IMPORTANT: Goldman should be removed from being a commercial bank immediately.
By Daniel at 14 July, 2009, 2:07 pm
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
Here is the simple rationale: They make most of their profits from proprietary trading with risks that can bring them down. But the taxpayers or the Govt does not share these profits. As a big commercial bank, significant losses from their trading can bring everybody they deal with as a bank and so they have the safety net of the Govt and the taxpayers if they fail. This is an OUTRAGE and UNACCEPTABLE.
They should be broken into a trading firm and a commercial bank with the Govt and taxpayers supporting the commercial bank ONLY not their risky trading.
Please contact your reps and senators. Forget about profit envy, remove the above situation first before we get scalped for more money when some of those trades fail.
Is a healthy banking system benefit us all?
Goldman Execs Bailed While U.S. Propped Up Firm
Was the government propping up the financial sector or providing support that helped Goldman Sachs execs bail during the height of the crisis last year?
Executives at Goldman sold almost $700 million worth of stock following the collapse of Lehman Brothers last September, according to filings with the SEC.
Most of the sales occurred during the period in which the firm was propped up with the help of $10 billion in U.S. government money.
bfatz
--------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------
No comments yet.