Tuesday, October 13, 2009

Being Goldman Sachs III

My disgust with Goldman Sachs is not new. I have written about it more than once. It continues as I read a New York Times article today which analysts estimate that their bonuses will "swell to $23 BILLION dollars." Yes, Goldman Sachs repaid the taxpayers for the $10 BILLION bailout given, creating beforehand a nice spread with the same faulty derivatives and practices that brought us to near financial collapse only a year ago and doing nothing at a low interest government rate that enable such bonuses.

Honestly, tell me please. How can it even be estimated that in this economy that bonuses of $23 BILLION dollars will be given if it were not for the same disgusting practices that nearly brought the global economy to a screeching halt? The CEO of Goldman Sachs, Lloyd Blankfein, agrees that "compensation continues to generate controversy and anger. And, in many respects, much of it is understandable and appropriate."

Yet, Goldman Sachs continues with the same practices that will undoubtedly bring us right back to the crisis where we found ourselves only one year ago, near global financial collapse. Astonishing, eh? Wall Street banks benefited on the front-end and back-end, while retirees and non-profits lost big as they were paid 100 percent on the dollar for toxic assets while homeowners continue to lose their homes and credit card interest rates are jacked up.

What does President Obama and Congress need before demanding banking regulation and reform of Wall Street banks--an outright taxpayer revolt? What means are left to the taxpayer, if those who we have elected will not act on our behalf? First of all, taxpayers need to demand answers from the government, like right now! Flood your senators and congresspersons' mailboxes (remember those?) and include your return address so they know where you're writing from their districts. While you're at it, send another letter to the White House.

Without a demand there will simply be no change and this word "change" will simply be a hollow jingle played again and again and what is heralded as democracy will essentially be a lie, for we will have allowed the democratic process to be hijacked by lobbyists paid by Goldman Sachs and the rest to win at our expenses, yet again. The $23 BILLION dollars in bonuses for Goldman Sachs employees is an outrage!


septembermom said...

I'm disgusted to think that they received that outrageous amount of money in bonuses. Keep slapping us in the face Goldman Sachs. My grandfather used to say that he didn't appreciate anyone "insulting his intelligence". Taxpaying Americans are being insulted over and over again when these supposedly bailed out companies reward themselves gluttonously when most of America is limping along economically.

Judith Ellis said...

Kelly - I appreciate your grandfather's words and completely agree that "taxpaying Americans are
being insulted over and over again." The problem as I see it is that without these same Americans demanding regulation and reform the banking system the insult and abuse will happen again and again.