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UNRAVELINGS - Whose Lunch is Goldman Sachs eating, exactly?
Submitted by Ralph Meima on Mon, 07/13/2009 - 3:56pm.
See the latest missive from James Kunstler:
Wobble Time
By James Howard Kunstler
on July 13, 2009 6:59 AM
The cat coming out of the bag this week -- a frazzled, flaming, rabid,
death-dealing cat -- is the news that Goldman Sachs will announce
impressive second-quarter profits, and set aside $18 billion or so for
employee bonuses averaging $600,000 per head (though, of course, not
evenly distributed among them). There probably are not fifty-three
people in the USA who can explain how this development figures in with
last fall's bailout gift from the US treasury, or the $13 billion GS
received on the backside of US gift payments to the failed AIG
insurance company, plus the reams of necrotic securitized debt paper
rotting in the back of the GS vaults. This is a company playing with
the fire of world history.
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Please note today's New York Times email news alert, just received:
===============
Breaking News Alert
The New York Times
Tuesday, July 14, 2009 -- 8:38 AM ET
-----
Goldman Sachs Earns $3.44 Billion in Quarter
Goldman Sachs on Tuesday said it earned $3.44 billion in the
second quarter, a much higher-than-expected figure that
underscores how quickly the Wall Street firm has bounced back
from last fall's financial crisis.
Read More:
http://www.nytimes.com/?emc=na
================
Is this evidence of "bouncing back," or of Goldman's successful looting of the public coffers? Where did that money come from, if not from the banks bailout? Most will now be passed on to senior GS executives in the form of enormous compensation, further concentrating wealth. I can think of much better uses for that money - ways that would strengthen the people's economy, not the oligarchy.