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When it rains it pours

Saturday, January 2nd, 2010   4:03 pm | Author: Jerry | Money | Add Comment
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It seems that no matter what Wall Street firms do they win.

 

First they are on the brink of disaster, or so we are told and the government bails them out with taxpayer money. No problem as long as the economy doesn’t collapse.

 

The economy doesn’t collapse although many individual investors lose much of their net worth. But not these firms.

 

The firms (Goldman Sachs, JP Morgan, etc.) wind up raking it from various fees, including fees charged to the government.

 

In fact the Wall Street firms did so well that they are handing out $200 billion in bonuses for 2009.

 

And to add insult to injury the compensation packages, including bonuses that the firms have given their employees will wind up saving the top three firms a fortune in taxes.

 

The NYT reports that “Many American banks already pay minuscule federal income taxes, because of various deductions and clever tax planning; the payout-related breaks will ..continue reading

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The Goldman Sachs shell game

Thursday, December 24th, 2009   7:44 am | Author: Jerry | Economy, Money | Add Comment
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The NYT published an article about Goldman Sachs and their creation of complex mortgage related securities and selling them to their top clients.

 

Other financial institutions including Morgan Stanley and Deutsche Bank also created similar securities.

 

The problem is that these institutions created these securities so that they could bet against them in case the mortgage market imploded. Basically they sold short.

 

Goldman clients including “Pension funds and insurance companies lost billions of dollars on securities that they believed were solid investments.”

 

Meanwhile Goldman raked in the profits first on the fees they collected on selling these securities to their clients and then on their bets that these securities would tank, which they did.

 

“How these disastrously performing securities were devised is now the subject of scrutiny by investigators in Congress, at the Securities and Exchange Commission and at the Financial Industry Regulatory Authority.”

 

“..authorities appear to be looking at whether securities laws or rules of fair dealing were ..continue reading

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