Thursday, July 16, 2009

Goldman Sachs Ruins Everything

Even on Wall Street, the land of six- and seven-figure incomes, jaws dropped at the news on Tuesday: After all that federal aid, a resurgent Goldman Sachs is on course to dole out bonuses that could rival the record paydays of the heady bull-market years.

Goldman posted the richest quarterly profit in its 140-year history and, to the envy of its rivals, announced that it had earmarked $11.4 billion so far this year to compensate its workers.

...But Goldman’s sudden good fortune, coming only a month after the bank repaid billions of bailout dollars, raises questions for Washington policy makers. Goldman, analysts warned, is embracing financial risks that many of its competitors are unable or unwilling to take. While Goldman managed those risks this time, its strategy could backfire if the markets turn against it.

-New York Times

Sure I'm a little queasy about those huge bonuses, but this story appeals to me because it makes hash of an awful lot of Right Wing Talking Points. Stimulus money being thrown down a pit and we'll never see it again? Nope, we got this paid back, and fast. Business not allowed to pay back stimulus funds? Nope. Economy being made worse by stimulus? Apparently not. Obama using funds to control the rich? The rich, obviously, remain as uncontrollable as ever.

Oh how I wish I had cable so I could watch Hannity tonight and see him humbly admit that he was wrong.

4 comments:

wamk said...

Wow, what great news! I'm so relieved to hear that the recession is over, interest rates are down, the deficit is now a surplus, unemployment is back to reasonable levels, Social Security is solvent, and Medicare is fully funded!

Three cheers for Obama!

Danielk said...

What about the FACTS, mmm? Did you read the whole thing?

Black Pot said...

That last comment is a classic exapmle of the pot calling the kettle black

Danielk said...

Your razor-sharp comic instincts would have served the 1/2 Hour Comedy Hour well.