Saturday, October 17, 2009

Being Goldman Sachs IV

Having written repeatedly about Goldman Sachs as being a moral hazard in the clinical business sense, I was heartened to see more scrutiny of this mammoth bailout bank where the once former CEO, Henry Paulson, became the Treasury Secretary and allowed its competitors Bears Stearns and Lehman Brothers to fail and allowed AIG with its connection to billions as a counter party be bailed out. Goldman Sachs got a total of $70 billion dollars from taxpayers.

Dylan Ratigan of Morning Meeting explains how Goldman Sachs made 3.4 billion dollars in 3 months. But the interesting thing is that Wall Street banks are still not lending to Americans, including small businesses, refuse to renegotiate the loans before homes are foreclosed upon, and continue to raise credit card interest rates. Goldman Sachs is getting rich on on the dime of the American taxpayers without reinvesting in America. They are creating no real value, only profit for themselves. But without us they would have gone bankrupt. Goldman Sachs would not exist.

As a taxpayer, how does this make you feel? Goldman Sachs has all the money, profit and power. The taxpayer has not benefited. What should be done? Nassim Nicholas Taleb has long advocated clawbacks. Americans need to demand clawbacks from Goldman Sachs and all of the other Wall Street Banks.

Let's demand that our government work for our best interest. We must demand clawbacks. Henry Paulson gave the banks a blank check without the interest of the American people and Timothy Geithner seems to be continuing the plan. Let's demand clawbacks now! Join Nassim Nicholas Taleb's Facebook Group, Make Banks Accountable, and let's figure out how to do this thing! Can you think of what billions could do? It could help pay for health care reform while not increasing the deficit.

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