Ratigan Throws Down The Gauntlet At Goldman Sachs

Tyler Durden's picture

Dylan Ratigan has issued a direct challenge to Goldman Sachs:

There is a sense that if you make money you are going to give. Making money, however, is different from stealing money. If you steal the money, you are not expected to give it to a charity my friends. If you steal the money we will take the money back from you, by way of the government, and put you in jail. The American taxpayer in fact has given trillions of dollars, billions directly to Goldman Sachs so that Goldman can use the taxpayer subsidy to play a parlor game and pay themselves record bonuses.

What apparently set Dylan off so much, were the hypocritical statements made earlier by Goldman employee Lord Brian Griffiths, at a conference on morality and markets, in which he implored bankers, in addition to saying that inequality helps all, to increase charitable giving to "boost the banking industry's tarnished reputation."

Dylan's proposals on how to effectuate the anti-Goldman movement:

  • Move money to small banks
  • Use cash, not credit cards
  • Contact your lawmakers.

Full clip below:


Visit msnbc.com for Breaking News, World News, and News about the Economy

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
lizzy36's picture

Goldman Sachs announced plans last week to donate $200 million to charity, a move designed to quell criticism over the firm's massive profits (and the massive bonuses that will soon handed out to the bank's employees). The donation isn't a gigantic sum for the investment bank—Goldman makes $200 million every three days or so—but it's a big step up from last year when the largest of the Goldman-affiliated foundations, the Goldman Sachs Charitable Fund, gave out about $10 million. So which non-profit groups stand to benefit the most from the firm's increased largesse? The institutions that Goldman wrote checks to last year runs about 25 pages. (You're welcome to go through it yourself; it's embedded below.) We focused on the dozens of elite private schools and fancy boarding schools that made the cut, a list you can review after the jump. But before you go out and start piecing together a conspiracy theory, we'll point out that the school that Goldman CEO Lloyd Blankfein's two sons (and his wife) attended wasn't anywhere close to the top.

http://cityfile.com/dailyfile/7616

koaj's picture

its easy to give away other people's money...see Congress

Anonymous's picture

Correct. What is stunningly absent from the discussion is that none of these nimrods are "Goldman Sachs"; they are simply employees. How about a dividend hike? Then the owners of the company would be compensated, which includes pension funds, endowments, and even a few Joe Sixpacks. The fact that this is not being debated is evidence of the rot in capitalism.

Anonymous's picture

Hey anonymous, what's stopping the pension funds, endowments, and Joe Sixpacks from synthetically creating dividends by selling the equivalent amount of their shares?

Anonymous's picture

It's not about the holders of the shares raising funds, it's about the wealth 'generated' by Goldman Sachs making its way back to those who invested in it rather than to the employees. That's what capitalism is supposed to be about: those that provided the capital enjoy the rewards. Selling the shares merely passes on the companies' liability to someone else. It doesn't change the company's bottom line.

This further exposes the myth that buying existing shares is investing. It's not. It merely moves the investment around. True investment is only by buying new shares, injecting capital.

Another myth exposed is that the price of shares reflects the expected future value of the payments by the company. How can it, if the company does not distribute its earnings to its investors? Share trading is merely speculation.

The share price does have an effect on the company's bottom line, but only in its ability to make debt-for-equity swaps, and suchlike, without excessively diluting existing holdings.

An extended dividend payment is payment now while retaining the expectation of future dividends. Selling the shares reduces the expectation of future dividends, because you now have a smaller holding of the stock.

Enkidu's picture

It is an audacious outrage to give money to charities - it's like the King riding along in hgis carriage and sprinkling coins to the peasants. Where is the self-respect of the American voter. The arrogance of this move must - must - be the final straw.

Enkidu's picture

It is an audacious outrage to give money to charities - it's like the King riding along in his carriage and sprinkling coins to the peasants. Where is the self-respect of the American voter. The arrogance of this move must - must - be the final straw.

Lexington Duffet's picture

Shame on you people.  The Society for Education of (Goldman Sachs) Children is a reputable charity which is famous for its good work.  After all, some of those kids might be neglected when their parents work long hours.  Gold spoons are more expensive these days, what with the gold rally and all.

dnarby's picture

Too little.

...Too late!

SilverIsKing's picture

Any possibility that with executive pay capped at govt funded companies, Goldman can now more easily pick off the best talent from these firms?  Looks like further consolidation of power to me.

snorkeler's picture

$200 million from Goldman is like me putting $5k in the collection basket.

 

 

Miles Kendig's picture

Until the crossroads of commerce are properly maintained there will be no end to GS.

Use cash and move to small banks.. Check.

Write a sternly worded letter or place a call to government = Waste of O2.

Come on Dylan, wake all the way up!  If you have the stomach for it.

agrotera's picture

Yes Dylan, Miles Kendig said it!

Really, here is another bit of truth from this little birdie--Dylan, most senators are purchased puppets, drawing up legislation to legalize the criminality that GS is profiting off of--like the revocation of Glass Steagall--no good reason to knock down that wall except if you want to put depositors money at risk--CITI violated the wall then sent their thugs to get Glass-Steagall knocked down--the arrogance of the City/Smith Barney deal is just one tiny example of the machine that uses their scumthugs to legislate the criminality that then robs the citizens...

Better work on getting a new party together Dylan, that promises one term, and no more legalizing what should be criminal and END THE FED.

 

TomJoad's picture

Jump you Fuckers!

Anonymous's picture

Thanks PM. Made my night.

Gilgamesh's picture

It's too bad the only jumping they're doing is on bonus days...  Something like this:

http://www.youtube.com/watch?v=czSzkPqceIQ

defender's picture

Good to see you post PM, I hope that things have been well for you. 

Found a nice video on youtube that should interest you, CB, and hopefully many others.  It is a PhD. telling a state review board what is wrong with the H1N1 vacine.  Speaking as a scientist, this is the best review of the subject that I have seen. There are 3 videos with a total of 25 min.

http://www.youtube.com/watch?v=y3XlJB7J5-o

Also, it appears that german politicians are getting a different vaccine than the unwashed masses.

http://www.youtube.com/watch?v=Sm8Is6LBiXk

Anonymous's picture

superb video, defender,thanks for posting it.It's a pity
there aren't more Gary Null's(the speaker)a man of
integrity, a friend of humanity

Brigante's picture

How about millions of individuals shorting GS, in less than 24h? working together with financial journalists, bloggers, rogue politicians... creating massive uncertainty about GS's long-term business validity? Maybe not; their super-traders will profit twice from our lousy attack.

Or better instead: telling teenagers that there's more in life than GS' rocket-high bonuses? Nah! been tried for ages... but they all wanna join the big investment banks.

Forget it. I'll keep my GS' shares, cash some in and spend a helluva weekend somewhere distant from the markets.

 

 

 

 

walküre's picture

I really like the path that Dylan Ratigan has embarked on.

He is on the right track and connects the dots where they need be connected.

It is only a matter of time now before Ratigan or someone else with a podium dares to request that every Congressman and woman produce their trading records of the past year and show when they might have started buying the pump and when they have dumped into the rally.

This was a major promo effort assisted by highest levels of government to manipulate the stock market. The players were given fresh cash to ignite the rally and the promoters were probably given advance notice and a piece of the action.

700 billion Dollars to start with goes a long way in the pump & dump business.

"Green shoots" and "recovery" were the key words in the promo to intice investors back into the game. It worked but there will be empty bag holders make no mistake with tons of worthless paper stocks.

Gubbmint Cheese's picture

I didnt know rattigan was running for congress..

:p

economessed's picture

LMAO, cheese.gov -- you Cabrerra'd him!

Village Idiot's picture

That's kind of what I was thinking.  Whatever it takes.

Anonymous's picture

you mean giving money to beggars... charity money is given when you have a feeling for their pain...but when you give you money just to get rid of somebody...its called throwing money at beggars...

Anonymous's picture

10 plus point swing in the S&P in less than 20 minutes... is there a power outage in NY?

Brigante's picture

In fact... forget all my pathetic "kind-of-funny" last comment. There's only one solution: I dare any senior Goldman employee(s), to explain us, with plain words, using the gazillion channels the media offers them (including ZH blog, as I'm sure some of them read), what the hell is going on. HOW, in this world, just after being bailed out with US Gov money, they can achieve this blatantly ridiculous earnings.

I don't believe in Jesus, nor God, nor Buddha, nor conspiracy theories, nor Zionist Armageddons, nor The Beatles... I just believe in me (thanks Lennon!). And as I don't want to make a fool of myself whenever I read GS' last 3Q earnings... PLEASE, explain.

panda6's picture

fixed income trading has been amazing this last quarter (i'm a credit trader myself)....lots of volume and lots of opportunities to sell large, profitable structured trades to real-money style accounts.

 

You can say what you like, but every flow trading desk on the street is having a record year in fixed income...so the outsize profits are not really that suprising.

 

But I guess equity peasants like the day traders on this site don't understand much about this sort of thing!

SWRichmond's picture

We don't understand why we are providing the money for the game, money taken from us at gunpoint by dot gov.

Anonymous's picture

Correct -- this is primarily a government problem -- handing out money they don't even have. GS is not the primary problem -- they are just taking what is being offered to them. Ratigan is guarding the wrong man. But his love of government blinds him.

Anonymous's picture

Bullshit. The Goldman Sucks revolving door assures that firm of loading the dice. Ayn Rand said it decades ago:

There has to be no mingling of finance and government.

You are either a Goldman Sucks dupe or an idiot to think that the government is the problem when the government is goldman sucks employees present, past and future.

Get outahere.

SWRichmond's picture

I should have continued my sentence thus: "money taken from us at gunpoint by dot gov at the behest of wall Street."

ghostfaceinvestah's picture

You are right about one thing - the average person has no clue about the debt markets.

Credit trading probably is great this year - it is pretty clear that bondholders are a protected class, I am surprised spreads aren't tighter than they are now.  Just stay away from any politically connected industries like auto and you should be fine.

snorkeler's picture

Peasant is a nice word. Standard vocabulary I guess for an arrogant puke who has not lived long enough to see a full cycle of karma come around.

I can't describe it. But even when it happens to your worst enemy its kind of scary.

Miles Kendig's picture

Carma indeed.  Even when all a worst enemy can do is get out of the way and say; "Damn, that had to hurt". 

Anonymous's picture

Read between the lines of their conf call transcript on Seeking Alpha.

Viniar kept repeatedly saying their balance sheet remained the same but "velocity" was high. I'm no Dick Bove but that means they were trading the most liquid stuff like equity, commodity futures, currencies, all manner of bonds like corporates, trasureies, mortgages etc.

I suspect they earned most of their money by the wider bid/ask spreads due to less competition, commissions and plain ol' frontrunning. E.g. If Fido or some dumb MF wanted to increase their equity allocation a notch (after puking everything at the Mar bottom), GS got the call, gunned the /ES to their hearts content and then filled the orders.

I know most people here have crazy theories but it may be simple age-old tricks which made them a windfall this year.

Anonymous's picture

LET ME TAKE A STAB AT YOUR QUESTION ABOUT GOLDMAN SACHS.
THEY OWN A HUGE NUMBER OF CLASS "A" SHARES, OF FEDERAL RESERVE STOCK.
"MONEY IS THE GOD OF THIS WORLD, AND ROTHSCHILD IS HIS PROPHET"

BRAVO 7

Anonymous's picture

From the video:

Old English Geezer:
"I am a person of hope. And I think that we have to tolerate the inequality as a way of achieving the greater prosperity and opportunity for all".

In other words, you're going to have to tolerate being bent over and reamed by my white haired self, because I promise [shit eating grin] it'll be good for ya.

Will someone please explain to this relic that we've just witnessed a historic increase in inequality which has (one cannot help but notice) coincided with a massive *decrease* in prosperity for all.

Careless Whisper's picture

Maybe they would like to take a page from Pablo.

http://www.youtube.com/watch?v=bVAanezeGAU

 

Miles Kendig's picture

You are on a roll with your links..

Anonymous's picture

Oh no, I have a better plan than just cancel your bank account. Here is my plan for BoA.
1) Take advantage of ever offer that they give for enhanced CD. For example, BoA sent out a notice that if you open a BoA Growth Money Market Savings Account with $500 by 11/07, they will give you $50 after two months. I plan to see if it is worth the effort to get that extra pound of flesh from them.
2) Have a checking account with the minimum amount in it for free checking. I believe that I only have to have my paycheck directly deposited to get free checking.
3) Pay off all my credit cards and accounts by an extra dollar. Since they have to write me a check for the closed account, I will make sure that I get the check. This should cost them about $100 to process.
4) When the $1 check is misplaced or I don't receive it, I will call their customer server to request that they resend the check. Which will cause them to cancel the previous check and resend it. This should cost them an additional $100.
5) I will keep the check which should drive them crazy. It is not worth my time to go to the bank to deposit a $1 check. Besides, I want them to call me and ask if I got the check. After a few phone calls, I will just add the check to my check stack.
In other words, I will be profitable to banks that help me and unprofitable and an anchor to banks that try to screw me.

jippie's picture

great idea,

I wish I was living in the US right now to make more of a difference

Anonymous's picture

Dylan Rattigan is a populist moron, full of incendiary rhetoric, all of it factually incorrect. I'd expect nothing less from MSNBC.

Tyler, you pollute your otherwise insightful and useful website when you post populist garbage from Dylan Ratigan, Max Keiser, etc.

Harbourcity's picture

Geitner is that you?