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Geithner Tells Goldman To Cut Bonuses, Says All Banks Would Have Failed
Even Timmy is slowly realizing that the Administration will need to find a way to deflect Main Steet's anger at Goldman and keep it focused exclusively on Wall Street instead of equating it with Obama et al. The problem is - you make some very serious, tentacled enemies in the process. Geithner also flip flops on his prior position on the transaction tax. While before he was more opposed to the transaction tax than even Marla, his new "windsocked" position on the topic may now provide a challenge even to Nitric Oxide inhibitors.
But here is the clincher for the horse head of the year award:
Q: Did Goldman Sachs need federal aid 14 months ago?
A: The entire US financial system, and all the major firms in the country, and even small banks across the country, were at that moment in the middle of a classic run. I think the system was at risk and none of the big institutions would have survived a situation in which we let that fire burn itself out.
And on record year end bonuses:
A. We have to end that era of irresponsibly high bonuses. Executives were paid for taking imprudent risks. It is very important we change the way these executives are paid, the form of compensation, this year.
And with that, Timmy can proceed to consider options outside of the public sector (but not at Goldman Sachs.)
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Off Topic: AmTrust went down. Looks like they may have had a tough time getting rid of it. FDIC had to keep $3 billion to itself, loss-share for $6 billion, and had to write off $2 billion just on $12 billion worth of assets. Eek
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.0 billion.
New York Community Bank agreed to purchase approximately $9.0 billion in assets of AmTrust Bank. The FDIC will retain the remaining assets for later disposition ($3 billion).
The FDIC and New York Community Bank entered into a loss-share transaction on approximately $6.0 billion of AmTrust Bank's assets
http://www.fdic.gov/news/news/press/2009/pr09222.html
that's 4 banks down so far today.
make it 5
Benchmark Bank, Aurora, IL
make it 6
Greater Atlantic Bank, Reston, VA
just more business for the big guys. sick really. can i barf.
getting a little to close to that Reston 7 group....thought they would just tell sheila to stay away from that turf....
so, we've got six....let's see...fdic has by their own admission around 500 of these bad boys to shutter....add multiple of at least 2 to cover lying (by the way, multiplier is 10 when adjusting BLS unemployment data) by gov't agency, ergo, 1000.....1,000/6 = a little over 3 more years of friday shenanigans.
That sounds about right...although I think 6 is the new 3, so 12 could become the new 6 in say, about 6 months?
So good to see you Howard!
Good to see you too Miles...I'm trying to hang in here! Just started round three of antibiotics today for a secondary bacterial respiratory infection from swine. IV drip in the hospital next week if these intestinal rapists don't work. Hope you are doing well my friend..you too DH!
Hang in there Howard. Don't know which thread it was but a while back you posted once and you got a whole lot of ZH love. Hope you got to see it. Lots of warm thoughts and well wishes.
MsCreant, Howard's voice is one I would dearly love to incorporate if a way can be found. If you see this Howard the next time Marla spins look for me in the chat room. Hang in there pal. I appreciate how that force feeding of multiple antibiotic 100ml bags every two hours is a miserable way to spend a few days. Stay strong and I've been missing your voice & presence.
Peace
Do I have to download IRC chat or something like that? I was so fevered out when Marla talked about the chat room that I'll either have to go back and find her post and download the appropriate software or maybe you could tell me what I need to get here? Tonight is a bust since the damn doctor woke me up before the employment report and sleep is coming soon.
You can just meet me at the ZH chat. No downloads required. Once you connect please let me know that it is you. I'll be checking off and on. All my best Howard.
http://widget.mibbit.com/?settings=2c47eb3d297676f4aa7fcbfc65254485&serv...
Thanks so much MsCreant for your well wishes...and I did get to see the love from the gang. It means alot to me. Hope you are doing well with the students and keeping their minds clicking with great information.
Howard...shit, I am sorry to hear that this mess is continuing on you. Let's hope round 3 works out as I can only imagine you dread the thought of doing the hospital thing.
Please get better soon!
Howard, are you familiar with the latest research in viral infection and Vitamin D3? It not only aids in the preventing of initial infection but also in recuperation.
best wishes and speedy recovery howard.
AND....
as mentioned by another commenter in the Buffett thread, the spike in NYB stock in the last half hour of trading today made the usual 3:30 spx ramp up look like an amateur production.
MARY SCHAPIRO: normally I would say get off your anti-prosecution ass and take a look at the call options for NYB, December strike of 12. However, that would be just one other excuse for you to avoid going after the big fish squid types. You are an embarassment to the system of justice in the United States of America.
DH - The system of justice in America is an embarrassment to the concept of justice.
+1, unfortunately.
yup, and its not just the executive failing to prosecute, the judicial is starting to lose it, the last branch to fall in a deteriorating state
and people wonder why there are those out there that wish to see the 'american' way of life fail...
i would add that the ranks are getting larger. but the "american way" is exactly opposite of what people oppose.
it is corporate-elitism. that is not, at all, what America was founded on or the spirit of individual liberty, free markets, and small businesses and associations expressed in books such as de Toqueville and even captured by Adam Smith in leading into the creation of America.
That America is gone. It has been taken over by elite corporate bankers. They are above the law.
So its possible to be "pro-America" and anti-Goldman/Wall St/corporations-- because they ain't american. They don't represent me. Though they paid up and bought Washington and run the country that way.
+!
but are elite corporate bankers the only problem here? or is it the ideology & mentality of the corporation that has permeated itself deep within the spirit of society to infect the peoples' moral code & way of life to influence every single decision they make as citizens & consumers?
and did that "America" that you so eloquently describe ever exist or was it always a myth fed to us to keep us secretly enslaved to the English yoke (the corporation was an English creation)?
for as much as we like to muse on our living in the 'land of the free', it seems to many on the outside looking in that America is still the bastard child of the English Empire and it grew up to be just like Daddy, just with a more wide variety of skin tones. and what's even worse is that it refuses to own up to its patrimony. and any psychologist will tell you that identity crises usually lead to an entire host of sociopathic behaviors.
i agree very much with the ideals you profess, but i would argue that they are still awaiting to be birthed into being. what we long for never existed, except in our fantasies, and if we wish to see that America, then we must create it as a "new era", rather than continually long for the past.
Its not in the ideals so much as in the execution. Even in England we have via many Acts of Parliament - Bill of Rights, Magna Carta, Heabus Corpus - the mechanism to compel the Monarch to abide our will, and thus be a legitimate leader. However, since most people are so thoroughly ignorant of their prerogatives, we have instead a judiciary that chooses not to dispense legal ruling, but rather to create law on-the-fly. Then, ofcourse, the enforcement of these rulings - done by the coercive under duress force of Police Power (as much as any other crooked enforcer) - is carried out entirely illegitimately, since there is nothing compelling a freeman to abide by Statue regulation. So what are the chances for that magical concept of "legal remedy"? And all wrongs must be obliged a remedy under common law. Well, if the Bankers create the curriculum and teach generations that you have no power against the Rules of Corporate Government (Statues) - which strictly only apply to corporations wishing to be granted certain privileges provided under this or that jurisdiction - then you can see that it is not the ideals, which we already hold de facto, but it is the execution of those ideals that have led us astray. We can at any time start demanding that the Courts work as advertised, but how many people even realize that it should be different?
Case in point: I was recently survey a book on Australian Constitutional Law and found this tid-bit "s.115 prohibits a State from making 'anything but gold and silver coin a legal tender in payment of debts'" - So to me this means that, the state of Victoria say, could mint gold and silver coin for me to discharge debts with. But does any state in Australia offer this option? Nope.
Fair enough questions and musings, tip. But as easily as the very soul of our society can be doubted right down to that of the youngest child-consumer, perhaps some hope can be found in the vast number of pharmo antidepressant and other drug-dependent people who cannot otherwise maintain the illusions on their own. We may have far more potential as a people than it would appear.
Gotta agree on a fundamental examination of our true identities and social systems, however.
A financial system run by the Fed for the benefit of corporate "persons" with more rights than actual human beings are just two of many problems to be addressed, IMO. On a more superficial level, perhaps placing reasonable limits upon corporate "free speech" wrt advertizing and political contributions would be worth consideration.
Problem is that, at this stage, one--ironically enough--runs up against charges of "social engineering", since nobody worked this shit out in a sane manner before the train left the station and the nation became little more than a vast switchyard for the "business" of America.
bob & anonymouse, thank you for the thoughtful, insightful replies to a late night rant borne out of a deep frustration. wondering if it's not time to consider magikal remedies:
http://ikpr.livejournal.com/98621.html
Thanks for the creatively inspired link! All it would take is proper marketing to make it "cool" and, I think, a genuine Movement would develop.
Anyone wanting to see the 'american way' fail do not understand the it. Those that do understand it, embrace it.
I'm with newera22. What the US has now has little to do with the 'american way'.
Amen!
It's all impossible. From the top to the bottom. No justice for the taxpayers via corrupt agencies in Washington down to no justice for taxpayers for insurance claims (medical, accident, etc.) because the insurance companies can outspend you. If you can show me a middle class individual who isn't getting it from behind I'll take your drink away....and your bong.
Just don't take my TV set, okay???
:-)
Done deal
Show me any middle class individual willing to move into the lower class and I'll assert that it's time for you to find your bong and smoke some really sticky icky green shoots to get your feet back on the ground.
The despair of the middle class (who clearly have it better than the lower class) demonstrates to me that the only ones for whom our system really works is the upper class. That's the top 5% (allegedly the Best and Brightest.)
The suffering middle class shares problems with the lower class. As long as the middle class hangs on by its nails while continuing to regard the lower class as unwashed and unworthy, however, we remain divided.
And way bent over.
I will say, however, that the middle class is getting pinched much harder than the lower class. Does the middle class still have it better? Absolutely. But the gap is closing, and it's not because the lower class is being elevated.
I agree that the system only truly benefits those at the top rung of society, and I would not call them the best and brightest, but the most priviledged (I acknowledge, though, that a good number of them have earned their status).
No bong for me please.
wups, one more now.
I've got somethin related to both bonuses AND bank failures... just to tie everything in.
I have a friend who is a senior level manager a mid-sized community bank out west, and does pretty well for himself financially and quality of life-- that's all you can really ask.
His division during this downturn has remained very profitable, even though other areas of the bank had to absorb mounting commercial real estate losses. It's the nature of the business today, for sure.
Fast forward to this week. On December 3... 11 months into a profitable year for his division... his bank president announces that NO ONE will be receiving any bonus in 2009. And it's not likely to happen in 2010, either.
In the context of the investment banks, my friend is very unfortunate. He made a ton of money for his firm and it was badly needed. He just won't get any of it this year.
But in the context of the new banks hitting face first into the FDIC iron clad doors-- he is indeed-- very, very lucky.
My friend has had a really good attitude about the whole matter. He told me 2 things that really hit home.
The first, is that one should expect zero for any bonus check-- once the check is in your hands and clears the bank account you can celebrate away. But not a minute sooner. Just because you deserve it, doesn't mean you get it.
The second thing is that people and relationships are more important than bonuses. If he were to take a full bonues this year (and I'm sure it was well earned), it likely would have meant that 3 or 4 other people somewhere in that bank would have been out of a job. He would have none of that. And I'm sure that he would not hesitate the prospect of a temporary salary cut if it meant the same thing.
I don't mean to be long winded here, but it's people like that who should be our next business leaders. The good news is that there are people like that out there. The bad news is that they are not the power brokers of today.
And of course a guy like that has a friend like you with the capacity to appreciate him.
Your kind are not willing to be cut throat enough to make it in this corrupted system. They don't want you or him, they want a fellow sociopath who will cover their back while they rip folks off. They are, of course, willing to return the favor.
Until the corruption is rooted out (See A Now's post on the thread calling out the SEC) good guys like you and your friend do not stand a chance of getting into positions where you could do some real good.
Makes me almost want a badge...
MsCreant, that is very well put... a very straightforward assessment, indeed. Great post.
My late grandfather-- a terribly eccentric man-- had an interesting saying about sociopaths. He said that if you put 50 socialpaths in a room with 49 knives, there would be one person left with a knife not in his back.
That one person is either your last man standing or first one eliminated.
One could only hope our socialpaths in the DC-NY corridor will turn on each other. But it may take a last man standing to pull it all off.
+1. So true. Sociopaths have no time for sentimental caring about your fellow man and his plight.
A rouse ? A charade? Indeed !
He makes me want to break things.
btw the clip isn't playing for me.
BANK FAILURE FRIDAY IN PROGRESS (4 Down, ? to go)
AmTrust Bank, Cleveland, OH - $2.0 billion
The Tattnall Bank, Reidsville, GA - $13.9 million
First Security National Bank, Norcross, GA - $30.1 million
The Buckhead Community Bank, Atlanta, GA - $241.4 million
TOTAL COST TO DIF = $2.3 billion
I wonder how many of the remaining banks are not going to be able to make the required 3-year prepayment of risk assessments, by the end of the year?
Bank failures , are when banks fail? correct?
Unemployment,when people are not working ? correct?
just checking.
Recovery, when the stock market is in the sky while the economy is in the shithole.
I thought the stock market is the ecomoney... You guys are confusing me...
An attempt to change compensation, especially this year, is the real shot across the bow.
His first statement is just a general statement about the financial industry which is probably accurate.
But a more general face-off about accountability and what the banks "owe" the taxpayer might be in the offing. The Admin might realize that Congress will push it whether they want to or not.
all of us know that any "change" in compensation is a totally bunch of b.s.
so they get stock. they immediately all hedge it and take cash from a third party. it's a fucking scam. what do they think we are. one way or the other THE PEOPLE need to eventually get their money back. And if that means even 2 years from now rounding up their bank account numbers and pulling out the money.
I am a capitalist. They are NOT capitalists. They are robbers and government welfare sucks.
Something like 90% of small businesses fail. But Goldman. Nope, THEY can't fail.
(it all makes you wonder, if the rules were changed, would 90% of corporations fail and small businesses be around 20 years from now!!)
I'M PISSED!
Goldman Sucks certainly HAD failed. But like Frankenstein,
was put back together without a soul. Hank Paulson took a trillion dollars and gave it to AIG to give to Goldman Sucks.
It's as if the Yankees lost the world series using the standard measure of more runs at the end of the 9th than the oppostion.
BUT those who own the M League changed the calls made by the umpire during that game from strikes to enough balls
to force the appereance of a Yankee victory.
That's not success in any standard dictionary. It's outright falsification, a heinous fiction forced on the public by a Tribe of connected rule breakers, outlaws, scoundrels, and blessed by (mostly) belonging to one ethnic tranche.
Wow. Just wow. 2010 is shaping up to be very interesting.
The crackerjack GS PR department is all over this one:
Goldman spokesman Lucas van Praag today said Goldman Sachs wasn’t in imminent danger.
“When markets became very difficult we didn’t wait for the government to act, we went out and raised money in the private sector,” van Praag said. “We didn’t know what was going to happen and were very glad as a result of government intervention we didn’t have to find out.”
Raised.money.in.the.private.sector.
Okay, cool. all's well. never mind.
Thank Lucas! Have a happy holiday season.
Remember though, he gets paid NOT to talk (about all the dirty shit that is).
I can only hope Lucas uses his bonus get some plastic surgery to open the gaping hole in the side of his neck wide enough to pump out what he is spewing without gagging. That is unless a prerequisite of employment at the GS PR department is the taming of ones gag reflex. Regardless, the condition must make it difficult to both breathe and swallow.
From what I understand, they must master the didgeridoo, which requires circular breathinig. It's in section 144, part 10c of the contract.
ahh. The clarity that only Howard can provide. Thanks. Must be under bowleg (D).
Jesus H Christ, TD, this is getting out of hand.
Check out this chart.
http://finance.yahoo.com/q?s=nyb
Hmm, look at that run. Wonder why?
http://finance.yahoo.com/news/New-York-Community-Bancorp-bw-3256084302.h...
This is just fucking criminal. Why the fuck do we have an SEC at all?
It really is a damn shame that everyone keeps kicking the same dead squid (I mean, horse) and not paying attention to things like this. And you're absolutely right- why DO we have an SEC if these games are going to continue?
I thought AmTrust just filed BK.
they did....there were other businesses involved. this was totally expected...amtrust is not a surprise at all.
the only problem is that like most other banks seized this year by FDIC, they waited too long and now it costs american citizens more money....just like the 500+ out there that haven't been shut yet. Naturally, I am not talking about the group of 19 that are costing even more to keep 'em running.
digalert,
1. the big banks regulate and control
2. they choose small banks that must close
3. the big banks pick over the good assets, keep the customers.
4. taxpayers pay the tab on the bad assets
Regrettably they know the American people aren't paying attention. But some of us are and the word will spread.
I'M PISSED!!
Ghost, you want to see criminal? Check out the call options:
http://finance.yahoo.com/q/op?s=NYB
Check out the option volume on DEC 12 strike: 8900 contracts. 3 block trades of 2500 contracts between 3:19-3:24.
Ghost,
Look at the agreement with the FDIC. The FDIC got an instrument worth 25 million shares priced at the average of the prior two days VWAP of the day that this stock hit $12.33 per share. Gee, go look at what your second article on yahoo has its closing price at ($12.33). Methinks that this maybe an FDIC ramp job... or a ramp job done by the bank with an SEC blessing... Its a quick way to get roughly $250 million to the FDIC so they can close more banks.
Meh.
Tyler, with all due respect, bro, I'm a little disappointed in your take on Timmy G's pay-day poo-pooing. Really, you're gonna buy that AT ALL? Isn't it obvious by now that this is nothing more than a fullcourt press by the PTB. Gold, BLS report, equities, dollar, Timmy posturing like he cares . . .
" . . . You will embrace this rebellion. Support it from our lands in the north. I will gain English favor by condemning it and ordering opposed from our lands in the south. Sit down. Stay awhile."
C'mon, TD, it's all part of the plan.
I completely agree, but Tyler's trying to stir things up, give him some props. Timmaayy needs to go, by any means necessary. We know, and GS knows even sweeter that Geithner's words and actions are two different things. He's still swallowing in the VIP room. But the more GS feels it has to put out their opposition to control, and defend their game, the more the story might become that they are still the problem and the better that will be for everybody. Except maybe Timmaayy in the short run.
But I'll take a bet right now that no matter what he does or says before he's fired, Geithner will be working downtown when he's done.
I agree that Timmah will be back down town in no time, but I don't necessarily agree that he needs to go (I know, I know - just hear me out).
Is the problem Timmah, the Treasury Dept., or the Obama Administration en total? Having said that, would the stooge behind the stooge be better or worse than what we have today?
Timmy's nothing more than a figurehead apparatchik, an instrument of the Machine. For that matter, so is Obama.
I totally agree, but all these things are steps in the right direction. This dialogue on ZH is not happening in the MSM. They didn't even bother to examine Timmy before endorsing him. MSM doesn't even care about the insider trading that went on yesterday. Obama and his team still being corrupt is a downer. The bad guys still getting away with murder is a downer. Timmy, the refugee from the Solzhenitsyn novel, wagging his boney finger at his smirking bosses is at least the appearance of change and appearance is all we can handle because we actually already know the truth, deep down, and it's ugly, it's a black mold in the basement and fixing it means tearing down the house we live in. The DJIA going up, even if it has nothing to do with actual recovery, makes people feel good, and people who feel good buy things, whether it's newpapers or a refill on Cialis. We want to be proud that we elected a charming new mixed-race President- see how much we've grown? We don't want to feel duped, or acknowledge that he's a captured slave. That leads to hopelessness, the mold in the basement, again. The pressure on the narrative is multi-directional. The good news is that some people are still mad.
We've got to take the bricks out, one by one, if necessary. Geithner, Summers and Shapiro would be a good start. Then the dialogue might begin about WHY they were bad for the country. President Obama must be forced to feel shame for his abandonment of what I, and what many other posters here, think is what could make America great. We've got to be brave and honest and put the rubber gloves on, and shame the un-American punks currently in power for trying to slap on a fresh coat of paint, buy a few air fresheners and tell us the mold doesn't cause cancer, because they're in cahoots with our insurance company.
The good news, is that Howard is still alive.
Few have put it better. thx
+1
this is a game of good cop bad cop between Timmay and Lloyd - Pres Obama and his team will increase the rhetoric and Lloyd will offer fake concessions e.g. bonuses paid in stock instead of dollars (smart move as anything is better than US$).
It's a game of three card monte and by the time Brian Williams reports how Obama has cracked down on Wall Street, there will be so much BS out there no one (as in the public) will have a clue WTF is going on. Just like today's job numbers and President Obama's speech in PA - it's all orchestrated - the street loves Timmay and the banksters own the administration
well said 3 eyes.
it would have been very bad optics for him to head off to Gropenhagen for the climategate summit and Oslo for his Afghanistan Peace prize with deteriorating employment numbers
ditto Anonymous 153368
(my only hope is that it is one thing to pull the wool over eyes on many, many things.. including up to war. Talk about people's jobs and daily welfare though and if they think people aren't going to get pissed, well, I hope their wrong)
"Down to 10% unemployment" and AP has a party.
"Jobs saved or created" Please.
Remember the old phrase - GIGO (Garbage in Garbage Out). Thyat was so 70's and 80's.
The BLS used GIGO yesterday but the current definition is garbage in, Gospel Out and the lame stream media fell for it like a drunk falling for a free drink or a harlot.
Remember from the 60's and 70's the term GIGO - Garbage in, Garbage Out. We got a lot of GIGO from hte BLS yesterday. However, in the current language GIGO means Garbage in, Gospel Out because it comes from the computer model, and most of hte lamestream media are still in bed with the administration and in the dark ages.
uh-oh! Yet another bank failure...that's 6 for today! Who was it that posted that over/under? Nice job!
6 Banks by 7:10 PM EST and a $2.4 Billion hit to the DIF.
Nice!!!
hat tip to you, sir.
Cold Winter Comes
Banks Fall Like Snowflakes
No Two Are Alike
Wed, December 2nd
Ding-a-Ling, Ding-a-Ling
LB: Hello
RE: Fuck off Dickhead
LB: Who the hell is this?
RE: Hey Bro, chill out, like Mary after a bottle of wine at lunch hour
LB: Rahmmmy my man...ya got me with that. For a second I thought you were one of those losers from Zerohedge.
RE: Don't worry about them, I got a couple of pimply faced kids at the NSA all over their shit.
LB: Hey, you're not calling me to tell me that Bibi is gonna deliver the package to Iran this weekend are you? For the love of dead presidents, we aren't done unloading all of our equites let alone fully short and our long oil position isn't fully built.
RE: No, LB, not yet...you'll be the first to know, that's our deal. Actually, I'm calling on the whole vampire squid thing. Barry doesn't mind all the survivalist gold bug types tin foiling it on the blogs and hammering him for sucking on your testicles, I mean tentacles, but the problem we got is our congregation over at HuffPo: they just won't quit on the wall street, banks thing. Even I'm having a hard time squeezing money out of all those libs for the mid terms.
LB: I understand. You're going to have to pork the pig publicly right?
RE: Yep. Sorry man, but there is a silver lining.
LB: Really??
RE: Yes....we're gonna have Geithner do it.
LB: ….. barely intelligible guffawing and heart stopping shrieks of laughter....
RE: You okay Lloyd?
LB: Oh yes, haven't laughed that hard since we did the blowtorch on all the shorts on November 2nd.
I owe you one pal.....nobody listens to Geithner and everytime he speaks people just laugh.He won't
be a problem. Hey, come to think of it, we're getting some competition from Morgan Stanley, they're trying to build up a prop desk: how about working Geithner into a job running that?
RE: Nope, we may move him to SEC or FDIC or a delivery boy job for the Diet Coke division of Buffets. Anyways, on that “owing me one pal” thing, the midterms are coming up, you know.....
Hey DH, what are you a drinkin? and where do I git sum?
I smell sitcom.
Try to get a hold of Oliver Stone's people! This is TEN TIMES better than that shit they're passing off as "Wall Street 2." (Shia LaBeouf? Seriously!?)
Stone's an agent provocateur, working for the squid, same as Michael Moore. Squid uses cutouts to fund 'left-wing' directors making lame movies about the shit going down on The Street. Call it a crap innoculation. After their load of shit, even someone with good shit won't be able to crack the consciousness of the "Average American" movie goer.
The Squid is Everywhere and All Knowing
The original script for "Money Never Sleeps (WS2)" was INCREDIBLE! Which meant, of course, get rid of it altogether, bring in the Transformers kid, the token British actress, and milk the same tried and true cliches that have dumbed down movie audiences to the point where they now view shit like "Twilight" as a cinematic masterpiece.
Watching Gordon Gekko wrestle for control of the largest oil field in the world along side Russian oligarchs would have been great, though.
@dead brilliant
Absolutely incredible! Almost pissed myself.
Love this.
Brilliant!
+1
Why does everyone think this is so great? It's just a transcription of what happened, right??
:-)
I'm surprised at the naivete of this take on Geithner's chances for a Goldman Sucks type entity position after his stint as chief bottle washer for the financial indus...well, not industry but the morass that now passes like a Groucho mustache for what used to be capitalism at its finest.
The mouthpieces are just that. They say all the fine words one would expect to hear when confronted with overwhelming public anger at their behavior.
But hit the mute button when they speak and judge what they actually do instead.
Geithner will get a very lucrative job on Wall Street when he hangs up his boots at Treasury and that you can take to the bank. If you can find one i nyour neighborhood that isn't owned by Goldman Sucks, or it's cousin, BOA.
Hey ZH, please do some spell checking:
"And what that, Timmy can proceed to consider options outside of the public sector (but not at Goldman Sachs.)"
You're not The Business Insider?
What kind of cretin are you then?
Well according to his leechy deciples at NYFed, he will buy a bank and they will all be fantastically rich...and last time I checked the biz insider was begging for suggestions to keep the site running, since it went US weekly...
Hey Deadhead
I laughed til I cried. I'm still crying.
Maybe Obama is wondering why he took that dough from Goldman's men last fall.
"Hey Barry here's a little donation, so now you support us on our (specious) claim that the sky is falling. Oh yeah our inside man at the NY Fed has some limited talents that you could use at Treasury."
Wonder if GS can get their man Hank to do televised rump job #2 for another $700 billion, that Goldman et al don't really need, since they have so much access to Private capital.
Geez, I'm running out of barf bags.
one minute they are on the ropes... desperate for a cash infusion to save us from the middle ages.
just a couple months later its the biggest quarterly profits in history.
makes me fucking sick. and you sum it up exactly. people should have known when Bush and Obama were agreeing on this one. The common demoninator is Goldman. The only business not allowed to fail.
Shit. How many small businesses never make it? And Goldman, no THEY can't fail. Fucking anti-capitalist big government thugs.
Yeah, I'M PISSED.
Timmay common man
No longer out to fuck me
Psych still goldmans bitch
"Tobin tax? No, we want to extract a fee from the institutions that caused the crisis, in the future."
Hmmm, to extract a fee from the likes of Bear, Lehman, AIG,...once dead...let me think about it.
They had a Frontline piece last week on the problems with consumer finance in this country. The interviewer lets Geithner come across as this champion of the consumer because he wants to put all banking regulation under one agency when the reality is he's just seeking a power grab. The little sh*t is more disengenuous than Paulson and I didn't think that was possible.
How does an investment bank that offers no consumer banking services, i.e., savings and checking, have a "classic bank run?" I can't recall the last time I drove by a Goldman Sachs ATM. What does a Goldman Sachs bank run look like exactly?
See "Bear Stearns - March 17, 2008"
I worked there. It happens quick and its furious.
Just replace the words 'savings and checking' with 'repo line holders' and 'prime brokerage customers' and then it'll make sense.
I did not get it the post. The story may have been twisted. Goldman Sachs may have told Turbo Tim to come to the press and accuse of the bonuses. After all they like to do the work of god. Enron once said angels are on their side.
How does an investment bank that offers no consumer banking services, i.e., savings and checking, have a "classic bank run?" I can't recall the last time I drove by a Goldman Sachs ATM. What does a Goldman Sachs bank run look like exactly
Tyler,
WSJ published an insider trading article saying that they are investigating GS's prop trading desk for insider trading in healthcare related companies. I do not remember seeing it on ZH.
here's an oldie but goodie vid mash-up of Timmy on YouTube
I did right before he took office...
http://www.youtube.com/watch?v=hRHX7oNw1ho
....
http://www.thedailyshow.com/watch/wed-july-29-2009/home-crisis-investigation
question, why is someone investing > 1million US$ in AIG puts for a period of 3 weeks since november 30th ? strike 25/20 and 17.5? it is probably nothing.....
Yeah, just a mirage.
Is it time to send our protest to the appropriate address written on Form 1040?
http://www.youtube.com/watch?v=YZDZzbUxrnM
Has GS been selling off because GS staff have been shorting GS stock to lock in current high prices for the stock bonuses. Seems obvious?
exactly, just what i posted! These guys are so smart and their execution is so much better then Bush..
exactly, just what i posted! These guys are so smart and their execution is so much better then Bush..
Goldman: So the strategy is keep the stock low, get the PR in full swing, get the TimmyG out there shouting at us and telling us to compensate the employees in company stock. This way the compensation will be even better and no one will fingure us since "market" is valuing the stock and we have no control over it.
Buffett: Sure why not...
Stupid Public: Ya, why not....
Press: Well, lets move on to something else...
Obama: Jai Ho!
"...the Administration will need to find a way to deflect Main Steet's anger at Goldman and keep it focused exclusively on Wall Street instead of equating it with Obama et al. The problem is - you make some very serious, tentacled enemies in the process."
Are Wall Street corporates, their followers and minions the presumed powerful enemies of Geithner? Is that what you mean? Well, if Geithner keeps talking like this rather than chumming with them, yah they MIGHT BECOME enemies. C'mon Timmy, c'mon over to our side, the people's side. What? He's just dissimulating and deflecting, being insincere again?
So public perception threatens to further implicate our financial woes with Goldman and its ties to the Obama administration; ergo in his own interest, Obama needs to blame Wall Street to get popular opinion off his and Goldman's backs? TD, do you mean this presumed move by Obama is a realpolitik tactic? Geithner will only make himself Wall Street's enemy if his bite lines up with his bark. Otherwise it will continue to love him. And well it should after all he's done for it. So are you suggesting that Obama, in his administration's interest, should try to deflect public outrage to Wall Street, but that then Wall Street will become Obama's (dangerous) enemy?
Goldman is a subset of Wall Street. Goldman is not simply a bad apple, where the other players are somehow intrinsically clean. Obama, where art thou?
-AnonymousZero
Good to see there are at least one or two not fooled by Geither and TheBamster's empty rhetoric, who do not confuse hypocrites' words with their actions.
Show us the money, Timmay.
Instead of paying the bonuses to the big shot executives, why are the share holders not demanding these payments as dividends?
Often we forget the little guy, the SMB, in our discussions of the comings and goings of the Internet marketing industry. Sure there are times like this when a report surfaces talking about their issues and concerns but, for the most part, we like to talk about big brands and how they do the Internet marketing thing well or not so well.
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