Billions in government cash behind Goldman’s “profits”

AlterNet
by Matt Taibbi

07/17/09

So what’s wrong with Goldman posting $3.44 billion in second-quarter profits, what’s wrong with the company so far earmarking $11.4 billion in compensation for its employees? What’s wrong is that this is not free-market earnings but an almost pure state subsidy. Last year, when Hank Paulson told us all that the planet would explode if we didn’t fork over a gazillion dollars to Wall Street immediately, the entire rationale not only for TARP but for the whole galaxy of lesser-known state crutches and safety nets quietly ushered in later on was that Wall Street, once rescued, would pump money back into the economy, create jobs, and initiate a widespread recovery. This, we were told, was the reason we needed to pilfer massive amounts of middle-class tax revenue and hand it over to the same guys who had just blown up the financial world. We’d save their asses, they’d save ours. That was the deal. It turned out not to happen that way...

//tinyurl.com/l3x9pv


Informant: Thomas L. Knapp

--------

Goldman and JPMorgan - The Two Winners When the Rest of America Is Losing

Robert Reich, Robert Reich's Blog: "Besides Goldman Sachs, the Street's other surviving behemoth is JPMorgan. Today it posted second-quarter earnings up a stunning 36 percent from the first quarter, to $2.7 billion. The resurgence of JPMorgan and Goldman Sachs gives both banks more financial clout than any other players on the Street - allowing both firms to lure talent from everywhere else on the Street with multi-million pay packages, giving both firms enough economic power to charge clients whopping fees, and bestowing on both firms even more political heft in Washington."

//www.truthout.org/071909T?n



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