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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bugs_'s picture

Ouch this will leave a mark.

JohnKing's picture

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

 

yuck yuck..piggies

AnonymousMonetarist's picture

Deere John I regret to insure you

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.

snorkeler's picture

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

chumbawamba's picture

Pigs* at the trough.

I am Chumbawamba.

* My apologies to pigs

 

Assetman's picture

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

faustian bargain's picture

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

lizzy36's picture

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

. . .'s picture

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

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

 

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.

Rollerball's picture

Hey, Xe doesn't come cheap.

Anonymous's picture

asap

chumbawamba's picture

Or else.

I am Chumbawamba.

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.

 

 

SilverIsKing's picture

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

Speak louder!  I can't hear ya!

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.

Rainman's picture

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

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

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?

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?

Argonaught's picture

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

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.

MsCreant's picture

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

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.

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.

Art Vandelay's picture

Indeed.  God's work don't come cheap.

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?

JohnKing's picture

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

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.

Crook County's picture

TARP, TALF, TLGP, GE, MSNBC, JPM, FDIC, CNBC, GMAC... WTF?

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.

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> 

chumbawamba's picture

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

I am Chumbawamba.

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!

Shylock81611's picture

THIS SHIT MAKES ME COMPLETELY INSANE!

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.

 

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. 

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.”
http://thehill.com/homenews/house/69295-dems-push-wall-street-150b-stock-tax

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?

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. 

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.

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.

http://www.zerohedge.com/article/removing-fdics-tlgp-crutches-results-major-funding-cost-divergence

 

Anonymous's picture

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

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.