A Proposal For Goldman Sachs: Pay Down $21.2 Billion In TLGP Borrowings Using Your $20 Billion+ Bonus Accrual

Tyler Durden's picture

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Tue, 11/24/2009 - 17:59 | 141074 bugs_
bugs_'s picture

Ouch this will leave a mark.

Tue, 11/24/2009 - 18:03 | 141079 AnonymousMonetarist
AnonymousMonetarist's picture

In God we Tranche. 

Tue, 11/24/2009 - 18:08 | 141084 JohnKing
JohnKing's picture

Wall Streets best and brightest are on welfare, 20 bil in welfare benefits for free market failures.


yuck yuck..piggies

Tue, 11/24/2009 - 18:08 | 141085 Mongo
Mongo's picture

epic fail!

Tue, 11/24/2009 - 18:10 | 141091 TomJoad
TomJoad's picture

Just Jump.

Tue, 11/24/2009 - 18:11 | 141095 AnonymousMonetarist
AnonymousMonetarist's picture

Deere John I regret to insure you

Tue, 11/24/2009 - 18:17 | 141099 Commander Cody
Commander Cody's picture

What the hell are foreign banks doing on this list?  Oh, and Merry Christmas and Happy Chanuka to all ye merry banksters!  Courtesy of the US citizenry.

Tue, 11/24/2009 - 18:19 | 141112 snorkeler
snorkeler's picture

Good question GF.  The looting continues on a grand scale.

Tue, 11/24/2009 - 19:27 | 141217 chumbawamba
chumbawamba's picture

Pigs* at the trough.

I am Chumbawamba.

* My apologies to pigs


Tue, 11/24/2009 - 18:18 | 141106 Assetman
Assetman's picture

Just remember the context of all this -- the FDIC currently sits with $8 billion in the hole... and counting. 

Tue, 11/24/2009 - 18:19 | 141110 faustian bargain
faustian bargain's picture

fortunately they can't run out of money, ever...no matter what happens.

Tue, 11/24/2009 - 18:18 | 141108 lizzy36
lizzy36's picture

I have a proposal for James Franco.  Bet i am more successful with mine.

Tue, 11/24/2009 - 21:02 | 141340 . . .
. . .'s picture

You have way better chances if Franco is as dumb as the characters he plays.

Tue, 11/24/2009 - 18:27 | 141113 Racer
Racer's picture

You can't expect dogs work to be done for nothing eh, after all it is a $hiT€¥ business and you have to have compensations for getting your hands soiled from touching the untouchable classes?

I mean to say that small fund for small businesses ... who is going to distribute all those pennies from heaven to the low life without protective clothing of gold and diamonds


Tue, 11/24/2009 - 18:22 | 141118 waterdog
waterdog's picture

Jee whiz Mr. Durden, you take all of the fun out of being a lying stinking thief. Running from you is like driving over 50 feet of stop sticks at the beginning of the chase. First, you got Goldman to admit to dire mistakes without it ever being charged, now, you got Bernanke telling them to give him a day and time when they will pay back all of the borrowed money, at the same time bonuses are expected to be paid.

I bet Santa Claus skipped your house on odd numbered years.

Tue, 11/24/2009 - 18:24 | 141122 Rollerball
Rollerball's picture

Hey, Xe doesn't come cheap.

Tue, 11/24/2009 - 18:31 | 141131 Anonymous
Anonymous's picture


Tue, 11/24/2009 - 19:29 | 141221 chumbawamba
chumbawamba's picture

Or else.

I am Chumbawamba.

Tue, 11/24/2009 - 18:47 | 141153 deadhead
deadhead's picture

"Mr. Blankfein: do not apologize, just do the right thing for once."

Lloyd: It really does not get any simpler than this.  Let's cut the crap on your so called "wish" that Goldman had not participated in this program per your WSJ interview.  Pay the money back and at least knock off one item from the Goldman hypocricy list.

Jamie Dimon: how dare you consistently suggest that JPM doesn't need any US taxpayer help while you got your lips wrapped around Uncle Sam and the American taxpayer to the tune of 39 billion dollars!  And you would be "honored to serve your country" as US Treasury Secretary????  You have gotta be shitting me, Dimon.  Start walking the talk instead of just spewing out a bunch of bullshit.



Tue, 11/24/2009 - 18:46 | 141154 SilverIsKing
SilverIsKing's picture

Where are our beloved congressmen screaming that these bonuses will be taxed at 90%?

Speak louder!  I can't hear ya!

Tue, 11/24/2009 - 19:31 | 141224 chumbawamba
chumbawamba's picture

What the fuck, dude?  They're busy sucking off the bankers.  Give them a moment, for fuck's sake.

I am Chumbawamba.

Tue, 11/24/2009 - 19:49 | 141247 Rainman
Rainman's picture

They're busy hummin' the health care lobby, too.

These critters can handle 2, 4, 8 or 10 at a time.

Tue, 11/24/2009 - 18:50 | 141159 Anonymous
Anonymous's picture

IF this were China, not only wouldn't these guys be getting a bonus, they would be getting to live any longer....Would should be penalty be for wrecking a country's economy?

Tue, 11/24/2009 - 20:39 | 141309 tip e. canoe
tip e. canoe's picture

don't worry that justice may actually be coming.  
but you may have to accept invasion to get it.

what if the choice ends up being sovereignity or justice?
which would you choose?

Tue, 11/24/2009 - 22:08 | 141403 Argonaught
Argonaught's picture

You have to choose Justice, right?  There is no freedom without justice, so what good is Sovereignty?

Tue, 11/24/2009 - 18:57 | 141165 Anonymous
Anonymous's picture

They could refinance really pretty cheaply (Goldies senior trading at around T+110, JPM a little tighter) so I'm surprised they don't do this to completely get rid of the stigma of govt influence.

Let's say they refi $20bn of T flat debt over 5yrs = 110bps * 4.7 dv01 * 20bn = $1bn total cost.

And they could justifiably claim to be free of the govt yoke.

Tue, 11/24/2009 - 23:02 | 141452 MsCreant
MsCreant's picture

And not have to do chairity work, pay PR people, etc.

Tue, 11/24/2009 - 18:59 | 141167 Anonymous
Anonymous's picture

Even suggesting this is so very un-American.

And beyond that, how do you the Our Lord God in Heaven feels about dissin' on his Annointed One?

Mortals: Next time, be more careful before your blasphemize one of the few Truly Righteous among us.

Tue, 11/24/2009 - 19:02 | 141174 BlueStreak
BlueStreak's picture

Psalm 37:21

Tue, 11/24/2009 - 19:03 | 141175 just.a.guy
just.a.guy's picture

You fail to understand that if they don't pay the $20 Billion in bonuses then they will be unable to retain the top-notch talent that generated the need for $21.2 Billion in TLGP borrowings.

Or something.

Tue, 11/24/2009 - 20:12 | 141278 Art Vandelay
Art Vandelay's picture

Indeed.  God's work don't come cheap.

Tue, 11/24/2009 - 19:11 | 141182 deadhead
deadhead's picture

I imagine that von praag and canady check zh daily for the goldman scoop of the day, but just to be sure, has this already been emailed to von praag and canady anybody know?

I took the liberty to send this article with a plea to Arianna Huffington to add to HuffPo's daily exposes of the hypocricy of Goldman Sachs and the like.

I urge ZHers to send this to their congressional representatives who might appreciate the irony of Goldman and JP Morgan swearing off the need for government assistance yet raking in millions off this little taxpayer subsidized honey pot.  Oh yeah, let the congressperson know that this money is being used for bonuses.

Should I get this over to Drudge as well?  He likes this kind of ironic hypocritical crap doesn't he?

Tue, 11/24/2009 - 19:27 | 141214 JohnKing
JohnKing's picture

Drudge is MSM, phoney as a 3 dollar bill. He covers what he is told to cover.

Tue, 11/24/2009 - 20:56 | 141332 You Cant Handle...
You Cant Handle the Truth's picture

+1,000,000 LOLs

Tue, 11/24/2009 - 22:23 | 141414 Anonymous
Anonymous's picture

LOL Drudge has morphed into the Obama Attack Machine. If a headline doesn't skewer Obama, it won't show up on Drudge. I stopped visiting that site months ago.

Tue, 11/24/2009 - 19:10 | 141184 Crook County
Crook County's picture


Tue, 11/24/2009 - 19:11 | 141189 Cursive
Cursive's picture

The only "fair" thing for GS to do would be lock all exit doors at 85 Broad and hand out 9MM's to every employee.  Tell them that the last employee standing will be allowed to walk out with his/her life and $10M.  Just imagine the Lord-of-the-Flies type action that would ensue....BTW, the $10M wouldn't be from the firm's coffers - that would be seized be the Treasury - no, the $10M would be the pay-per-view via the footage captured by surveillance cameras inside the building.

Tue, 11/24/2009 - 19:17 | 141195 Cognitive Dissonance
Cognitive Dissonance's picture

But...but...I didn't hear about this on CNBC, ABC, CBS, NBC, CNN or any other respectable TV station. I think you have your facts wrong Mr Durden. Clearly no bank would be paying bonus money in the huge amounts claimed if these banks had any outstanding loans or other unsatisfied obligations to the American taxpayer.

To do so would be outrageous and completely un American. In fact, if this were true, I wouldn't want to live in a country as corrupt as this would indicate, so obviously you're mistaken. Check your facts sir.

<sarcasm off> 

Tue, 11/24/2009 - 19:39 | 141232 chumbawamba
chumbawamba's picture

UnAmerican?  Buddy this is 2009!  It's as American as TARP and Henry Kissinger.

I am Chumbawamba.

Tue, 11/24/2009 - 19:18 | 141198 Anonymous
Anonymous's picture

Pay it down bitches or suffer the consequences!

GE, you fucking motor mouth, book talking, shill fuckers. Brothers of The Squid.

Pay it back!

Tue, 11/24/2009 - 19:22 | 141207 Shylock81611
Shylock81611's picture


Tue, 11/24/2009 - 19:23 | 141209 ArkansasAngie
ArkansasAngie's picture

The one thing I've learned recently watching the economic crisis is that these guys are not rocket scientists.

Now Tyler et al apparently is (are)

Keep it simple stupid -- I love that old truisms are ... well ... true.

Diversity and consensus thinking at its best -- the opposite of what is happening on Wall Street and Washington.


Tue, 11/24/2009 - 19:26 | 141213 deadhead
deadhead's picture

Could someone please ask Karl Denninger, Mish, Calculated Risk, Pragamatic Capitalist (i know you post here), Barry Ritholtz, etcetera, i.e. all the financial blogs to reprint this article and get on the bandwagon so we can all get a win on this?

Thanks.  Let's make something happen on this one. 

Tue, 11/24/2009 - 19:30 | 141222 lizzy36
lizzy36's picture

Democrats push $150B stock tax on Wall Street

The bill, a copy of which was obtained by The Hill, is titled the “Let Wall Street Pay for the Restoration of Main Street Act of 2009.”

Tue, 11/24/2009 - 19:34 | 141226 SpaceRanger
SpaceRanger's picture

A novice here: what is the big deal with this? These banks have issued TLGP-guaranteed debt in the amount shown above. They're also paying the appropriate fees. In what sense has GS taken/stolen $21.2bn from the FDIC?

Tue, 11/24/2009 - 19:43 | 141237 deadhead
deadhead's picture

I don't believe ZH has suggested that they have "stolen" money from the FDIC.

The big deal involves a couple of things, but one that has already been mentioned is the complete hypocricy of Goldman and JP Morgan suggesting that they are not being helped by the US Government nor do they need that assistance, yet their participation in the FDIC TLGP program contradicts directly that spin. 

Tue, 11/24/2009 - 19:50 | 141251 SpaceRanger
SpaceRanger's picture

I'm not sure they're denying being helped by the US government although they (certainly GS) deny needing it. I still fail to see what the big deal is here: the US Government offers a facility and the banks take advantage of it, paying a fee in the process. I just don't see what all the outrage is about.

Tue, 11/24/2009 - 20:09 | 141271 lizzy36
lizzy36's picture

The big deal is the taxpayer  is subsidizing the risk taking of the banks.

Debt issued with FDIC gurantee is much cheaper for the banks to finance then debt issued w/o the full faith and credit (such as it is) of the United States. 

So the risk of the issuing banks debt is being mispriced because the taxpayer is on the hook in case of default.  To the tune of billions of dollars.

See this post for an idea of the cost to the issuing bank absent the FDIC guarantee.



Tue, 11/24/2009 - 21:18 | 141359 Anonymous
Anonymous's picture

But the banks are not lending out this taxpayer backed debt . . . it's just sitting in reserves or in Treasuries.

Wed, 11/25/2009 - 03:43 | 141646 Ned Zeppelin
Ned Zeppelin's picture

 If you need some background on this issue, suggest you start by googling SIGTARP and check out the report on the AIG bailout.  Note the role Goldman played in that.  Have a barf bag handy, or some anti-nausea medication.

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