Competition? Yeah right.

[SeattleUte]

Goldman Sachs would have gone the way of Bear Sterms had the government not bailed out AIG. Henry Paulson, Goldman's former CEO and then Treasury Secretary, decided to give $85 billion to AIG in large part to cover Goldman's losses in the derivative market per their insurance contracts, following a private meeting with Goldman's current CEO and the Fed Chairman Bernanke. They never asked anybody if it was okay to do this. Now look:

http://www.nytimes.com/2009/07/15/bu...15goldman.html

We have a financial oligarchy. Some enterprises are only permitted to succeed spectacularly. They are as likely to fail as was Augustus. Where they are involved there's as much true competition as in the NBA or the WWF.

[byu71]

Goldman Sachs would have gone the way of Bear Sterms had the government not bailed out AIG. Henry Paulson, Goldman's former CEO and then Treasury Secretary, decided to give $85 billion to AIG in large part to cover Goldman's losses in the derivative market per their insurance contracts, following a private meeting with Goldman's current CEO and the Fed Chairman Bernanke. They never asked anybody if it was okay to do this. Now look:

http://www.nytimes.com/2009/07/15/bu...15goldman.html

We have a financial oligarchy. Some enterprises are only permitted to succeed spectacularly. They are as likely to fail as was Augustus. Where they are involved there's as much true competition as in the NBA or the WWF.

I love the opportunity to agree with you. As a matter of fact I have been calling the US Treasury a wholey owned subsidiary of Goldman Sachs for a long time.

Be careful though, someone might jump up and accuse you of Jew bashing.

[I.J. Reilly]

Goldman Sachs would have gone the way of Bear Sterms had the government not bailed out AIG. Henry Paulson, Goldman's former CEO and then Treasury Secretary, decided to give $85 billion to AIG in large part to cover Goldman's losses in the derivative market per their insurance contracts, following a private meeting with Goldman's current CEO and the Fed Chairman Bernanke. They never asked anybody if it was okay to do this. Now look:

http://www.nytimes.com/2009/07/15/bu...15goldman.html

We have a financial oligarchy. Some enterprises are only permitted to succeed spectacularly. They are as likely to fail as was Augustus. Where they are involved there's as much true competition as in the NBA or the WWF.

This was the worst result of the whole banking bailout, imo. For all of the imprudence in the market, Goldman suffers one quarters worth of losses and then goes back to making money hand over fist. These quarterly profits were an inside job orchestrated by those with the highest level of influence.

[Jarid in Cedar]

This topic is the absolute reason the general public does not trust our government. Too many people are paying back previous favors with interest only to themselves. It is sickening to the average citizen, which leads to more disinterest in politics, which frees them up to do more of the same.

[byu71]

This topic is the absolute reason the general public does not trust our government. Too many people are paying back previous favors with interest only to themselves. It is sickening to the average citizen, which leads to more disinterest in politics, which frees them up to do more of the same.

It doesn't matter if conservatives or liberals are in, there is an elite class that is privileged. In my opinion the advantage of conservatism is that more people will be allowed to climb to that elite class.

You have heard the term about old money not wanting to associate with new money. I don't know how you break the cycle or maybe it shouldn't be broken. I do know if the libs are in long enough, the elite class will be closed to more and more people. Your rise will be capped at the middle income level.

How many great entrepreneurs come out of Europe.

[JohnnyLingo]

This topic is the absolute reason the general public does not trust our government. Too many people are paying back previous favors with interest only to themselves. It is sickening to the average citizen, which leads to more disinterest in politics, which frees them up to do more of the same.

Bingo. But what's the answer? The disinterest and party devotion means we'll never vote them all out of office. We can't stage a revolution of any kind. How do we fix this?

[Jarid in Cedar]

Bingo. But what's the answer? The disinterest and party devotion means we'll never vote them all out of office. We can't stage a revolution of any kind. How do we fix this?

To me all political change starts locally. Engage the local electorate in issues that affect them. Elect city/county officials who appear to be void special interest control. If they succumb, toss em out. Ultimately, it needs to be seen that someone can be a person of integrity and succeed in politics.

This is a huge problem, that I don't have great answers to, but those who care need to keep trying, otherwise, the problems will continue and worsen.

[All-American]

Goldman Sachs would have gone the way of Bear Sterms had the government not bailed out AIG. Henry Paulson, Goldman's former CEO and then Treasury Secretary, decided to give $85 billion to AIG in large part to cover Goldman's losses in the derivative market per their insurance contracts, following a private meeting with Goldman's current CEO and the Fed Chairman Bernanke. They never asked anybody if it was okay to do this. Now look:

http://www.nytimes.com/2009/07/15/bu...15goldman.html

We have a financial oligarchy. Some enterprises are only permitted to succeed spectacularly. They are as likely to fail as was Augustus. Where they are involved there's as much true competition as in the NBA or the WWF.

Augustus was VERY, VERY likely to fail, for the record. Anybody with any sense at all would have bet the house on Antony.

[SeattleUte]

Augustus was VERY, VERY likely to fail, for the record. Anybody with any sense at all would have bet the house on Antony.

I meant after he became Augustus and deified, not as Octavius.

[SteelBlue]

I'll post this again. Great read.

http://www.theatlantic.com/doc/200905/imf-advice

One channel of influence was, of course, the flow of individuals between Wall Street and Washington. Robert Rubin, once the co-chairman of Goldman Sachs, served in Washington as Treasury secretary under Clinton, and later became chairman of Citigroup’s executive committee. Henry Paulson, CEO of Goldman Sachs during the long boom, became Treasury secretary under George W.Bush. John Snow, Paulson’s predecessor, left to become chairman of Cerberus Capital Management, a large private-equity firm that also counts Dan Quayle among its executives. Alan Greenspan, after leaving the Federal Reserve, became a consultant to Pimco, perhaps the biggest player in international bond markets.

These personal connections were multiplied many times over at the lower levels of the past three presidential administrations, strengthening the ties between Washington and Wall Street. It has become something of a tradition for Goldman Sachs employees to go into public service after they leave the firm. The flow of Goldman alumni—including Jon Corzine, now the governor of New Jersey, along with Rubin and Paulson—not only placed people with Wall Street’s worldview in the halls of power; it also helped create an image of Goldman (inside the Beltway, at least) as an institution that was itself almost a form of public service.

Wall Street is a very seductive place, imbued with an air of power. Its executives truly believe that they control the levers that make the world go round. A civil servant from Washington invited into their conference rooms, even if just for a meeting, could be forgiven for falling under their sway. Throughout my time at the IMF, I was struck by the easy access of leading financiers to the highest U.S. government officials, and the interweaving of the two career tracks. I vividly remember a meeting in early 2008—attended by top policy makers from a handful of rich countries—at which the chair casually proclaimed, to the room’s general approval, that the best preparation for becoming a central-bank governor was to work first as an investment banker.

[il Padrino Ute]

Goldman Sachs would have gone the way of Bear Sterms had the government not bailed out AIG. Henry Paulson, Goldman's former CEO and then Treasury Secretary, decided to give $85 billion to AIG in large part to cover Goldman's losses in the derivative market per their insurance contracts, following a private meeting with Goldman's current CEO and the Fed Chairman Bernanke. They never asked anybody if it was okay to do this. Now look:

http://www.nytimes.com/2009/07/15/bu...15goldman.html

We have a financial oligarchy. Some enterprises are only permitted to succeed spectacularly. They are as likely to fail as was Augustus. Where they are involved there's as much true competition as in the NBA or the WWF.

You're just pissed because there are people who make more money than you.

WAAAAA!

[I.J. Reilly]

I'll post this again. Great read.

http://www.theatlantic.com/doc/200905/imf-advice

That article is a good one. There is a financial-industrial complex in this country that is on par with any military-industrial complex. The flow of bodies across these borders is astounding and disconcerting. The moral hazards are many, and it's pretty hard for the average citizen in this country to do anything about the money that is changing hands. At times it leads me to dispair.

[Colly Wolly]

Il Pad, I knew I could count on you.

To all the Goldman haters: don't hate the player, hate the game.

[I.J. Reilly]

Il Pad, I knew I could count on you.

To all the Goldman haters: don't hate the player, hate the game.

Duly noted. The game is being hated on also.

[wuapinmon]

It doesn't matter if conservatives or liberals are in, there is an elite class that is privileged. In my opinion the advantage of conservatism is that more people will be allowed to climb to that elite class.

You have heard the term about old money not wanting to associate with new money. I don't know how you break the cycle or maybe it shouldn't be broken. I do know if the libs are in long enough, the elite class will be closed to more and more people. Your rise will be capped at the middle income level.

How many great entrepreneurs come out of Europe.

BAH! There are many great entrepreneurs out of Europe.

Duly noted. The game is being hated on also.

A+! (this is only for IJR)