Secretary Paulson and Geithner came through with the guarantees. When Paulson left with Bush, Geithner showed up to take Paulson's place at Treasury. The beat goes on.

It's The Money Party at work. They have no permanent friends or permanent enemies, just permanent interests. Goldman's interest was turning a sow's ear, the financial collapse that they helped create, into a silk purse. Mission accomplished.

Goldman's chief financial officer attributed the $39 million a day income to the firm's reputation for "very, very strong culture of risk management." Is he kidding? Their success is based on that $85 billion of our money that saved their asses. Goldman's average $1.0 million per employee bonuses wouldn't exist were it not for citizens paying for their survival.

Have you received your thank you card from Goldman Sachs yet?

Don't hold your breath. But you can be sure that when they've screwed up what people are trying to pass off as a recovery, they'll be back at our Treasury Department again for the next big bailout courtesy of you know who.

We have no government left. It's simply a welfare agency for the most favored failed financial giants; a paper money producer to wrap the ugly truth in fictional dollars; a subprime governance scheme developing Potemkin Villages everywhere.

It's socialism for the ultra rich and survival of the fittest for the rest of us.

Millions get sick, suffer and die without medical coverage. But Goldman bags $39 million a day in the Wall Street casino. Millions of hardworking citizens lose their jobs and can't find work. But Goldman gives out bonuses averaging $1.0 million per employee. Their survival is based entirely on our assistance but when citizens need some help, there's no room at the inn.

And count on it, nobody in power will do a single thing about it. Not one thing.

Fairness, equity, civility, good taste, discretion, opportunity, even the least degree of common decency -- all dead -- thanks to The Money Party.

END

This material may be reproduced in whole or part with attribution of authorship and a link to this article.

© Scoop Media

 
 
 
 
 
Top Scoops Headlines

 

Ramzy Baroud: Gaza’s Resistance Will Not Be Crushed

On the 13th day of Israel’s so-called Operation Protective Edge, stories of entire families collectively pulverized, women and children keenly targeted by Israeli soldiers saturate the media. Until now, 430 Palestinians have been killed, mostly women and ... More>>

ALSO:

Ian Anderson: Rearranging The Deck Chairs On The Titanic? The Labour Party And MANA

Early in July this year, Labour Party leader David Cunliffe made headlines by apologising for being a man. Stoked by capitalist media sensation, Prime Minister John Key responded that “not all men” abuse women. More>>

Shobha Shukla: Break The Silos: Drug Use, HIV, HCV, TB, Laws And Funding

Viet Nam is one of the countries in the world that has made remarkable progress over the last decade in not only making harm reduction and HIV services available and accessible for people who use drugs but also reforming laws for supportive health ... More>>

ALSO:

Fiona Gordon: Illegal Wildlife Trading: The Global Response

At the closing session of the inaugural United Nations Environment Assembly (UNEA) in Nairobi last month, United Nations Secretary General Ban Ki-moon said, “We need to act decisively to change humanity’s relationship with our planet.” More>>

Faisal Al-Asaad: Gaza: McCully’s Calls For Restraint On Both Sides Is Side-Taking Itself

Since June 12th, the world’s attention has been squarely focused on the events unfolding in the West Bank, Gaza and the occupied territories. The disappearance of three Israeli youths who were later found dead prompted a flurry of condemnations ... More>>

ALSO:

Tania Billingsley: Demand For Accountability On Sexual Assault

Since my assault I feel that people have been assuming that my idea of justice is to have Rizalman found guilty in a New Zealand court. While it is an important part of justice being done, my main reason for wanting this is not for my own sense of ... More>>

Leslie Bravery: Hold The Perpetrator To Account, Not The Victim!

In a 4 July 2014 statement to Scoop Independent News, on the violent deaths of four young people in the Israeli Occupied West Bank and East Jerusalem, New Zealand's Foreign Minister Murray McCully made the following comments: 'The recent killing ... More>>

ALSO:

Santon Tekege: Investigative Report Into Oil Palm In Nabire Regency, Papua

Several companies’ plans to invest in the oil palm sector in Nabire have met with local opposition. People from the Yerisiam and Wate ethnic groups have staged several peaceful actions in Nabire against one of these companies, PT Nabire Baru1. More>>

ALSO:

Get More From Scoop

 
 
TEDxAuckland
 
 
 
 
Top Scoops
Search Scoop  
 
 
Powered by Vodafone
NZ independent news