The Real Price of Goldman Sachs' Giganto-profits...Matt Taibbi

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Goldman Sachs has less than $.02 Trillion in assets and $39 Trillion in derivatives exposure.

Is table 1 on page 22($million) creative accounting? http://www.occ.treas.gov/ftp/release/2009-72a.pdf

Matt Taibbi... knocks another one out of the park!

So what’s wrong with Goldman posting $3.44 billion in second-quarter profits, what’s wrong with the company so far earmarking $11.4 billion in compensation for its employees? What’s wrong is that this is not free-market earnings but an almost pure state subsidy.

`Last year, when Hank Paulson told us all that the planet would explode if we didn’t fork over a gazillion dollars to Wall Street immediately, the entire rationale not only for TARP but for the whole galaxy of lesser-known state crutches and safety nets quietly ushered in later on was that Wall Street, once rescued, would pump money back into the economy, create jobs, and initiate a widespread recovery. This, we were told, was the reason we needed to pilfer massive amounts of middle-class tax revenue and hand it over to the same guys who had just blown up the financial world. We’d save their asses, they’d save ours. That was the deal.

Read More . . . http://trueslant.com/matttaibbi/2009/07/16/on-goldmans-giganto-profits/
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