Word: goldman
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...when the likes of Goldman Sachs or JPMorgan Chase, which were well capitalized and well run, say they didn't really need TARP money in the first place, that's more or less accurate. However, that doesn't mean that Goldman, JPMorgan and every other bank in the country weren't bailed out. Had the world economy melted down and more giant institutions failed, even strong firms like Goldman would have gone under. In July, Goldman acknowledged this, more or less, when it graciously - yes, graciously - paid a full price of $1.1 billion to redeem stock-purchase warrants it gave...
...more macro way, Goldman and Morgan Stanley in particular were facing the equivalent of a bank run in September 2008, as fear-stricken hedge funds for which they were prime brokers pulled out their assets. The firms would have been toast if the government hadn't allowed them to become bank holding companies overnight, giving them access to almost unlimited funds that the Federal Reserve makes available to banks...
Then there are the blinders. Goldman Sachs, everyone's favorite piñata these days, explains that its bonus pool is so high because it sets aside half its profits for compensation (which includes salaries and benefits as well as bonuses.) Other firms have similar formulas. Well, excuse me. This isn't a normal time or a normal year. Just because you've done something in the past doesn't mean you have...
People who grab every penny they can, using taxpayer money, aren't true capitalists. True capitalists are long-term greedy, to use Goldman's favorite slogan, trying to maximize their take over the long run. The short-term greedy aren't capitalists, they're pigs. And as they say on Wall Street, pigs get slaughtered...
...student said that he felt the only reason he got hired by Goldman Sachs was because he was working Dorm Crew,” he says. “They expressed amazement at his work—and this student was only working Dorm Crew to help his roommate, a captain, who was short on staff...