Last fall, the American taxpayer handed over $700 billion dollars to Wall Street because the American economic system would supposedly collapse if the big banks failed. Now, just 9 months later, the largest recipients of TARP bailout money are now posting record profits and handing out exorbitant bonuses.
This past week, Bank of America announced a quarterly profit of over $2.4 billion [source], Citigroup announced record profits of over $3 billion [source], and Goldman Sachs reported profits of over $3.4 billion [source]. Even worse, Goldman Sachs is going to distribute over $11.3 billion in bonuses to it’s employees this year, or over $1 million per employee.
So, let’s just get this straight: the American taxpayer gave nearly a trillion dollars…. so banks could make record profits and so Goldman Sachs could distribute over $11.3 billion dollars to it’s employees. IN BONUSES ALONE.
This isn’t capitalism, this isn’t socialism, this isn’t the work of the free-market… this is pure theft from the American taxpayer and the United States government.
See Also: The real price of Goldman’s giganto-profits, Another Day, Another Bank Getting Rich Off Your Money, How to earn money like Goldman Sachs, Goldman is a little bit pregnant, Letter sent to Goldman Sachs PR chief, JPMorgan, Goldman Sachs Profit Surge is an Accounting Mirage, Not a Sustainable Sector Trend, Free market economics for dummies (and Goldman Sachs), So Now Profits Are Bad News? The Demonization of JPMorgan Chase, Goldman Sachs and Bank of America, Goldman Sachs returns, Asset Sales Lifted Citi and BofA to Profit, Glenn Beck Explains the Goldman Sachs Web, As Bank Bonuses Swell, Congress Gets Bill on Pay, and JPMorgan, Goldman Sachs Profit Surge is an Accounting Mirage.
Technorati Tags: bailout, tarp, goldman sachs, wall street, aig, bank of america, boa, citigroup, record profits, corporate bonuses, executive bonuses, revenues, theft, capitalism, socialism, cronyism, corporatism, thieves
you sound surprised by all this? welcome to korporate amerika!
…and some of them have already paid it back. You understand how this works right? The bailout is a loan that’s paid back over time. In fact, Goldman expects to pay their loan back “around the end of the month.” You sure you want to call this theft?
http://tinyurl.com/m9gto5
http://tinyurl.com/l9euyu
Yeah because it’s theft if the LOANS they took are being paid back…
Oh and by the way, it is the free market. They make money, they finance, and they pay it back while making more money.
Maybe you’d prefer some republican governor pays that money to his mistress instead. Oh and by the way, goldman sachs regularly earned about 3 billion per quarter before this crisis in 2006.
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Actually its market manipulation how they can make their money. At this point they have enough money, and therefore power, to push the market to their desires. They have the capital to drive prices up or down since they can push millions of trades per hour. Many people are aware of this and have watched them do it. Not to mention Goldman is also one of the owners/backers of the Federal Reserve, which controls monetary policy and also is supposed to be the watchdog for companies like them. Highly doubt they will police themselves.
Uhm… they took a loan from the taxpayers and made extremely risky bets with it. Things could easily have gone the other way, and GS would have sunk us much deeper into recession.
[...] Krugman, on the massive bonuses that Goldman Sacks is preparing to hand out to their employees (an average of over $1 million per employee!), just a few months after the massive federal bailout, and why this is almost certainly very bad [...]
What a flock of ignorant gits. Do you read anything beyond your own maunderings?
BofA and GS paid back the TARP + interest. What are you whining about? Taxpayers were repaid.
- Goldman is well represented in the Dept of Treasury
- Times got tough and the Treasury Dept made rules allowing Goldman to price their own assets (as in the hold securities no one wants to buy and are therefore worth zero – yet the government let Goldman use these useless instruments to leverage market activity
- Secretary Department crushed AIG and made them get rid of assets which, hey, Goldman bought at steep discounts AIG had no choice in the matter.
- The market level sale of those assets and Goldman’s own pricing power of the worthless asset led to $3.4 billion in profits last quarter.
Anyone moron defending Goldman Sachs can go to hell.
[...] Placed Pottery Recent Comments Anonymous on Another Great Quarter For The Corporate Mob Eideard on Another Great Quarter For The Corporate [...]
[...] Krugman, on the massive bonuses that Goldman Sacks is preparing to hand out to their employees (an average of over $1 million per employee!), just a few months after the massive federal bailout, and why this is almost certainly very bad [...]
Goldman Sachs Takes Over The White House…
Originally on PBH, and don’t forget to read the corresponding rant on PBH, “So, let’s get this straight… 9 months after taking over $700 Billion in government bailout funds, Bank of America, Citi Bank, and Goldman Sachs all pos…
Super post, Need to mark it on Digg
Thank you! I would now go on this blog every day!
GlenStef