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  1. #1
    Sinner's Swing! Jesus H Christ's Avatar
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    05.23.18 @ 04:13 PM
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    Default Goldman Sachs Head Says Banks Do 'God's Work'

    In a free market, his comments about banks serving the public would be true, but we do not have a truly free market system, we have a system where elitist assholes like this use centralized banking to game the system in favor of themselves & steal from everyone else. Fuck him.
    The chief executive of Goldman Sachs, which has attracted widespread media attention over the size of its staff bonuses, believes banks serve a social purpose and are doing "God's work".

    In an interview with London's Sunday Times newspaper, Lloyd Blankfein also said he believed big profits and bonuses at banks were a sign that the world economy was recovering.

    "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. We have a social purpose," the head of Goldman Sachs [GS 174.27 2.49 (+1.45%) ] told the paper.

    The dominant Wall Street bank posted third-quarter earnings of $3 billion and plans to hand out more than $20 billion in year-end bonuses.

    Blankfein told the Sunday Times that the bank's compensation practices correlated with long-term performance.

    "Others made no money and still paid large bonuses. Some are not around anymore. I wonder why?"

    He added that he understood, however, that people were angry with bankers' actions: "I know I could slit my wrists and people would cheer."

    Why Goldman Always Wins
    In the midst of the worst recession since the Great Depression, Goldman Sachs is having a banner year. According to an October 16 article by Colin Barr on

    "While Goldman churned out $3 billion in profits in the third quarter, the economy shed 768,000 jobs, and home foreclosures set a new record. More than a million Americans have filed for bankruptcy this year, according to the American Bankruptcy Institute."

    Barr writes that Goldman's "eye-popping profit" resulted "as revenue from trading rose fourfold from a year ago."

    Why Goldman always seems to win at this game became evident in a revealing incident last summer, in which the bank sued an ex-Goldman computer programmer for stealing its proprietary trading software. Assistant U.S. Attorney Joseph Facciponti was quoted by Bloomberg as saying of the case:

    "The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways."

    The obvious implication was that Goldman has a program that allows it to manipulate markets in unfair ways.
    Bloomberg went on:

    "The proprietary code lets the firm do 'sophisticated, high-speed and high-volume trades on various stock and commodities markets,' prosecutors said in court papers. The trades generate 'many millions of dollars' each year."

    Those many millions of dollars are coming from ordinary investors, who are being beaten to the punch by sophisticated computer programs. As one blogger mused:

    "Why do we have a financial system? I mean, much of its activity looks an awful lot like gambling, and gambling is not exactly a constructive endeavor. In fact, many people would call gambling destructive, which is why it is generally illegal....

    "What makes Goldman Sachs et. al. so evil is that they offer vast wealth to our society's best and brightest in exchange for spending their lives being non-productive. I want our geniuses to be proving theorems and curing cancer and developing fusion reactors, not designing algorithms to flip billions of shares in microseconds."

    Gambling is an addiction, and the addicted need help. A tax on the microsecond trades of Wall Street gamblers could sober them up and return them to productive labor, and transform Wall Street from an out-of-control casino back into a place where investors pledge their capital for the development of useful products.
    "The less I needed, the better I felt." ~ Charles Bukowski.

  2. #2
    Good Enough wham bam will rock's Avatar
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    02.21.18 @ 05:25 AM
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    Very well said, Jesus. You're exactly right.
    "Never is just reven spelled backwards." -House

    "Did I listen to pop music because I was miserable or was I miserable because I listened to pop music?" -THE Rob Gordon

  3. #3
    carpe damn diem billy007's Avatar
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    05.23.18 @ 10:53 AM
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    "Well the God I believe in isn't short of cash, mister"

    "The banks they're like cathedrals
    I guess casinos took their place"

    - Bono

    pretty funny, you starting this thread, JHC - go run out those money changers!

  4. #4
    Gird your loins Daisy Hill's Avatar
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    05.23.18 @ 04:27 PM
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    must be the same God that Jimmy Swaggert and Tammy Faye and Jim Baker et al prayed to

    survivor of the Bowling Green Massacre 9-3-2016 BGSU 10 OSU 77

    She was warned. She was given an explanation. Nevertheless, she persisted.

  5. #5
    Atomic Punk Dave's Dreidel's Avatar
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    05.22.18 @ 06:19 PM
    Liked 20,514 Times in 10,210 Posts

    Premium Member


    "What makes Goldman Sachs et. al. so evil is that they offer vast wealth to our society's best and brightest in exchange for spending their lives being non-productive. I want our geniuses to be proving theorems and curing cancer and developing fusion reactors, not designing algorithms to flip billions of shares in microseconds."

    I have been making this argument for a while now.

    More and more of our top minds are going into finance because the pay is astronomically better. It is hard to blame them, but the fact that true intellectual elite are doing finance instead of engineering or medical research is a long term problem in my estimation.
    Taylor Swift is nice to look at. Adele can sing.

    Emperor Brett - "I can't believe you guys are analyzing song-by-song Van Halen III? What next, analyzing the script of Stroker Ace looking for some shred of Citizen Kane?"

    David Lee Roth did the impossible. He made Van Halen better. Deal with it!

    A man's rights rests in three boxes: the ballot box, the jury box, and the cartridge box

    Hurricane Halen - Let's all gingery touch our sword tips!!!

  6. #6
    Atomic Punk sixstring's Avatar
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    07.20.17 @ 01:42 PM
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    PURE EVIL...

 CONCENTRATED form, they all are.


    "20 minutes (late to work)? Shit. Last year I woke up three weeks too late.
    My advice is to go for the alien abduction story. Look bemused, dishevelled and on the verge of tears as you recount your story of intrusive and degrading medical tests.
    Worked for me anyway. I still have colleagues asking me what it is like to fuck a green womanoid with seventeen breasts.
    Alternatively just walk in and inform everyone that alcoholism is indeed a disease and that they should be less judgemental and perhaps a little more supportive."
    - graeme on the addiction to this place.

    "something tells me that after the nuclear holocaust, there'll be twinkies, cockroaches, and a dave vs. sammy argument going on somewhere".
    - han valen, 6.11.04

    "in my best "saw" scary movie voice: "oh, yes, there will be beagles."
    - hatchetforce, 6.7.06

  7. #7
    On Fire Rare Painful Side Effect's Avatar
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    03.17.18 @ 10:21 AM
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    Investment Banking:

    1. Find going concern

    2. Buy with borrowed money

    3. Pay selves hundreds of millions (billions?) in management and Finder's fees

    4. Find synergies, i.e., move most jobs to China

    5. Eliminate perks for those workers left

    6. Lecture said workers' about their "greed"

    7. Sell off valuable parts of company

    8. Leave debt-addled husk to shut down/declare bankruptcy.

    If we're talking the Noah's Flood god, I think Blankfein pretty much nailed it.



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