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.Those bastards.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.
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)