Goldman Sachs Taking Risks? (Updated)

Evan Newmark, a former employee of Goldman Sachs believes that the reason GS made $3.4 Billion in profit last quarter is because GS was taking risks that other banks were not comfortable with, and that the real loser in this whole deal is the American taxpayer.  Well, I guess he is right about the second part, and not wanting to own up to all the help that GS received from the government via every single one of the former GS employees that are part of this government now.

For everything you could possibly want to know about Goldman Sachs, go here, and here, and here.

UPDATE: What About This? More Brain Candy.

Goldman Sachs executives sell $700 mln in stock-FT (7.13.09)

NEW YORK, July 13 (Reuters) – Goldman Sachs Group Inc executives sold almost $700 million worth of stock since the collapse of rival Lehman Brothers last year, the Financial Times said on Monday.

The newspaper said that most of the stock sales took place while the biggest U.S. investment bank was bailed out by the government with $10 billion of taxpayer money, according to filings with the Securities and Exchange Commission.

Goldman executives sold stock worth $691 million between September 2008 and April 2009, more than the $438 million in stock sold between September 2007 and April 2008, when the average share price was substantially higher, the Financial Times said.

The stock sales peaked between December and February, when Goldman Sachs’ shares traded near record lows, the newspaper said.

After Lehman Brothers ( LEHMQ news people ) collapse froze financial markets, Goldman Sachs was forced to convert into a bank holding company to have access to government funding, and received $10 billion of taxpayer money.

Now, why would they do that?

5 thoughts on “Goldman Sachs Taking Risks? (Updated)”

  1. Every time Goldman Sachs wins a market has been manipulated. Who got screwed this time? Yes the tax payer, but which market did they manipulate this time? Are they behind the run up in gold and silver? Did they run up the price of oil recently even in the shadows of lower demand? Are they selling plutonium to the North Koreans? I would not put anything past this pack of rabid wolves. They are not capitalists, they are looters and theives.

  2. What an arrogant ass! This guy is freaking proud of the fact that he and his “alma mater” screwed the American taxpayer. I kept waiting for him to stick his thumbs in his ears and yell, “neener,neener!”

    Try him for high treason.

  3. Yea, right. GS was FORCED to become a bank…. it just so happens that as a bank, they answer to the Fed. bank regulators rather than the SEC, and being in NY, they answer to the regulator that is in NY, and he is a puppet of the Federal Reserve in NY. The head bank regulator owned 3,000 shares of GS, and AFTER GS turned into a bank, he bought 52,000 shares MORE!!!! It is highly illegal for the regulator to have a financial interest in those he is regulating!!! The bank regulator does not have the same investigative powers as the SEC and this is good…if you want to do illegal things with no oversight!

  4. DT,
    Every time I go to your blog the Constitutional Radio show comes on. how can I stop it?

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