Goldman Sachs has had an excellent financial crisis

Hey Justin, have you had an opportunity to read the piece about Goldman in Rolling Stone? Thoughts?

@rrsafety: I’ve looked through the (truncated) online version, but had been meaning to wait and read the entire tale on paper before commenting. But I keep failing to get around to it—purchasing print publications is such a hassle, you know. Anyway, I’ll work on that today.

With the federal funds rates at zero, isn’t the environment extraordinarily favorable for all banks with a pulse?

Agreeing with pneogy… Not to mention the billions of free cash they’ve received through AIG.

Also, didn’t the month of December 2008 disappear through obscure accounting tricks. (As in, they reported quarterly up to Nov 08, then changed the day they did quarterly reports, and then started the next report on Jan 1st.)

To me, it sounds more like they’d be belly up if it hadn’t been for US tax payers.

[...] Does Goldman owe us anything for saving them from the credit crisis?  (Curious Capitalist) [...]

http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine/print

Maybe nobody told Justin about this…..

@audiospaceship: Those are only excerpts from the story, not the whole thing.

http://www.correntewire.com/great_american_bubble_machine_0

Have you not learned how to use google either Justin?

Actually the entire article is posted online now and the link should work that @as posted. I don’t know how the things that are discussed in the article can be denied by the general public, the facts to back them up are very clear. It was very public knowledge that the CEO of GS was present (one of only 4 people in the room) when Paulson discussed with the CEO of AIG the bailout for AIG. This simple fact is something that should outrage every American, Paulson brought in the CEO of the company he came from to a prviate meeting about bailing out the company that insured every piece of paper GS had on their books related to mortgages.

Funny that it is very clear that everyone, indeed even I, will end up standing by as GS along with the rest of corporate america eat our country alive. Fun to speculate on the mess that we call a country is left when all is said and done.

My only problem with Justin’s article is the statement “This wasn’t the result of some vast conspiracy engineered by Goldman alum Hank Paulson (at least I don’t think so).” Sounds almost like a conspiracy article engineered by Goldman Sachs, which had Justin write it to state otherwise. Is Time somehow in bed with GS too? hmmmmmmmmmmmmmm?????

Well, good thing they got the 100% counterparty payouts from the taxpayers through AIG. Profits might not have been super.

Also, anything about Larry Summers’ board positions on Revolution Credit, which was funded by the banks he was regulating?

Justin, be sure to also read Megan McArdles response to Taibbi over at The Atlantic:

http://meganmcardle.theatlantic.com/archives/2009/07/matt_taibbi_gets_his_sarah_pal.php

Megan,

I usually like your writing and can easily follow your point even though I might, in the end, disagree with your take. In this case, I think your post would benefit from a rewrite removing the references to Sarah Palin. I read the first paragraph or two looking for the tie between Taibbi and Palin. Then I started looking for the explanation of how what Taibbi did is similar to what Palin’s believed to have done. Finding neither a tie between the two nor a discussion of what Palin did and how it’s similar to Taibbi’s article, I’m more than a little confused as to what the reference to Palin was all about. Was the intent some Mark Steyn-like pop culture quip? (If so, you should emulate Steyn more faithfully and not omit the parenthetical sentence or two explanation for the uninitiated reader.)

I can only assume that Palin has become in your circles the perfect example of someone doing something, but what that something is I’ve got less than a clue and no money to buy one with. Did Taibbi quit his job suddenly and unexpectedly? Does he claim some object can be seen from his state that most of the nation (absurdly) believes cannot be seen from his state? Does he say, “Ya’ betcha’” too often? Is he considered incredibly good looking for his age, profession, and life experience? Does he dress like the male equivalent of a slutty flight attendant? Is she known for writing long fact-free articles? Does he (un)reasonably object to having his family the subject of late-night TV banter? Should he be considered a hypocrite because his children don’t fully live up to the moral standards she sets? Does a member of your magazine’s editorial staff spend too much time speculating in print about whether Taibbi’s children really are his children?

From reading your post, it’s clear that you believe Palin is known for reducing complex situations into narratives of good versus evil. Fine. That may be a fair charge. (Whether its fair to say she’s more likely than, say, Nancy Pelosi to not allow the facts to get in the way of demagoguery, is another question.) However, since I didn’t come to the party with the mental picture of Palin as the perfect example of this type of behavior, your mentioning her does not strengthen your point against Taibbi; it detracts from it. Rather than our shared understanding of Palin reinforcing the vision of why what Taibbi did is bad, my mind’s spent too much time rummaging through my memory trying to recall what Palin may have said or done that’s similar to your complaint with Taibbi. All I’m left with is, huh? Something doesn’t fit here; it’s the reference to Palin.

A crisis becomes a blessing! Should it come as a surprise? Or is it just one off?

With some $10 billion bailout months ago, the bank had all the money to make more money. Moreover, with shares moving up, more profits would be in line.

Some people are already thinking what to do with the huge bonuses.
(btt1943)

[...] Goldman is having a great financial crisis, how about you? [...]