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New York, 3:16 AM
Tue Nov 17
60 posts in the last 24 hours
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10/27/09
4060 Cents on the Dollar, Then Geithner Stepped In10/27/09
4060 Cents on the Dollar, Then Geithner Stepped In10/27/09
4060 Cents on the Dollar, Then Geithner Stepped In10/27/09
4060 Cents on the Dollar, Then Geithner Stepped InIf Goldman were losing money like every other bank, would we like them better? #goldmansachs
10/27/09
"If Goldman were losing money like every other bank, would we like them better?" I’d hope not, but you have a point. I think the problem is not that GS is minting money this year, it’s the fact that it is proposing astronomical bonuses this year. Lloyd B could have been a bit more sensitive to how this would be perceived. It’s not written in stone that compensation has to be 50% of revenues. It would have been more prudent to add $10 billion to reserves to cushion the blow should another 2008 happen. Believe me, everyone at GS would still be more than adequately compensated. #goldmansachs
10/28/09
10/28/09
I also agree with you that GS benefitted from Lehman's collapse, and the subsequent capital raising efforts of other financial institutions. Did I say they didn't? I just said they were minting money (w/o saying what was helping) and had no need to pay 50% of their windfall revenues to employees.
Please re-read my comment. I don't think we disagree. #goldmansachs
10/27/09
4060 Cents on the Dollar, Then Geithner Stepped In10/27/09
4060 Cents on the Dollar, Then Geithner Stepped InThat means they wanted to pay 60 cents on the dollar. #goldmansachs
10/27/09
10/27/09
4060 Cents on the Dollar, Then Geithner Stepped In10/27/09
4060 Cents on the Dollar, Then Geithner Stepped In10/22/09
You see how that works, right? The only way to keep people is to pay them millions of dollars. If you stop paying them millions of dollars, they will leave. Bank of America's evidence of this is that 45% of the people to whom it was paying the most millions of dollars left. Q.E.D.
They saw it coming. Top performers at notable TARP banks have been jumping ship at an incredible rate. Use the internet. #aig
10/22/09
10/22/09
You understand that banks have revenue streams all over the place, right? There's the bond shop. The equity shop. Client service. The back end. All of them have wildly different, easily individualized performance - and the guys doing well want to be paid. If they aren't, they'll take their clients to another firm that's willing to compensate them. It may shock you, because the media covers this very poorly, but corporations aren't one big box where everyone shares. #aig
10/22/09
10/22/09
It's not "funding" if it's printed money covering sour bets. That's called a mirage. New York is basically a national debt citadel - it's doomed. Philly should be so grateful that it's already dealing with massive shortfalls and burgeoning crime. At least it will have a leg up! #aig
10/22/09
10/22/09
10/22/09
10/22/09
10/22/09
Summary of massive screed deleted: there are unintended consequence to this populism. Pay restraints have to get everybody, not just TARP guys, or you screw the taxpayer even harder. Non-TARP firms are feasting on the Phibros, Mitch Coxes, Bob McCanns, etc.
Proposed solution: wanna limit banker pay? Don't bail the banks they work for out. Liquidate the paper wealth.
10/21/09
10/21/09