This page has been archived and commenting is disabled.

Is Goldman Sachs About To Drag Down The Federal Reserve?

Tyler Durden's picture




 

Goldman Sachs, which lately has been caught in a toxic spiral of potential misrepresentations (courtesy of the SIGTARP report which plainly refuted the firm's claims that it was not on the hook vis-a-vis AIG, and by the way, Ms. Tavakoli, we are waiting for you to retract your apology to the 85 Broad team) and horrendous PR (first Blankfein apologizing for something, then Gasparino telling Lloyd he should step down), may be the final straw that finally breaks open the Fed's "book of death" (for the middle class, f/k/a "book of life" for the banker cartel). Ahead of tomorrow's hearings on various Fed transparency initiatives, Rep. Elijah Cummings is calling for a complete tear down of the existing Fed structure, and demands an overhaul to the "minimal accountability" that the Fed is subject to courtesy of the current Wall Street perpetuated (and lobbied) status quo.

Full Cummings letter below.

 

In the words of Bullet Tooth Tony, it would be sadly ironic if it ends up being Goldman Sachs that gets the fed into the pickle of complete transparency. At the end of the day, if we want to even have a chance of preventing another system collapse, one of the two has to happen: i) Goldman has to be dismembered, with the very least being its prop trading being ripped apart from the firm's agency core operations, or ii) the Fed has to be not only audited, but to provide constant information on who it is that is the recipient of generous taxpayer bailouts day in and day out, as well as what securities make up the collateral the various bail out programs, as well as what marks these securities are ascribed by the Fed's less than spectacular trading desk. No exceptions. If neither of these changes, and the status quo persists, then another occurrence of an AIG type blow up is not a question of if but when.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 11/18/2009 - 18:03 | 135073 Ivanovich
Ivanovich's picture

Here's hoping.  But Frank and the rest of the vipers in the grass will do their best to block any audit until we throw them out next fall.

Wed, 11/18/2009 - 18:26 | 135125 WaterWings
WaterWings's picture

GS is going to chop off all their tentacles? Huh?

Yeah, Mr. Fwank definitely co-opted Mr. Paul - at the last minute! What a jerk - doesn't he like freedom and kittens? Oh, wait. Mr. Fwank does like kittens. Just not the kind you and I would normally think of: "Nawty, nawty, you hungky kitten."

I pray to freaking God in the Heavens above this forsaken plain that there are no national elections in 2010! Something has to give - will the world even allow us to continue this charade?

Yes We Can bomb Afghan weddings!

 

Wed, 11/18/2009 - 21:31 | 135386 Anonymous
Anonymous's picture

plain?

Thu, 11/19/2009 - 00:29 | 135491 faustian bargain
faustian bargain's picture

as in 'fruited'.

Thu, 11/19/2009 - 11:43 | 135739 Anonymous
Anonymous's picture

We do need to throw him out, but for another dem.

I sure hope you don't really believe republicans will come back in and do better. Ron Paul, sure. The rest, will have no trouble with the 'status quo', and 'lasseiz faire'.

Only progressive dems, and ron paul repubs are fit to be in office. Pick between the two. But make sure whoever you pick, fits that mold. Otherwise you'll get a Michelle 'bigger retard than palin' Bachmann. Which is all that repubs will be running in 2010.

Sun, 11/22/2009 - 09:29 | 138640 albion402
albion402's picture

Hmmm....maybe a Romney or Newtster or McCain would be more acceptable?

Wed, 11/18/2009 - 18:04 | 135074 faustian bargain
faustian bargain's picture

(end the fed)

Wed, 11/18/2009 - 18:07 | 135081 sysin3
sysin3's picture

The Fed beast is a creation of Congress.

In the words of Bill Cosby " I brought you into this world and I can take you out  "

Not gonna happen, but there's the solution.

Thu, 11/19/2009 - 07:12 | 135600 Gordon_Gekko
Gordon_Gekko's picture

Yeah, but a Congress with a gun to its head.

Wed, 11/18/2009 - 18:11 | 135089 Lionhead
Lionhead's picture

That's a happy thought; we get a 2fer. GS & the FED exit the system. Time for a gold audit also.

Wed, 11/18/2009 - 18:11 | 135091 ShankyS
ShankyS's picture

As we say down south - Oooh hell yeah!

Wed, 11/18/2009 - 18:12 | 135092 buzzsaw99
buzzsaw99's picture

It'll be easier to just wait for a total stock market and currency collapse then start over.

Wed, 11/18/2009 - 19:12 | 135199 deadhead
deadhead's picture

that comment made be burst out loud with laughter.  very funny shit.  thanks, I did need it.

Wed, 11/18/2009 - 18:12 | 135096 Harbourcity
Harbourcity's picture

It's all smoke and mirrors.

Nothing, will change.  It will take the collapse of the US economy to force a change.

 

Wed, 11/18/2009 - 18:23 | 135117 Divided States ...
Divided States of America's picture

Well put. But that doesnt stop me of dreaming everyday about the day when someone, by the name of Tyler, leads an army of fed-up educated hard-working people down Wall Street and put an end to this travesty.

Wed, 11/18/2009 - 18:13 | 135099 Prophet of Wise
Prophet of Wise's picture

 "Hell hath no fury like a banker scorned!"

Representative Lindbergh’s mentioning of the “Money Trust” was a reference to the “Pujo Committee”, conducted from May 16, 1912 to February 26, 1913. The committee concluded that a conspiracy to control the money supply and amass wealth did in fact exist, stating:

“An established and well-defined identity and community of interest between a few leaders of finance which has been created and is held together through stock holdings, interlocking directorates, and other forms of domination over banks, trust companies, railroads, public service and industrial corporations, and which resulted in a vast and growing concentration of control of money and credit in the hands of a comparatively few men….”8

The entire report from the “Pujo Committee” which substantiates the existence of a conspiracy of bankers is available for download from the “FEDERAL RESERVE Archival System for Economic Research, -FRASER” in 32 separate PDF files.

Wed, 11/18/2009 - 19:35 | 135230 Daedal
Daedal's picture

I, too, have seen "The Skulls".

Wed, 11/18/2009 - 18:14 | 135100 delacroix
delacroix's picture

NEWS STORY 2015   U. S. seeks foreigh aid from isreal.

Wed, 11/18/2009 - 18:47 | 135159 Miyagi_san
Miyagi_san's picture

News :2012  OBAMA WINS !!!.....

pg.2  Goldman Sach's buys Federal Reserve for debt swap 

Wed, 11/18/2009 - 18:55 | 135165 agrotera
agrotera's picture

Owners of the privately held federal reserve already own half of the Dow, so i am sure they also own most of Goldman in addition to being probably the majority of their income source as a client.

Wed, 11/18/2009 - 18:15 | 135101 NYPoke
NYPoke's picture

This all sounds good, but then the NY Banking Crew & the London Connection decide that they don't like it, you can watch the World Wide Credit Markets dry up in a matter of weeks, if not days or hours.  We hads money panics before the Fed; we will haves them with or without it.  All thanks to World Banking Cartel.  Been that way for centuries. 

 

When you want to get that aligator out of your backyard pool, you should either call an expert or just wait for it to leave on its own.  Doing it yourself is rarely a good idea.

Wed, 11/18/2009 - 18:36 | 135142 Anonymous
Anonymous's picture

Yeah but that's why god keeps Vengeance for herself: She has all the fun.

In this case at least we may not get the trillions in clawbacks from these poisonous vipers but they sure as hell can be cast out of the garden, and perhaps as we pull the plug to begin a draining of the pool, (no need for a reptile handler)those most responsible for the chaos will also perish. (You only have to be able to outrun the perp, not the Croc).

Wed, 11/18/2009 - 23:58 | 135472 tip e. canoe
tip e. canoe's picture

"Doing it yourself is rarely a good idea."///unless you're a hippo

http://yepyep.gibbs12.com/wp-content/uploads/2009/11/191386-top_foto2-35...

Thu, 11/19/2009 - 00:08 | 135476 Brother can you...
Brother can you spare a dime's picture

Drain the pool....

Wed, 11/18/2009 - 18:15 | 135102 RockyRacoon
RockyRacoon's picture

Wishful thinking.  Ain't gonna happen.  Once again: Follow the money.

Wed, 11/18/2009 - 18:16 | 135104 Careless Whisper
Careless Whisper's picture

Lloyd "my bad" Blankfein is completely out of his league. A few more speeches and we could have a Paul/Grayson presidential ticket.

Props to Congressman Elijah "Kashkari is a chump" Cummings.

Wed, 11/18/2009 - 18:24 | 135120 primus
primus's picture

CNBS Anchor: "Does Goldman's image really matter? I mean, who cares if people hate them, as long as they are making money?"

We'll see. Maybe when the stimulus runs dry and un-employment creeps north of 30%. Maybe when the angry mob starts tossing molotov cocktails into the Four Seasons while your eating lunch.

Wed, 11/18/2009 - 18:56 | 135166 LongMarch
LongMarch's picture

"An efficient legal system operates on the assumption that everyone is  guilty of something."-CBW

 

Yes, it does matter.

To fight an evil you first have to name it.Goldman Sachs is two words and three syllables.

I'd have workmates ask me how the hell did i make money in the last 2 years(some of them have damaged their retirement funds beyond repair.)

I'd start talking about 1973 and fiat money and their eyes would glaze over.

Goldman personifies everything that is wrong.

When i talk about Goldman and AIG and Lehmans and all it's boys "working" for O'bama.

I very quicky see  two things: Understanding then anger.Even Delivery drivers get it.

Takes about three minutes 

 

Wed, 11/18/2009 - 19:30 | 135223 Anonymous
Anonymous's picture

"I very quicky see two things: Understanding then anger.Even Delivery drivers get it."

Much the same experience, LongMarch.

Joe/Jill Six Pack know they are being phucked. They can grasp the big picture quickly. Most can even understand the stupidity of allowing someone to take out multiple fire insurance policies on their house, then burning it down.

So far I have not found a single one that I have talked with pleased to learn that they and their children are the ones paying off these insurance policies on their burned down home.

Given Marla's recently expressed senstivities, I will avoid a discussion of the arms being accumulated. the skill set of many of these folks, etc. Personnally, I would prefer seeing this matter settled at a ballot box rather than in the streets.

I remain hopeful, but there is much work to be done. Just gotta keep chipping away.

Thu, 11/19/2009 - 00:06 | 135475 tip e. canoe
tip e. canoe's picture

much the same as well.

even the PuffHo's are catching on:

http://www.huffingtonpost.com/2009/11/18/rep-defazio-fire-timmy-ge_n_363...

http://www.huffingtonpost.com/linda-r-monk-jd/the-sorcerers-apprentice_b...

fatal flaw boys, never underestimate joe sixpack & suzie hockey mom with a cable modem.  collective intelligence is a bitch.

Thu, 11/19/2009 - 01:51 | 135544 LongMarch
LongMarch's picture

We all do what we can.

What's needed is a catchy phrase that encapsulate the whole damn problem and goes viral.

Maybe ZH can run a competition:The crisis and how to fix it in one sentence.

Needs to be accurate,clear and simple so everybody gets it first time round.

What do you think Tyler? Marla?


Wed, 11/18/2009 - 18:26 | 135126 vachon
vachon's picture

Yeah, good luck with that.  Bernanke may be low-key, but his ego is just as big as Paulson's and Geithner's.  He ain't going quietly into that good night. 

Wed, 11/18/2009 - 18:30 | 135133 Anonymous
Anonymous's picture

Elijah Cummings is calling for a complete tear down of the existing Fed structure

go man go....tear it all down....burn it down.....grind it into flour and scatter it to the winds...

Wed, 11/18/2009 - 18:30 | 135134 Missing_Link
Missing_Link's picture

Giant octopus (vampire squid) vs. whale  ...  This should be fun to watch.

Wed, 11/18/2009 - 18:31 | 135136 agrotera
agrotera's picture

Now i am in love with Elijah E. Cummings!!! Bravo and God bless you sir!!!

Anyone who actually wants to be a public servant,  is going to get behind HR1207 and S604 because the public soon will be fully behind this and NOT SUPPORTING THESE BILLS IS A BETRAYAL OF THEIR DUTY AND PURE TREACHERY....and it is only a matter of time before the evil of the entrenched financial/governemnt legislating machine falls.

 

Wed, 11/18/2009 - 18:33 | 135137 mbasham
mbasham's picture

I think dispersions toward Rep. Frank regarding blocking true reform are unfounded. Senator Dodd, however, has shown an unwillingness to consider reform that would in any way be detrimental to the insurance and hedge fund industries that are concentrated in his state.

Wed, 11/18/2009 - 18:39 | 135146 Anonymous
Anonymous's picture

If you mean aspersions, you need to revisit your recent financial history.

Barney Frank's as much responsible for the housing mess as any other flake in Congress.

Do some homework for heaven's sake before making an outrageous error like that.

Wed, 11/18/2009 - 19:37 | 135236 snorkeler
snorkeler's picture

Barney is just a better actor.  I would send him a plastic Oscar if I could find one.

 

He is filthy just like the rest of the pigs congress

Thu, 11/19/2009 - 08:15 | 135621 mojine
mojine's picture

You send him the plastic Oscar- I'll send him the lube.

Thu, 11/19/2009 - 11:41 | 135736 Anonymous
Anonymous's picture

What, you want him to ENJOY it????

Wed, 11/18/2009 - 18:37 | 135143 mbasham
mbasham's picture

All the right wingers on the site should take a step back and remember that it was Phil Gramm in the Republican controlled Senate as well the parade of Nixon/Reagan admins. veterans that destroyed our financial regulatory structure during the 8 year Bush nightmare. You voted for these embiciles. You are more to blame for this situation than anyone in the Obama admin.

Wed, 11/18/2009 - 18:43 | 135152 Anonymous
Anonymous's picture

Yeah, Rubin, Clinton, Greenspan,Dodd, Cox, ----ahh what's the use----

The "embiciles" are gonna get you after they eat their "dispersions".

Compton Elemetanry, right? Class of 08?

Wed, 11/18/2009 - 19:04 | 135183 Argonaught
Argonaught's picture

+1 and +1 for the one above, too. 

Wed, 11/18/2009 - 19:09 | 135192 Careless Whisper
Careless Whisper's picture

Gramm-Leach-Bliley (which repealed Glass-Steagall) passed the Senate 90 - 8. The bankstas control the left, right, and center.

Wed, 11/18/2009 - 19:40 | 135240 docj
docj's picture

And was signed by... William Jefferson Clinton.

Yeah, but it's All Bush's Fault.

Wed, 11/18/2009 - 20:06 | 135272 Careless Whisper
Careless Whisper's picture

No, he just get's blamed for TARP, Lehman, Bear, AIG, bailout nation, Bernanke, and Paulson.

Wed, 11/18/2009 - 20:30 | 135301 BobPaulson
BobPaulson's picture

You're right, Bush(es) is(are) awesome.

Wed, 11/18/2009 - 20:51 | 135331 docj
docj's picture

Uh, I never said that.

Thu, 11/19/2009 - 00:10 | 135478 tip e. canoe
tip e. canoe's picture

and don't forget who billy boy gave the pen to...

Wed, 11/18/2009 - 19:05 | 135185 Anonymous
Anonymous's picture

parties were invented to make you think you have a choice. you don't.

george carlin....

Wed, 11/18/2009 - 20:40 | 135316 Johnny G.
Johnny G.'s picture

It's like the Irish say, "It doesn't matter who you vote for, the government always gets in."

Wed, 11/18/2009 - 19:17 | 135204 Anonymous
Anonymous's picture

The best thing Obama can do is follow Jimmy Carters example. Serve one term and enjoy, a nice long happy, unproductive life, far away from Washington!
I kinda liked Carter till he called me a racist the other day.

Wed, 11/18/2009 - 21:53 | 135402 Anonymous
Anonymous's picture

mbasham, you need to look at what these politicians actually do; not their rhetoric. I was a strong Obama supporter. Now we have a Dem in the White House and both house of Congress are controlled by the Dems; instead, I think we are learning that Congress is not controlled by Dems or Repubs, it is controlled by bankers and insurance companies.

Barney Frank is the worst. He talks a good game, but he acts a different one. Look at HR1207. He said we would see a vote on it, when he has no intention of allowing it to pass.

Please Massachussetts, find someone to replace Frank.

Wed, 11/18/2009 - 22:24 | 135433 GoldmanSux
GoldmanSux's picture

I believe Clinton was president when Gramm passed his bad bill.

Wed, 11/18/2009 - 22:46 | 135445 Big Red
Big Red's picture

Damn, you've got the post above about Barney Frank being an angel, and now this????

New book received today (UPS, not the "80% of every dollar goes to salaries, benefits, and pensions" USPS), "The Dollar Meltdown" by Charles Goyette, may I lift this quote and throw it your way, in speaking about the book's subject matter?:

"But it is not for the faint of heart or for those poisoned by a pointless loyalty to a particular party." (Emphasis mine).

Wed, 11/18/2009 - 18:41 | 135148 D.O.D.
D.O.D.'s picture

Complete and Public... okay, I'm waiting...this had BETTER get GOOD!

Wed, 11/18/2009 - 19:07 | 135190 deadhead
deadhead's picture

"and by the way, Ms. Tavakoli, we are waiting for you to retract your apology to the 85 Broad team"

Oh, this is a standing ovation!

Wed, 11/18/2009 - 19:11 | 135196 pocomotion
pocomotion's picture

JPM is there to carry on after Goldman takes their bow-n-exit.  They were the ones to take the fall. imho.

Wed, 11/18/2009 - 20:38 | 135310 Anonymous
Anonymous's picture

Why Jamie "Morgan": gets a pass on this board is mystifying to say the least.

Wed, 11/18/2009 - 20:54 | 135337 deadhead
deadhead's picture

the zh community knows about dimon and the jpm crew.

sometimes it makes sense to focus the laser on the worst part of the cancer first, then work your way through the rest of the diseased body.

Wed, 11/18/2009 - 21:31 | 135385 tomdub_1024
tomdub_1024's picture

+100

Wed, 11/18/2009 - 19:11 | 135198 Anonymous
Anonymous's picture

All this talk is wasted. The government, both republicans and democrats are bought and paid for by the blood sucking gamblers called bankers. If the banks need another bailout, it will be provided. Neither Obama, the Congress nor the bankers give a rat's _ss what we the people care or think. They know the american people are sheeple and can be minipulated at will by the media machines. I fear there will be violent and bloody revolution before this is over. May God have mercy on us all.

Wed, 11/18/2009 - 20:56 | 135341 deadhead
deadhead's picture

All this talk is wasted.

That's what some said when The Federalist Papers were published by three anonymous guys.

Wed, 11/18/2009 - 19:14 | 135201 JuicyTheAnimal
JuicyTheAnimal's picture

I for one am going to eventually nut-the-fuck-up if nothing happens....

 

Wed, 11/18/2009 - 19:25 | 135214 Fritz
Fritz's picture

Take away Goldman's direct pipeline to government insider dealings and they are just another fucking bucket shop.

 

Wed, 11/18/2009 - 20:44 | 135323 Anonymous
Anonymous's picture

The other way'round. Government has been staffed by Goldman Sucks employees past and present. Hundreds of them infest every key financial position in the world.

Gotta hand it to them. They were able to performa a bloodless coup, a creep so quiet no one caught on until the cancer spread thruout the entire global economic enterprise.

You who do not believe there is conspiracy and has been for a hundred years to capture and keep a certain select few
in the lap of luxury for a thousand centuries are likely
to believe that Caruso-Cabrera doesn't have fake titties.

Wed, 11/18/2009 - 20:45 | 135324 Anonymous
Anonymous's picture

The other way'round. Government has been staffed by Goldman Sucks employees past and present. Hundreds of them infest every key financial position in the world.

Gotta hand it to them. They were able to performa a bloodless coup, a creep so quiet no one caught on until the cancer spread thruout the entire global economic enterprise.

You who do not believe there is conspiracy and has been for a hundred years to capture and keep a certain select few
in the lap of luxury for a thousand centuries are likely
to believe that Caruso-Cabrera doesn't have fake titties.

Thu, 11/19/2009 - 01:27 | 135523 Missing_Link
Missing_Link's picture

It's true.  She has fake titties, and they work for Goldman.

Thu, 11/19/2009 - 13:07 | 135854 MsCreant
MsCreant's picture

They are, in fact, Goldman's Sacks.

Thanks for the update.

Wed, 11/18/2009 - 19:26 | 135218 waterdog
waterdog's picture

It is moving well. Bernanke will not have a second term. China shoved toxic medical products up Obama's behind and sent him home. That is what he gets for bowing.

Today on Fox News.com, 6:00 PM
Exclusive to Fox News by the Obama White House: Israeli settlements are dangerous.
Last week Fox was the enemy, this week it is lovey dovey.

Get ready, the oligarchy is about to panic. You can take the fool out of Chicago, but you cannot take Chicago out of the fool.

Wed, 11/18/2009 - 20:58 | 135343 deadhead
deadhead's picture

Bernanke will not have a second term

I believe that this possibility is more likely than one month ago.

Wed, 11/18/2009 - 19:26 | 135219 THE DORK OF CORK
THE DORK OF CORK's picture
Captain Ahab
Towards thee I roll, thou all-destroying but unconquering whale; to the last I grapple with thee; from hell's heart I stab at thee; for hate's sake I spit my last breath at thee
Wed, 11/18/2009 - 20:12 | 135278 waterdog
waterdog's picture

pretty good

Wed, 11/18/2009 - 20:35 | 135307 Anonymous
Anonymous's picture

Whale: "Right, Ahab. Better ride in the short bus. You're tickling me."

Wed, 11/18/2009 - 21:11 | 135358 THE DORK OF CORK
THE DORK OF CORK's picture

Captain Ahab

what art thou short bus

Wed, 11/18/2009 - 20:48 | 135327 Art Vandelay
Art Vandelay's picture

KHAN!

Wed, 11/18/2009 - 22:03 | 135417 D.O.D.
D.O.D.'s picture

=]

Wed, 11/18/2009 - 19:34 | 135229 Rusty_Shackleford
Rusty_Shackleford's picture

Yeah. 

 

Elijah Cummings is going to straighten this all out.

 

I'm living in a freaking cukoo clock.

Wed, 11/18/2009 - 22:30 | 135438 eggy123
eggy123's picture

ROFLMAO. That was fucking hilarious.

Wed, 11/18/2009 - 22:51 | 135447 Big Red
Big Red's picture

Make that cuckoo, the guys here bellied up thought you were referencing cuckoldry. But yeah, Elijah wants a little attention, let me go see who contributes to him.

Wed, 11/18/2009 - 19:36 | 135232 newera22
newera22's picture

As a capitalist, free market trader, I have to say Goldman Sachs and the Fed and elite Wall Street bankers have TOTALLY lost me.

I want free markets back. I want the Federal Reserve dissolved. I want Goldman Sachs closed, and all Goldman Sachs employees barred from working in government. Goldman folks are so addicted to government positions and money.

Wed, 11/18/2009 - 22:38 | 135441 Careless Whisper
Careless Whisper's picture

Your comments are rather profound when you think about them. I suspect that many will agree that we want free markets back. But here we are in the USA wanting capitalism to return.

Wed, 11/18/2009 - 19:39 | 135237 Anonymous
Anonymous's picture

Although it's a lonnnng shot. It is still good news.

With *tongue thoroughly planted in cheek.
I can see it now...

GS Prop desk - given this news and if it generates any traction...

"We dumped all of our shitty stuff courtesy of maiden lane/tarp.

The taxpayer is the counterparty! Our balance sheet and cash flow statement look better with each passing day!

What's the trade now?

Is there a CDS for the Fed? (Insurance against the Fed and the dollar).

Maybe it's just the yuan?

Or is it just puts on / against the dxy?"

Anyhow,

GS and other IB's continue to load up trades - all under the cover of "business" and "shareholder value."

The cycle continues until everyone is eaten.

Wed, 11/18/2009 - 19:49 | 135249 Anonymous
Anonymous's picture

Why isnt RON PAUL's signature on there????

Wed, 11/18/2009 - 20:48 | 135329 Johnny G.
Johnny G.'s picture

They didn't bother asking him.  His office is outside near the septic tank.

Wed, 11/18/2009 - 19:57 | 135262 MsCreant
MsCreant's picture
"Is Goldman Sachs About To Drag Down The Federal Reserve?"

You mean they haven't up to now? Then again the Federal reserve is so low already, GS would have to reach a hand out of hell itself to drag them lower.

I guess that can be arranged...

Wed, 11/18/2009 - 20:14 | 135281 JR
JR's picture

It’s no secret that Goldman has a massive public relations problem.  That might be, of course, because of its fraudulent ways and its set aside so far this year of a $16.7 billion bonus pot for its employees,  now averaging a handsome $770,000 each, during such tough economic times.  At any rate, its image fixes are a bit strange. 

First, there’re the press releases about Goldman’s charitable giving—dimes for charity contrasting with billions for Goldman.  Then, not to be on the wrong side of the faithful, Lloyd suggests the company is doing God’s work.  In the meantime the armies in the financial press keep up the drumbeat that Goldman is successful because Goldman is smarter, not because Goldman has an open door into the Fed and the Treasury.  But of all the fixes to the golden image that we’ve seen so far, perhaps the worst was announced this morning with the massive lift of $500 million that Goldman said it would spend to help thousands of  those small businesses recover that it ran over with its tractor tires.

To make the pittance—about 3 percent of the $16.7 billions set aside for its own bonuses-- go down with a spoonful of sugar, the Goldies had to go all the way to Omaha, Nebraska, and bring back the  "be-sweatered" Buffett to help with the smiles and greetings for the downtrodden.

Was it only three weeks ago that the great Goldman told us “the overall economy is probably weaker at present than suggested by many standard indicators and the strength in the equity market because smaller companies—which are underrepresented in standard indicators and are not publicly traded—are underperforming larger ones…”?

As if that’s not enough, as any good Madison Avenue agency could tell you, one of the worst things Goldman could do after absconding with billions in tax money and then doling it out to each of its employees, was to cancel Christmas.

Yep.  According to Business Insider, “Goldman has canceled its corporate Christmas party.

“Worse, they've also banned employees from funding their own parties, according to Investment News.”

Says BI, “This is the second year in a row that Goldman has killed the Christmas party.

"’Melissa Daly, a spokeswoman, confirmed that Goldman will not host a Christmas party this year and that it didn't hold one in 2008," Jessica Toonkel Marquez reports for I.N. 'She could not comment on whether the company is banning employees from holding their own parties.’

“We wonder, however, whether taking a stance against one of America's most beloved holidays is really a winner here.”

As do we.  In the gathering list of companies criticized for Xing Christ from Christmas such as Gap, Old Navy, Banana Republic and now Buffett’s own See’s Candies, we’ve notice that the Christians’ Putting-Christ-Back-In-Christmas websites already have mentioned Goldman’s cancellation, for the second year in a row, of Christmas.  

Wed, 11/18/2009 - 20:51 | 135332 RockyRacoon
RockyRacoon's picture

This cutie just in from Ian Mathias of The 5 Min. Forecast:

Goldman Sachs, at perhaps the peak of its unpopularity, has announced the biggest charitable donation in the firm’s history. Goldman is grabbing headlines this morning with their new $500 million small-business assistance program, which over the next five years will pump money into various charities, investor education programs and grants.

Since $500 million over the next five years accounts for 3% of Goldman’s 2009 bonus pool… well… no one will confuse them for the March of Dimes anytime soon.

We’ve got an idea for Goldman. It’s complicated and a bit revolutionary, so stick with us: Double that sum to $1 billion and dump it in a new LLC. Instead of handing out free money, this company will borrow from the Fed at 0.25% and then lend money at 1.25%. With a billion in the vault, it’d be no sweat to extend around $10 billion in loans, all of which would be the cheapest in history. Borrowers would have money to invest and Goldman (thank heavens) would make up to $100 million… which they can then give to charity if they still can’t wash the blood off their fingertips.

We’ll call this new LLC a “bank.”

Thu, 11/19/2009 - 00:22 | 135489 Anonymous
Anonymous's picture

and get muhammad yunus to run it

Wed, 11/18/2009 - 20:22 | 135286 Tommy
Tommy's picture

John Adam was famously know as anti-partisan.  Thomas Jefferson was famously know as anti-central bank.

The two both died on July Fourth.  Our democracy starting dying immediatly after as our country quickly dove into deep partisan do-do in the early 19th century.  The final nail in the coffin was the Federal Reserve in the early 20th.  Now we are just decomposing in the early 21st century

Unless we can both eliminate the central bank and lift ourselves out of broad partisan affiliation we are f&*ked.

Bi-partisan is the worst because every time the D's and R's agree the average citizen gets f&*ked.

We need NON-partisan.

Wed, 11/18/2009 - 20:39 | 135311 max2205
max2205's picture

There will be a sacrificial lamb bust up. It ain't the Fed.... I can think of a few screaming to the alter.

Wed, 11/18/2009 - 21:03 | 135349 Shylock81611
Shylock81611's picture

They'll break up First Jersey Securities.

 

They wont do dick.

Wed, 11/18/2009 - 21:04 | 135350 CB
CB's picture

the question "is GS going to bring down the fed?" is a little like asking "which came first the chicken or the egg?".

Wed, 11/18/2009 - 21:05 | 135351 Anonymous
Anonymous's picture

Lloyd would never let this happen.
This is throwing the masses a bone. Just like the "contrite" Lloyd did on Friday, and the $500 million announcement to today. Public relations rule! And if they don't, congress is already bought and paid for.
BB

Wed, 11/18/2009 - 21:10 | 135356 Anonymous
Anonymous's picture

Watch Glenn Beck show 11 17 09 on youtube. I personally dont like the guy, but it's a very interesting discussion. The good part starts when they talk about the dollar carry trade ( the final bubble) and the destruction that will hapen when there is a reversal. Its going to be a "flame out". I agree completely. Total economic collapse in a flash.
I have been thru it. I have lived under a socialist government, communist government. My father nearly lost his life trying to change things by force. Did not work. We finally had to get out, totally wiped out financially, but at least alive.

We came to this country for what it stood for. All is now nearly gone. I hope to God that we can make it thru this.

Wed, 11/18/2009 - 21:27 | 135379 Anonymous
Anonymous's picture

Oh come on, just end the FED and let's get rockin.

Wed, 11/18/2009 - 21:58 | 135408 Anonymous
Wed, 11/18/2009 - 22:02 | 135415 Breaker
Breaker's picture

The goal of the letter is FRB transparency. But the effect will be that Congress uses this issue to take over control of the money supply. And then it's all over. Congress will be far worse than the Fed. Print and Spend, Print and Spend.

Thu, 12/10/2009 - 21:55 | 135418 graspthemarket
graspthemarket's picture

We'll see if God protects GS from a downturn in the economy or will GS have to come begging for more money from the US tax payers.

Wed, 11/18/2009 - 23:03 | 135453 JR
JR's picture

There have been a million charges against the evils that the establishment of the Federal Reserve has created.  IMO, one of the best examples was demonstrated on today's Zero Hedge with the advent of Tyler Durden’s New York Fed Bringing Mortgage Bond Purchasing In-House, Halves External Managers.

Says Durden: "Why beat around the bush Dudley? Why not just announce that you are moving in all equity capital markets activity inhouse: especially the S&P and Russell 1000 futures which you have become so very specialized in. Additionally, in the future you can trade with the Treasury direct, buying their bonds and other worthless pieces of paper direct at par on the dollar, with Goldman picking a 3% vig on both sides of the trade, and having zero days of trading losses in Q4.”

Thu, 11/19/2009 - 00:37 | 135495 Anonymous
Anonymous's picture

Elijah Cummings is my "representative". Despite numerous calls and e-mails to his office over the last year, he still has not cosponsored Ron Paul's Audit the Fed bill-- so it is hard to take his call for a "complete and public audit of the system" seriously. I wonder what his true motives are in wanting, as you say, "a complete tear down the existing Fed structure." Maybe it is to make way for the new agency that Dodd is proposing in the "Financial Stability" bill? Whatever his motive, I'm sure, based on his voting record, that it is not concern for the taxpayers.

Thu, 11/19/2009 - 01:06 | 135514 time123
time123's picture

GS is off its highs, unlike the market which hit new highs this week. Best to use the timing signals to figure outg which way GS and the marketg go next.

time123

http://invetrics.com

Thu, 11/19/2009 - 04:24 | 135573 whydtinogo
whydtinogo's picture

"According to the Books of Kings, Elijah raised the dead, brought fire down from the sky, and ascended into heaven in a chariot. In the Book of Malachi, Elijah's return is prophesied "before the coming of the great and terrible day of the Lord"

Things are looking up - rock on Elijah

Thu, 11/19/2009 - 05:26 | 135582 blueskyscottsdale
blueskyscottsdale's picture

love listening to Cummings on C-Span. He's an honorable man who is asking the common sense questions nobody else on Capitol Hill is asking. Grayson is the "pit bull for the people" and Dodd is taking on the Wall Street mafia. Best of luck to the 3 Musketeers. Nobody in Europe can understand why America has degenerated into a complete basket case situation of Wall Street's "heads I win, tails you lose" proposition. I don't think anybody outside of America understands why America has allowed this to happen to such a great country.

Thu, 11/19/2009 - 11:39 | 135729 Anonymous
Anonymous's picture

Are you kidding? Dodd taking on the Wall Street mafia? Dodd is IN the Wall Street mafia.

Thu, 11/19/2009 - 07:02 | 135597 fresbee
fresbee's picture

I am absolutely certain that one of the two you mentioned will happen. But I do not think it GS which will go down but the FED. You must understand why the FED was ever created. Then understand who created it. Understand the devilish families called the rothschild. Goldman is the pet playground while FED purpose to drain the wealth. That purpose is almost done isnt it?

FED will go down in spectacular fashion. Infact the sign that gold broke thru was the first symbolic sign that the graveyard is being dug

Why Gold wil run In this article I make this point clear that Gold is being allowed to run to pay off the debt which FED has collected.

You can subscribe to the updates:

Investing Contrarian Updates

Fresbee
Investing Contrarian

Thu, 11/19/2009 - 07:09 | 135599 Chopshop
Chopshop's picture

No mention of 12/3/1928 and the brilliantly timed launch of the GS Trading Corp., which, inflation-adjusted, blew the equivalent of $400+ Billie in their original Ponzi Scheme.  

Bueller ? Bueller ? nobody? weak.

Thu, 11/19/2009 - 07:46 | 135617 Anonymous
Anonymous's picture

How does the SIGTARP report "plainly refuted the firm's claims that it was not on the hook vis-a-vis AIG"?

I read the opposite

Thu, 11/19/2009 - 10:48 | 135679 Anonymous
Anonymous's picture

From Ron Paul:

November 19, 2009

Critical Vote on Audit the Fed Today!
by John Tate

A few weeks ago, the Campaign for Liberty sent out an alert that Representative Mel Watt was attempting to water down HR 1207 in the House Financial Services Committee.

The latest reports we have received have informed us that a vote on the Watt amendment could come today!

There's still time for us to stop this attack on Audit the Fed! Click here to get a full list of Financial Services Committee members, along with their contact information.

Financial Services leadership seems determined to include Audit the Fed as part of a regulatory reform package instead of passing it as a standalone bill.

While will still do everything in its power to fight for a standalone vote on Audit the Fed on the House floor, it is critical we challenge Watt's amendment in Committee.

It will become much easier for our representatives to claim they still support Audit the Fed on the House floor if the Watt version passes, when, in reality, Representative Watt's amendment puts restrictions on Government Accountability Office audits of the Fed.

For example, Watt's amendment prevents the GAO from auditing or reviewing decisions to authorize, modify, extend, or terminate loans or liquidity facilities.

Congressman Paul will offer an amendment in Committee restoring an audit of the Fed's entire $2 trillion balance sheet, but we have received word that some of the Democrat members may be waffling on their support for his amendment.

Help us turn up the pressure on these members! Below is the list of Democrats on the committee who have cosponsored H.R. 1207. Please call them and urge them to vote "Yes" on Ron Paul's amendment. Click on their names to get their web contact information.

1. Rep. John Adler, NJ (202) 225-4765

2. Rep. Travis Childers, MS (202) 225-4306

3. Rep. Steve Driehaus, OH (202) 225-2216

4. Rep. Alan Grayson, FL (202) 225-2176

5. Rep. Rubén Hinojosa, TX (202) 225-2531

6. Rep. Suzanne Kosmas, FL Toll Free: 1-877-956-7627

7. Rep. Dan Maffei, NY (202) 225-3701

8. Rep. Brad Miller, NC (202) 225-3032

9. Rep. Walt Minnick, ID (202) 225-6611

10. Rep. Ed Perlmutter, CO (202)-225-2645

11. Rep. David Scott, GA (202) 225-2939

12. Rep. Brad Sherman, CA (202) 225-5911

13. Rep. Jackie Speier, CA (202) 225-3531

Thu, 11/19/2009 - 11:44 | 135740 Anonymous
Anonymous's picture

We do need to throw him out, but for another dem.

I sure hope you don't really believe republicans will come back in and do better. Ron Paul, sure. The rest, will have no trouble with the 'status quo', and 'lasseiz faire'.

Only progressive dems, and ron paul repubs are fit to be in office. Pick between the two. But make sure whoever you pick, fits that mold. Otherwise you'll get a Michelle 'bigger retard than palin' Bachmann. Which is all that repubs will be running in 2010.

Do NOT follow this link or you will be banned from the site!