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Thread: Goldman's bailout earns $1.4bn profit for taxpayers

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    Goldman's bailout earns $1.4bn profit for taxpayers

    Goldman's bailout earns $1.4bn profit for taxpayers - Business News, Business - The Independent

    American taxpayers have made a $1.418bn profit on the $10bn federal loan handed to Goldman Sachs when the financial system was at risk last October.

    The investment bank yesterday finalised its exit from the government bailout, saying it would pay $1.1bn to buy back warrants issued to the US Treasury as part of the loan agreement.

    Goldman and eight other major banks were told to accept bailout money last October in order to restore confidence in the US banking system, and hundreds of smaller banks followed suit. The government has received dividends on the loans and will also receive cash for the warrants if banks decide to repay the money early.
    The US Treasury said yesterday that the $1.1bn and $318m in dividends paid by Goldman Sachs meant that taxpayers' emergency investment in the company had earned them an annualised return of 23 per cent.
    Those bastards.

    Of course, I doubt this will get as much press as their other evil decision to give their employees a large portion of the profits they've produced.

    (Just to preempt the inevitable "BUT THEY TOOK 16 BILLIONS FROM TEH AIG!!1": Goldman Sachs - Wikipedia, the free encyclopedia)
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    Re: Goldman's bailout earns $1.4bn profit for taxpayers

    This is politics at its finest. This is information that we all knew would happen. Yes we LOANED them the money, with interest. Some people would have folks believe the bailouts were a complete waste.
    You're not to be so blind with patriotism that you can't face reality. Wrong is wrong, no matter who does it or says it.
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    Re: Goldman's bailout earns $1.4bn profit for taxpayers

    Quote Originally Posted by FreeTh!nk3r View Post
    This is politics at its finest. This is information that we all knew would happen. Yes we LOANED them the money, with interest. Some people would have folks believe the bailouts were a complete waste.
    I don't think you can lump all the government spending together as "the bailouts" and call them a success or waste. Some of the "bailouts," such as those of companies in the financial industry which were expected to have the capability to pay back the loans, were good ideas. Other "bailouts," such as those to the auto companies, were terrible ideas.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: Goldman's bailout earns $1.4bn profit for taxpayers

    Quote Originally Posted by RightinNYC View Post
    Goldman's bailout earns $1.4bn profit for taxpayers - Business News, Business - The Independent





    Those bastards.

    Of course, I doubt this will get as much press as their other evil decision to give their employees a large portion of the profits they've produced.

    (Just to preempt the inevitable "BUT THEY TOOK 16 BILLIONS FROM TEH AIG!!1": Goldman Sachs - Wikipedia, the free encyclopedia)
    The way loans work is that the lender has to be induced to loan the money out over a length of time. This is called the interest.

    Obama said tonight the banks are profitable, which is half the story, since they're only profitable because they no longer have to mark their liabilities to market values anymore. That's really a big part of it.
    Last edited by Liz Peeps; 07-23-09 at 02:46 AM.

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    Re: Goldman's bailout earns $1.4bn profit for taxpayers

    Quote Originally Posted by Liz Peeps View Post
    The way loans work is that the lender has to be induced to loan the money out over a length of time. This is called the interest.
    Okay.

    Obama said tonight the banks are profitable, which is half the story, since they're only profitable because they no longer have to mark their liabilities to market values anymore. That's really a big part of it.
    link?
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    Re: Goldman's bailout earns $1.4bn profit for taxpayers

    Quote Originally Posted by RightinNYC View Post
    link?
    INSTANT VIEW: U.S. eases mark-to-market accounting | Reuters

    I talked about this before, essentially financials are now allowed to treat their toxic securities like Level 3 assets. Price them how they want, value them how they want and essentially ignore all reasonable accounting. The longer M2M is suspended, the bigger fraud we'll get in the future.

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    Re: Goldman's bailout earns $1.4bn profit for taxpayers

    Quote Originally Posted by RightinNYC View Post
    I don't think you can lump all the government spending together as "the bailouts" and call them a success or waste. Some of the "bailouts," such as those of companies in the financial industry which were expected to have the capability to pay back the loans, were good ideas. Other "bailouts," such as those to the auto companies, were terrible ideas.
    This is honestly one thing that i did agree with President Bush on. Both industries obtained the assistance that they so direly needed. We are already seeing returns on the bailouts made to the financial markets, and i have faith we will see the same in the auto industry.
    You're not to be so blind with patriotism that you can't face reality. Wrong is wrong, no matter who does it or says it.
    -Malcolm X-

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    Re: Goldman's bailout earns $1.4bn profit for taxpayers

    Quote Originally Posted by FreeTh!nk3r View Post
    This is honestly one thing that i did agree with President Bush on. Both industries obtained the assistance that they so direly needed. We are already seeing returns on the bailouts made to the financial markets, and i have faith we will see the same in the auto industry.
    What returns? What we have essentially is a black hole of debt caused by the widespread use of derivative contracts. We started the bailout to herald the survival of this black hole of debt.

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    Re: Goldman's bailout earns $1.4bn profit for taxpayers

    Quote Originally Posted by Liz Peeps View Post
    What returns? What we have essentially is a black hole of debt caused by the widespread use of derivative contracts. We started the bailout to herald the survival of this black hole of debt.
    Hello, read the Op. As well as

    http://www.msnbc.msn.com/id/31305623...my_in_turmoil/

    Firms are ALREADY starting to pay back the LOANS.
    You're not to be so blind with patriotism that you can't face reality. Wrong is wrong, no matter who does it or says it.
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    Re: Goldman's bailout earns $1.4bn profit for taxpayers

    Quote Originally Posted by FreeTh!nk3r View Post
    Hello, read the Op. As well as

    Banks can pay back bailout money next week - Economy in Turmoil- msnbc.com

    Firms are ALREADY starting to pay back the LOANS.
    Hello I read the op now what about the derivatives market what about all the debt that was sold off and now is worthless.

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