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Goldman Boni Boom Town August 06, 2009 12:37 pm
Since this board has functionally ceased to exist, here are some thoughts on the world of finance:

Goldman Sachs' "Business as Usual" completely ignores WHY taxpayers believe we are insuring Goldman against losses: because we are. GS paid back the TARP money, but it did not pay back the $12.8 billion that was funnelled to GS via the AIG bail-out.

If the American taxpayer had followed a capitalist model, instead of socializing AIG's losses, GS would have lost very close to $13 billion in AIG's ensuing bankruptcy. Maybe GS would have survived, maybe not, but there is no doubt that it is being funded by you and me. And I, at least, am absolutely livid that my tax dollars are paying the multi-million dollar bonuses of the i-banking class.

In a capitalist society, I would have no problem with multi-million dollar boni because there, whether deserved or not, you eat what you kill. But in this society, where the free market did not set the consequences of GS's exposure to AIG risk, the free market should likewise not set GS's pay practices. If GS wants to do so, it needs at the very least to hand back that $13 billion in AIG counter-party risk -- and even then, there are lots of firms that might have survived if the government had handed them a $21 billion loan to tide them over until the good times return.

Et ceterum censeo Goldman Sachsemque delandem esse.


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