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Monday, August 3, 2009

With Big Profit, Goldman sees Big Payday Ahead

Let us put these enormous bank profits in context (July 27, 2009). Last week Goldman Sacks reported a quarterly profit of $3.44 billion dollars. However, Goldman received full compensation ($13.0b)for its claims on AIG when other companies with similar claims were getting fifty cents or less on the dollar. AIG got the money to pay Goldman from us, the taxpayers. Without that, Goldman would have been billions of dollars in the red.

Those gross profits were earned by us, not by the clever trading strategies of the Goldman staffers. If anyone is to be rewarded, it should be the taxpayers for we made a bet that Goldman would be successful; shouldn't we share in the rewards.

Sent to New York Times

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