"Goldman Sachs set to announce record $23billion bonus pot Bankers' pay and bonuses is set to spark more anger this week after it was revealed that U.S. investment bank Goldman Sachs is set to pay out a record $23 billion to its employees.
So as UNEMPLOYMENT RISES and FORECLOSURES are at record levels, WALL STREET is ROLLING in CASH! Or are they?
"DOW 10,000!!!! Oh Wait, Make That 7,537
Another great representation of the amazing loss of purchasing power by the US public are today's oblivious statements about the Dow at 10,000. While in absolute terms the Dow may cross whatever the Fed thinks is a necessary and sufficient mark before QE begins to taper off (Dow crosses 10k just as Treasury purchases expire), the truth is that over the past 10 years (the first time the DJIA was at 10,000) the dollar has lost 25% of its value. Therefore, we present the Dow over the last decade indexed for the DXY, which has dropped from 100 to about 75. On a real basis (not nominal) the Dow at 10,000 ten years ago is equivalent to 7,537 today!
"Does this make sense that Wall Street can do so well while the rest of the nation is unemployed and losing their homes? Something does not add up here. In a nation that has lost most of its manufacturing, where is this money coming from?" -- Wake the Flock Up
Fed is printing it, right -- thereby driving the dollar down further.
"Banks turn to trading floor for profit; Citi, Goldman report earnings" by Stevenson Jacobs, Associated Press | October 16, 2009
NEW YORK - The big banks are showing they can still make money, even as Main Street struggles - though not from lending, refinancing homes, or other bread-and-butter business.
Instead, they’re doing what Wall Street does best - betting big on stocks, bonds, commodities, and other assets.
Citigroup, the shakiest of the major banks during the financial crisis, reported yesterday that it eked out a quarterly profit from trading, despite suffering more losses on consumer loans. Trading also drove big profits at Goldman Sachs and JPMorgan Chase.
Yeah, YOU NOW WHY, world?
"Goldman's "secret" isn't a secret at all. Their program trading system, dragged into the light by the arrest of a former programmer, churns the market constantly, capturing a few dollars here and there as the price of targeted stocks fluctuates, raking in $100 million a day for which nothing of value is given back. It is legalized looting on a scale that makes Bernie Madoff's scams look like stealing a few coins from the collection plate. And all of this is paid for by the traders who are not allowed to use programs, the investors who get to the trade windows a second later than Goldman Sachs, and of course, the actual companies being traded." -- Wake the Flock Up "
Related: The Galling Greed of Goldman Sachs
That some banks are making money is a sign of remarkable recovery from the crisis of a year ago. But the lopsided business model raises questions about what happens if trading profits fall off and banks are left to rely on more traditional operations.
Yes, what will happen to the POOR, POOR, BANKS if they can't LOOT US!!!
The TONE of this article is DISGUSTING, but then again, I would expect nothing less from the insulting, agenda-pushing jewspaper these days.
After all, the economy is still struggling to recover, unemployment is approaching 10 percent, and Americans are saving money and trying to pay down debt, not taking on more.
I was told we were IN RECOVERY for MONTHS NOW!
F***ing LIARS!!!
“The good news is that banks are in better shape. The bad news is that they’re not making loans to consumers and businesses,’’ said market analyst Edward Yardeni. “That could come back to bite them because these trading gains will only last so long.’’
Yeah, let's ROOT for the BANKS!!!!!
So WHERE DID ALL THOSE TRILLIONS that were meant to loosen up loans go, America (see banksters' pockets)?
Btw, how are YOU DOING, American?
For now, trading is pretty much the only way banks can make money. And it’s more lucrative because there are fewer competitors, interest rates are near zero, and government subsidies have allowed banks to borrow cheaply and invest in assets that offer the highest returns.
So in other words, the ECONOMIC CRASH was GREAT FOR THEM!!!!!!!
Goldman Sachs Group Inc. has benefited more than most.
Oh, WHAT A SURPRISE!!!
Famed for its trading prowess, the New York investment bank said yesterday that third-quarter earnings swelled to $3.03 billion, more than triple what it made a year ago.
Yup, so while AMERICA SUFFERED this WHOLE YEAR, the GOLDMAN LOOTERS TRIPLED THEIR TAKE!
As in past quarters, Goldman leaned heavily on its trading operation - buying and selling stocks, bonds, foreign currencies, and commodities like oil and gold - to make money.
Yup, all LEGALIZED LOOTING that the newspaper is APPLAUDING!!
“They’ve been on the mark on the trading side,’’ said Stephen Hagenbuckle, a principal at private equity fund TerraCap Partners.
Yeah, and YOU KNOW WHY, readers!!
They are FORCING TRADES and TAKING THEIR CUT!
Goldman’s strong showing came a day after JPMorgan Chase & Co. reported its own big profits - $3.59 billion for the quarter. That was even more impressive because, unlike Goldman, JPMorgan has suffered heavy losses on consumer loans like credit cards and mortgages.
But JPMorgan’s strong investment banking division is “carrying the burden right now,’’ banking analyst Bert Ely said. “If not for that, they would’ve lost money.’’
So this is all ONE BIG SHELL GAME, huh?
Goldman’s quick recovery allowed it to repay the $10 billion it received in government bailout money. That freed the company from restrictions on employee pay, which is on track to reach record levels.
The company said it set aside $16.7 billion, or nearly half its net revenue, through the first nine months of the year for compensation, which includes salaries, bonuses, and related costs.
Citigroup Inc., meanwhile, offered a grim reminder of just how shaky the economy remains.
Yeah, wait until the BACK END of the article to give us the caveats, you agenda-pushing piece of s***.
Helped by trading gains, Citi reported a $101 million profit in the third quarter. But including the $288 million the bank paid out in preferred stock dividends, plus the deal that gave the government a 34 percent stake in the bank, it lost $3.24 billion.
Translation: THEY LIED!
The bank, one of the hardest hit during the recession, said loan losses during the quarter came to $8 billion. That’s down from nearly $8.4 billion in the second quarter, but a sign that people are still defaulting in large numbers.
But what about the BANKS? Are they okay?
Banks have warned loan losses will continue into next year.
Oh, no. Then how are banks going to bilk us?
--more--"
And Citigroup just MADE PROFITS, huh?
Well maybe they could PAY THEIR TAXES and REPAY the BAILOUT they have not repaid yet, huh?
WASHINGTON - Citigroup Inc. has agreed to pay a $600,000 fine and to be censured to settle regulators’ charges it failed to supervise complex stock-trading strategies designed to reduce the bank’s tax bill....
--more--"As for JPMoragan looting:
NEW YORK - JPMorgan Chase & Co., the second-largest US bank, set aside $8.79 billion for compensation and benefits for its investment-bank employees in the first nine months of 2009, enough to pay $353,834 to each....
Did that FORECLOSED HOME COST as much, America?
The amount per employee is less than the $386,429 that Goldman Sachs Group Inc. set aside for just the first half.
Paying less “is a risky strategy because we have seen some of the top bankers jump ship to some of the smaller firms out there,’’ William Fitzpatrick, an analyst at Optique Capital Management, said in an interview on Bloomberg Television. “But at this point are bankers really going to run away from an organization like JPMorgan?’’
Yeah, don't you love the LAME EXCUSES these CRIMINAL SCUM USE to JUSTIFY LOOTING?
--more--"
"JP Morgan staff in line for bumper bonuses after investment bank posts 'blowaway' profits of £2.25bn
U.S investment bank JP Morgan is set to reward its staff with huge bonuses after it announced 'blowaway' profits for the last quarter of the year.
The bank posted profits of $3.6 billion (£2.25 billion), putting its employees on course for pay and bonus packages averaging around £300,000 this year.
The profits were much stronger than expected with the bank's 4,000 London-based employees leading its recovery from the depths of the financial crisis....
The generous payouts will come as a shock to those who thought that the credit crunch had put paid to the era of bumper City bonuses. City bank Goldman Sachs is expected to confirm tomorrow that bonuses will smash all records in 2009, just a year after the Government rescued the financial system from oblivion.
I'm not shocked by anything these evil scum do.
The Wall Street giant is on course to lavish £14billion on pay and bonuses on staff this year following a surge in profits between July and September, experts said.
The expected payouts, far bigger than estimated earlier this year, have been fuelled by a record rise in the stock market and a revival in huge mergers and takeover bids.
Goldman's 5,500 UK workers are now set to pocket an average of almost £500,000 each for this year - the highest rewards in the firm's 140-year history.The return to business as usual for the so-called 'Masters of the Universe' of the Square Mile will anger the millions of families whose finances have been devastated by the financial crisis.
So what?
What do they care, anyway?
