Tuesday, June 23, 2009
Big Obama Donor Goldman Sachs
To Issue Record Bonus Payouts
Goldman said it would set aside half of its £1.2bn first-quarter profit to reward staff, much of it in bonuses. It is believed to have paid 973 bankers $1m or more last year, while this year's payouts are on track to be the highest for most of the bank's 28,000 staff, including about 5,400 in London.
Gee, Dave, you ask, didn't Goldman Sachs receive bailout money? Yes, indeed they did. Bloomberg:
Goldman Sachs Group Inc. and Societe Generale SA extracted about $11.4 billion from American International Group Inc. before the insurer’s collapse as the firms demanded to hold cash against losses on mortgage-linked securities, according to regulatory filings.
Goldman Sachs got $5.9 billion and Societe Generale received $5.5 billion of about $18.5 billion in collateral paid by AIG in the 15 months before the September bailout. The payments helped settle AIG’s obligations on $62.1 billion of credit-default swaps that the Federal Reserve later removed from the New York-based insurer as part of the rescue. Officials at AIG, Goldman Sachs and Societe Generale declined to comment.
Any corporation that can't continue to stay in business on its own should be allowed to fail. Period. File bankruptcy - perhaps a reorganization - or close the doors and go out of business.
I was against bailouts and stimulus under W. Bush and I'm against it under The Kenyan. How many of you Pbama Cultists can claim the same degree of objectivity?
Boxer and Pelosi at the gyno office. Now there's something that will spoil one's appetite permanently.
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