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117 Comments
- tmeaster, on 04/14/2009, -2/+31"While Goldman will still need the approval of regulators at Treasury and the Federal Reserve to repay the TARP money , Monday's announcement is the strongest indication yet of how eager Goldman is to return the funds."
They have my permission for sure - Deeksgroup, on 11/05/2009, -2/+26Maybe I'm too jaded, but here is what I'm seeing: Hank Paulson the former CEO of Goldman won't cut a deal to bail out Bear Sterns or Lehman. Instead he bails out AIG. AIG pays Goldman $12 or $14 billion of TARP that keeps Goldman solvent. Tons of Bear and Lehman business rolls into Goldman. Goldman has a great quarter in the midst of global financial meltdown.
- chupavacas, on 04/14/2009, -11/+31Interesting that Goldman doesn't have the money and they need to raise it through a public offering and the reason they want to pay it back so quickly is so they can keep their bonuses and not any real fiscally responsible reason. I'd short GS right about now.
- inactive, on 04/14/2009, -5/+22fantastic, about time some of it came back!
- NYankee2003, on 04/14/2009, -0/+12unless...
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: : : : : : :¯’’~~~~~~’’’ : : : : : : : : : : : : : : : : : : | : : : : : : : : : - edstate, on 04/14/2009, -12/+24Wait. The World didn't end? The world financial markets didn't implode? The ISN'T worse than the Great Depression?
Whew. Good thing we can get the rest of that "stimulus" money back too, huh? - zslice, on 04/14/2009, -4/+16Let me guess, you'd be the first to skewer GS, if they had kept the TARP money and made a profit. Or the first to skewer GS, if they had kept the TARP money and posted a loss. Or the first to skewer them if they had posted a loss, and also paid back the TARP money.
A public offering is far different than a bailout; I'd be happier if every company was in a position to raise as much funds from private investors as it could from a government bailout. Bonuses may even be responsible for the switch, but that doesn't mean it's not a fiscally responsible decision. They are making profits. I would love to sell you the Puts on Goldman stock if you go short. - dalittle, on 04/14/2009, -8/+19Now, how about Goldman Sachs paying back the money they laundered through AIG first before they pay the TARP money they received directly from the government. They are only doing this as they are being forced to limit their executive salaries to reasonable levels.
- WholyHeretical, on 04/14/2009, -0/+10It's a TARP!
- johnsmiley, on 04/14/2009, -2/+11So,,,we bail out GS and through AIG bail out GS then they sell some stock since their coffers are now padded so they can pay themselves. Somehow I feel like I got screwed.....
- mksmothers, on 04/14/2009, -6/+15Permission? Give the money back. The last thing you want is a government dweeb telling you how to run your business.
- inactive, on 04/14/2009, -5/+13This is great news the only thing we lost is all of those 401k's that were dragging down the stock market, the poor lose the rich win isn't this great!
- chupavacas, on 04/14/2009, -5/+13Have some patience, plenty of time. A 20% drop in the stock market in the next two months is highly likely.
- thcobbs, on 04/14/2009, -6/+14Doesn't matter... the government wants to control them like they are doing to GM.
- mgraham80, on 04/14/2009, -0/+7(a) What makes you think the worst is over, and (b) Who said this was worse than the Great Depression?
Worst SINCE the Great Depression, perhaps; certainly the worst in 3 decades or so, and unemployment still may not have bottomed out. - jsuther, on 04/14/2009, -0/+7Social Security is effectively a Ponzie scheme too. When generation X goes to withdraw there won't be anything left.
- CoD4, on 04/14/2009, -3/+10naive much?
- SgtQuackers, on 04/14/2009, -2/+9This is a good start if more banks do this. I still don't agree with the bail out but if they start to pay it back it will be good.
- StingingNettle, on 04/14/2009, -1/+7Here's something you didn't know. "In reality, Goldman benefited from a quirk in its new reporting schedule. “Its fourth quarter ended in November 2008,” reports the Financial Times, “but after converting to a bank holding company last year, Goldman adopted a calendar-year earnings period starting in 2009. As a result, the company did not have to include December in its first-quarter earnings, a month in which it sustained $1.3 billion in pretax losses.”
So Goldman actually made $0.5 billion in the first quarter. But who really cares? The investment bank is up 54% year to date!"
from: http://www.agorafinancial.com/5min/curb-your-enthu ... - crhein, on 04/14/2009, -5/+10You are a speculative idiot. If you are sure about what the stock market is going to do, go put your money where your mouth is. You honestly have no ability to accurately predict where the stock market is going to be in the next two months, and if you think you do, you are just deluding yourself.
- mgraham80, on 04/14/2009, -0/+5I don't often partake of tinfoil, but that actually makes a lot of sense...
- crhein, on 04/14/2009, -1/+6While you can debate the merits of GS as an investment, their record is impressive. While the shift from a partnership to a public corporation may have driven incentives for risk management askew, of all firms, Goldman is in a good position to make money in the medium and long term.
- StueyPidass, on 04/14/2009, -3/+7Yea especially most of those high and mighty on capital hill has no idea what the hell they are talking about.
- rignopolis, on 04/14/2009, -10/+14Probably paying it back with money funneled to them through AIG.
- ProjectGSX, on 04/14/2009, -1/+5Thank goodness they had insiders in the treasury department to organize a bailout of AIG so they got paid on all their credit default swaps. Now they can pay back the loan we gave them! woohoo!
- clemsontiger, on 04/14/2009, -1/+5First of all, they are taking commercial deposits so they actually aren't an investment bank. Second, there are so many restrictions on that money that they are almost forced to pay it back if they want to increase their profits. It's not them just doing it out of the goodness of their own heart.
- frcc, on 04/14/2009, -0/+4Social Security is already bankrupt. The funds were spent long ago in the pursuit of expanding the American empire over the last half century. The whole thing is a fraud. People will receive their checks that are funded with newly printed money created out of thin air. That is inflation by definition and inflation always outpaces SS benefit increases. Therefore your return will be pennies on the dollar.
- Groovydoo, on 04/14/2009, -1/+5Maybe they never needed the money in the first place especially now that the country has the right to see how they do their books?
- kaelyiesta, on 04/14/2009, -0/+4"We invested in the stock market"
More accurately, we were forced to. Our tax system is designed to punish those who do not buy into the 401k type plans by taxing that which isn't invested into the system(to some degree). - inactive, on 04/14/2009, -1/+5Control through regulation is the best idea ever. Don't let these scumbags leverage 47:1 again.
- NYankee2003, on 04/14/2009, -0/+3news flash...they just did and it worked.
- Ineedanap, on 04/14/2009, -0/+3You can bank on it.
- bdbr, on 04/15/2009, -0/+3This is Digg. They're not going to think the world isn't ending until we've had at least two years of growth...we haven't even had a quarter yet.
- agvance, on 04/14/2009, -0/+3You should take a look at the US government's accounting books.
- crhein, on 04/14/2009, -0/+3Obviously they aren't doing it out of the goodness of their heart, but isn't it the goal to have firms acting without government money and paying those loans back?
Also, they are an investment bank, but at the moment they are a bank holding company. If you read what Lloyd Blankfein has said over the past 6 months, they have no interest in remaining a bank holding company and would greatly prefer to go back to strict investment banking. - thcobbs, on 04/14/2009, -0/+3Regulation is all fine and dandy... but the government wants to actually hold the CONTROLLING INTEREST in the companies so it can dictate day-to-day operations
- edstate, on 04/14/2009, -6/+9I actually agree with yout...but the point is the supposed "crux" of the whole matter was the insolvency of firms like GS. And that turned out to be BS.
Ha! - pathouston22, on 04/14/2009, -2/+5Then put your money where your mouth is and short stocks. Otherwise, stfu. Because I bet you won't short.
- inmymindzi, on 04/14/2009, -5/+8Wow, nothing gets Goldman off their collective asses faster than someone messing with their outsized bonuses. They ran around in a hurry once that became an issue. And took the opportunity to screw their shareholders once again with a dilutive new stock offering. They should be horsewhipped.
- Skeptica, on 04/14/2009, -7/+10Why? So the bank executives can pay themselves as much as they like to. If shareholders can't learn from the past, and obviously they can't, then let them crash and burn.
- mattmollysdad, on 04/14/2009, -1/+4Are things looking up because the "best of the best" did well and will return what they didn't need in the first place? Why did the Fed push so many to take so much?
- skellener, on 04/14/2009, -0/+3Whoa there chief, how about some interest on our (taxpayers) investment there pal?!
- StingingNettle, on 04/14/2009, -1/+4Would they mind paying back the 13 billion it got from AIG bailouts as well? Then, and only then would I feel like we were getting somewhere.
- murrdpirate, on 04/14/2009, -2/+5All we're doing is reinflating the bubble. Americans took advantage of low interest rates and a housing market that would never go down and borrowed money they couldn't afford. Once the housing market collapsed, many were not able to repay their mortgages, so they defaulted. In response, banks protected themselves by tightening their lending standards, creating a credit crisis. So the government steps in buys all the defaulted debt so banks can lend like they used to.
I'm not an economist, but can someone explain how this is not the exact same thing that got us into this mess in the first place? - inmymindzi, on 04/14/2009, -1/+4" ... losing people to boutique firms"? Are you kidding? There is rampant unemployment on Wall Street. And they are letting people go right and left. Do you honestly think there's a group of "boutique firms" that are just waiting to scoop up all of those overpayed execs at Goldman? More likely, they couldn't get work anywhere else, not for anywhere near the pay they get at Goldman.
- Jaq524, on 04/14/2009, -1/+4It wasn't "laundered", it was OWED to them by AIG, which is the entire reason AIG got all that cash to begin with.
- publiclurker, on 04/14/2009, -1/+4Read some of the comments here. There are people that are at least that stupid.
- Amazetbm, on 04/15/2009, -0/+2thespiff, you post like some one who doesn't even have a retirement plan. If you believe that your retirement is a fire-and-forget responsibility that you hand off to a financial professional then you have a lot to learn.
- bffoley, on 04/14/2009, -1/+3Wait, a bank is going to pay back the money?
*Monocle pops off* - richmomz, on 04/15/2009, -0/+2So they made a couple billion in profits but they have to raise more cash to pay off their debts? What's up with that? Welcome to the post "Mark to Market" accounting world where it's possible to report a profit AND be insolvent at the same time.
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