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.
UPDATE: What About This? More Brain Candy.
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?