Gold Sachs once again proves the point that America is still decadent and duped. It's not a Republican or Democrat issue. We are all in this together. In the midst of a borderline depression in America, and while the biggest bank bailout since the great depression took place only months ago, Goldman Sachs is about to payout it's largest bonuses ever in it's existence. In close to 150 years of doing business Goldman Sachs will have never paid out such large bonuses.
Does that bother you? Why and how can this take place when in this economy people are losing homes, cutting out cable TV, using coupons at a record number, no longer eating out, skipping family vacations and much more?
If that is not enough for you, many other banks are revealing they too are well into the black. Institutions such as Deutsche Bank, Credit Suise, Barclays and Barclays Capital lead the way in blowout proportions of profit. JP Morgan you may recall declined to say what it was doing with its bailout money.
How much profit? Goldman Sachs profit of over 1 billion in U.S. dollars profit, half of which is being graciously set aside in employee bonuses. If this smacks of insult, consider that in March of 2009 Goldman Sachs was warning us that it was going to get worse before it got better. For who? The answer is we are being duped.
This is the same Goldman Sachs which began the year owing the U.S. Government over 10 billion dollars from loans made in the fall of 2008.
So instead of beginning to repay the U.S. government ANY of the 10 billion it owes from last falls bailout loan (loaned to Goldman Sachs for it's own survival after it's own fiasco with AIG), Goldman Sachs has deftly decided it should pay employee bonuses with half of its 1 billion in 2009 profits.
When will this end? The silver lining is that people such as William Poole the former President of the St. Louis Fed, are no longer holding those positions. He recently is quoted and you'll love this... "Goldman is to be congratulated for seeing the problem ahead of others and protecting itself from the impending failure of AIG. It's not the responsibility of any private firm to determine what the public interest is -- that's why we have a government."