Monday, October 27, 2008

Further Evidence Goldman Sachs Knew It Was Going To Fail While Paying Out Billions In Bonuses?

The Financial Times is reporting that Goldman Sachs sought merger talks with Citigroup. Goldman is a fiercely independent, some say arrogant, culture that would most assuredly never consider being bought unless it was near failure or concluded the end state was bankruptcy. It appears quite obvious to conclude Goldman would have failed were it not for the government's bailout. That is, unless I am missing the obvious. I'm not particularly upset by that as I am by the structure of the bailout plan. But, what is really upsetting is that its CEO made something on the order of $80 million last year as I recall. And, Goldman still continues to pay out astronomical sums to its executives. In other words, Goldman executives continue to make billions for destroying not only its shareholder value but also for playing a major role in destroying the American economy and burdening American citizens with its bailout. For that I am mad as hell.
posted by TimingLogic at 8:15 AM