It’s good that the New Hampshire Republican made at least a brief stop at Goldman Sachs. How embarrassing would it be if the head of the most important banking trade group wasn’t a Goldman alum?
Tag Archives: Goldman Sachs
Cheap Money Bankrolls Wall Street’s Bet on Housing (The Fed screws the middle class yet again.)
Wall Street firms have swept in buying up foreclosed homes all over the country with the idea of becoming “super landlords.” If a firm can buy up a a hundred rental units at a reasonable amount with virtually free money (which is likely to remain free for a good while) and then turn around and rent the units to the people who have been foreclosed on, then hey, why not?
This is yet another example of how all the Fed’s printing is benefiting the firms which originally were saved by TARP even though they should have died.
For the most part it looks like Corzine got away with it.
The Wall Street Journal reports that a new report on the MF Global fiasco ”blasts” Mr. Corzine, he won’t be seeing any time. In fact it appears that he won’t even be sued, but that instead the case will now go to arbitration.
“American Consumers Have Been Lied To, Robbed & Misled” (By their Government)
One more dose of David Stockman today. Suddenly Fox Business News wakes up (after reading the former OMB chief’s new book) to discover that we’ve been completely jacked by the big banks.
Yes it’s true Bloomberg.com says, The big banks do get an $83 billion subsidy from taxpayers
Last month Bloomberg.com stated in an editorial that the big banks enjoy a massive “too big to fail” subsidy created by Dodd-Frank. Other banks will lend to banks with a TBTF designation at a lower rate than they would otherwise because they know that a TBTF bank is ultimately backstopped by the taxpayer. Incredibly the subsidy constitutes nearly all of the profitability of the banking sector.
The Goldman Sachs quant robot has second thoughts
I made this video almost 4 years ago now and just stumbled across it again. It definitely deserves a re-post. The Liberty and Economics Review was my blog before AgainstCronyCapitalism.org became what it is today, in case you were wondering.
Big Shot: Jamie Dimon to analyst “That’s why I’m richer than you.”
Basically the analyst on a call asks Dimon whether slightly higher capital ratios, in other words the amount a bank holds on hand relative to the amount lent or otherwise being invested, would be more attractive to clients. In this case, UBS maintains a capital ratio of 13%, JPMorgan 10%. The lower the ratio the more the bank is leveraging the funds it holds. More leverage (so long as hard times don’t hit) equals more profits. With a too big to fail designation JPMorgan needs to worry less than some other banks about hard times. The taxpayer will be there to save them. Privatized profits and socialialized (potential) losses, that’s why Jamie Dimon keeps getting “richer.”
2012 the 2nd best year ever for bank profits. Thanks taxpayers!
Of course I have yet to hear anyone on Wall Street thank the taxpayers of America for anything. Did Jamie Dimon or Lloyd Blankfien ever look into the camera during a congressional hearing and say-
How the corrupt rich get richer with cronyism
It’s sad but true. The combination of no moral compass and political connections can create a powerful money making (taking) concoction. And there are far too many people with this general disposition wandering Capitol Hill and the mirrored buildings of Downtown Washington DC.
Mary Jo White, Nominated to Head the SEC, So Conflicted She May Need A Waiver of the White House Ethics Pledge
So what if half the companies she will be regulating are her former clients. No big deal.
