Sunday, February 14, 2010

Rich getting those taxpayer BONUSES

Goldman’s chairman and chief executive, who is a lightning rod for criticism over executive pay. In 2007, Mr. Blankfein was paid $68 million, a Wall Street record.
There is nothing I’ve seen that gives me the slightest feeling that these people have learned anything from the crisis,” Mr. Reed said. “They just don’t get it. They are off in a different world.” Doing the same thing that got us into this mess...HELLO!!!!! why aren't we all over this!!!!
Citigroup’s overall 2009 bonus pool is expected to be about $5.3 billion, about the same as it was for 2008, although the bank has far fewer employees.
Wells Fargo is paying its chief executive, John G. Stumpf, as much as $18.4 million for his service in 2009
This year, compensation will again eat up much of Wall Street’s revenue. During the first nine months of 2009, five of the largest banks that received federal aid — Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley — together set aside about $90 billion for compensation. That figure includes salaries, benefits and bonuses, but at several companies, bonuses make up more than half of compensation.'s reliable Micheal Jackson stories continue to divert attention while RIP........Bank of America and AIG need much more attention...GOLDMAN SACHS too...time to wake up America...Your getting PLAYED!
FOR IMMEDIATE RELEASE..BOA caught FIXING BOOKS......again.....The MONEY GAME...Making silly fools out of TAXPAYERS.....
Absent this money, it wouldn’t have been sufficient to allow the banks to pay bonuses or anything else,” said Lynn Turner, chief accountant for the Securities and Exchange Commission from 1998 to 2001. “It’s safe to draw the conclusion that the money was necessary to pay bonuses.”.......your tax dollars paid for 3rd vacation homes, lear jets, and big boats, thriller vacations...hahahahaha hookers and coke too probably
As it turns out, it only seemed that the Bush administration was doing nothing the last few months it still held office. Again the money disappears in plain sight, and those who should know, don't. Does anyone else see a pattern here?

AIG bailout not only preserved those infamous $165 billion in bonuses but also billions more at its bailed-out counter parties, including foreign banks.
Basically banks like Goldman Sachs and Merrill Lynch bought billions of dollars of insurance from AIG on their junk bets. AIG goes essentially bankrupt and wouldn’t have been able to cover those bets without the government stepping in. Government steps in and covers those bets at a hundred cents on the dollar because it worries (correctly) that failing to will set off a chain reaction of bankruptcies and crippling losses. Banks are able to continue to pay billions of dollars in bonuses. and you can't get proper healthcare....WOW>>>>
Reporters Mark Pittman (subject of an Audit Interview last month) and Christine Harper put this in context in a great, straightforward lede:
The U.S. Treasury Department preserved a payday for five banks that was worth almost 500 times the bonuses handed out at American International Group Inc. through a government rescue.
Does it start to make more sense why the establishment got so worried last week about the bubbling over of outrage at AIG?
As part of a bid to prevent the insurer’s failure, the U.S. settled derivatives and loan contracts worth $42.7 billion with Goldman Sachs Group Inc., Merrill Lynch & Co., Societe Generale, Deutsche Bank AG and UBS AG. That’s about half the $76.7 billion that those companies, the five biggest beneficiaries of loans and capital infusions to for AIG, said they spent on pay and benefits last year for employees, some of whom created or traded toxic sub prime assets that proved deadly for lenders…
“Absent this money, it wouldn’t have been sufficient to allow the banks to pay bonuses or anything else,” said Lynn Turner, chief accountant for the Securities and Exchange Commission from 1998 to 2001. “It’s safe to draw the conclusion that the money was necessary to pay bonuses.”
Which is why the Bush administration didn’t want us to know who was getting the AIG money last fall and why we needed to know. The bonuses would have been stopped in their tracks then had the public known about this.
But this scandal is bipartisan, of course. It entangles the Obama administration, which specifically lobbied to adjust legislative language to allow this to happen—and then lied about what it knew when the scandal erupted.
And, yes, American taxpayers bailed out European banks:
A second group led by Calyon, the Paris-based investment bank of Credit Agricole SA; Frankfurt’s DZ Bank AG; and Barclays Plc in London, received payments from AIG totaling $17.2 billion, according to the company. No legislation has been submitted to recover bonuses at foreign companies that received money in the insurer’s rescue.
Goldman Sachs has constantly said it wasn’t exposed materially to AIG, that it had hedged its exposure to the company.
Deutsche Bank, Merrill Lynch and Goldman Sachs all have said the AIG payments weren’t related to employee pay.
“Absolutely not at all,” David Viniar, Goldman Sachs’s chief financial officer, said on a conference call with journalists March 20. “It really didn’t affect the bottom line of Goldman Sachs.”
But it got $9.1 billion from the government via AIG. That’s money it wouldn’t have had otherwise, right? I’d like to see a story really digging into the Goldman specifically now that all of this is finally on the table.
Here, Pittman and Harper skewer Goldman’s assertion thusly:
For Goldman Sachs’s 30,067 employees, the $9.1 billion that came from the U.S. government via AIG was equivalent to about three-quarters of the firm’s $12.9 billion in compensation for last year. Pay and benefits were down 46 percent from 2007, the bank said. Goldman Sachs employees averaged $463,654 in compensation during 2008.
Also awesome? This:
The biggest Merrill bonus, $53.8 million, was received by Andrea Orcel, who advised Royal Bank of Scotland Group Plc to buy ABN Amro Holding NV, a transaction that ended with the largest loss in U.K. corporate history, at $34 billion.
I love it.
And make sure to check out the table that goes with this piece.
Great work by Bloomberg.
There is no excuse for the rest of the press not to follow this clever analysis tomorrow even if it can’t advance the ball. Or will they be gunshy about triggering another wave of public outrage like the one so condemned by their columnists last week?
This is certainly more informed journalism. Turns out cash is fungible.
As it turns out, it only seemed that the Bush administration was doing nothing the last few months it still held office. Again the money disappears in plain sight, and those who should know, don't. Does anyone else see a pattern here?
Posted by dapajoe on Tue 24 Mar 2009 at 02:04 PM
Rick Aristottle Munariz of the Motley Fools is paid to mislead investors about Sirius XM Radio. He is part of a news media collusion lead by CNBC and their own Jim Cramer. Jim Cramer's web site is also hip deep into the collusion. Jim Cramer and his writers, especially Scott Moritz are all part of the scandal and it leads upward to CNBC/GE executives and Goldman Sachs. Thank god their is now an investigation taking place with Goldman Sachs. Goldman Sachs was investigated and 10 firms, including Goldman Sachs were fined $1.4 Billion dollars in 2003. Now the full blown investigation by Boston's Chief Financial Regulator William Galvin will reveal the corruption of Goldman Sachs again and I can only hope that William Galvin will follow the money trail and check the bank accounts of Rick Aristottle Munariz of the Motley Fools along with Scott Moritz of the Just check these 2 writers banking accounts and the investigation will reveal that they are being paid off to write mis-leading stories about Sirius XM Radio. The money trail from these 2 writers will lead to >>> Motley Fools >>> >>> Jim Cramer >>> CNBC >>> GE / CNBC executives >>> NAB >>> Goldman Sachs.It has all been a news media collusion along with the combination of Wall Street corruption by Goldman Sachs to destroy Sirius XM Radio inc. by naked short selling, flash trading, superfast computers, using secret software to manipulate the Sirius XM Stock price in decimal places the past few years since the Siri /XM merger was announce in Jan 2007. It was a pact agreed to by the news media and Goldman Sachs, which is why CNBC keeps reporting positive story after positive story about Goldman Sachs. All are into this collusion knee deep and this is why they will not report Goldman Sachs and their biggest scandal in the history of Wall Street.Goldman Sachs got greedy. The scandal with Sirius XM Radio, worked so well with their secret software that was making them millions of dollars a day. Well, their Greed expanded into not just naked shorting & decimal place trading Sirius XM radio, but Goldman Sachs, next said , heck this secret software works so well, along with CNBC's cover up lets do it to our competition the banking industry. Goldman Sachs next used these tactics on the banking industry in 2008 - 2009. They have been protected by CNBC by paying CNBC millions of dollars a month in advertising or shall we say paid protection.Goldman Sachs greed almost ruined this country when they began using naked shorting and their secret software to attack the banks. It was their Greed of making millions using this software attacking Sirius XM Radio and when they expanded their scandal to the banking industry, they were now making over $100 million dollars a day. This is a fact, as Goldman Sachs made over $100 million dollars a day in 46 of 64 trading days last Quarter 2009 ( April , May, June 2009 ). CNBC is part of the scandal, taking in million a months from Goldman Sachs for their silence. Why wouldn't Goldman Sachs pay CNBC millions of month, that was nothing to them, since they are making over $100 million dollars a day. They helped CNBC try to ruin the competition ( Siri ) and now CNBC will help them ruin the other Banks. A true partnership by Goldman Sachs & CNBC.The scandal lives on today, but thankfully the investigation by William Galvin will be expanded into the news media collusion of CNBC, Motley Fools & along with many other news media types.Their Greed and goals have cost the average investors of the World hundreds of billions of dollars the past few years. In the end the truth is going to come out, but how does the people of the World hear the truth when the news media is part of the Scandal.Well, a few years ago, CNBC & Goldman Sachs would have gotten away with it, but thank you , and the many social media outlets and bloggers out there. Thank you for helping bring the truth to the World. Each day we get closer and closer to the biggest scandal in the history of the United States. ( Written by Richard Keane – August 30th, 2009 )
Posted by rkeane on Sun 30 Aug 2009 at 02:26 PM
White house calls me Wall Street crime about to be exposedRichard Keane, narrator Stock ThanksPR Log (Press Release) – Aug 31, 2009 – Richard Keane, Jr. found himself chosen to be the narrator of the movie "Stock Shock" after filmmakers decided his story epitomized the impact of market manipulation on the average American investor. "I'm so thankful to have been selected to be a voice in the movie,"

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