Word: firming
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...interview. "I saw it as gonzo, over-the-top writing that some people might find fun to read. I was shocked that others saw it as being supporting evidence that Goldman Sachs had burned down the Reichstag, shot the Archduke Ferdinand and fired on Fort Sumter." Suddenly a firm that few Americans know or understand has become part of the zeitgeist, the symbol of irresponsible Wall Street excess, the recovery from which has pushed the nation's treasury to the brink. (See 25 people to blame for the financial crisis...
...contradiction: an excelling company being reviled in a country that embraces the profit motive. And without question, Goldman Sachs under Blankfein has recalibrated, in very large numbers, its place as Wall Street's most astute, most opaque and most influential firm. In the first and second quarters of 2009, the company earned $5.3 billion in net income, the most profitable six-month stretch in Goldman's history. Goldman's stock has more than tripled since its low last November, to more than $160 per share...
...unemployment rate has risen too, nearing 10%. In stark contrast, Goldman Sachs has set aside some $11.36 billion so far in 2009 in total compensation and benefits for its 29,400 employees. That's about on pace with the record payout the firm made in 2007, at the height of the bubble. Thanks to Andrew Cuomo, the New York State attorney general, we know that in 2008, while Goldman earned $2.3 billion for the year, it paid out $4.82 billion in bonuses, giving 953 employees at least $1 million each and 78 executives $5 million or more (although Goldman...
...same as an actual conversation, Blankfein correctly points out. He recalls only a handful of actual conversations with Paulson or Timothy Geithner, then the president of the New York Fed. "Now, that was AIG week," he says, "but it was also breaking the buck on [money-market firm] First Reserve week, and it was the week when Lehman's bankruptcy caused huge problems in the prime brokerage system in London. There were a million things that I would have been talking to Geithner or [Paulson] about...
Nevertheless, critics have feasted on the Paulson connection as just another example of how Goldman Sachs benefits from "Government Sachs" - the propensity of Goldman alums to turn up in top federal financial posts after they leave the firm...