On three out of every five days this year, Wall Street's leading firm has made at least $100 million trading stocks and bonds, and creating and entering into derivatives contracts.So, do you think there will be another near collapse and Americans will lose their retirements and be asked to bailout these Wall Street banks again to the tune of multiple trillions this time? They are now bigger than before and are much too big too fail, so says the wisdom of Wall Street and Congress. Yeah, I once believed what I was being told too.
Out of 194 trading days through the end of September, Goldman Sachs earned at least $100 million from its trading division on 116 of them. The firm lost money from its trading activities on just one day during the three-month period ending in September, federal regulatory filings show. It made at least $50 million on four out of every five trading days.
The documents show just how much of a trading firm Goldman Sachs has become since the financial crisis mushroomed in September 2008. The firm generated about $4.5 billion in pre-tax earnings off trading and investments during the third quarter, compared to a $761 million loss in the same period last year.
Goldman Sachs and the other top Wall Street banks just gobbled up smaller banks and resumed their same risky derivative practices. What are we going to do? Goldman Sachs has not repaid all of the money owed to us, not to mention that Congress and the Fed did not invest wisely on our behalf like any astute investor would. We got virtually nothing for our investment while Goldman Sachs and the rest rack in billions for themselves.